Clear Street Derivatives LLC Buys New Shares in Meta Platforms, Inc. (NASDAQ:META)

Clear Street Derivatives LLC acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 84,700 shares of the social networking company’s stock, valued at approximately $48,486,000. Meta Platforms comprises 0.8% of Clear Street Derivatives LLC’s holdings, making the stock its 7th largest position.

Several other hedge funds also recently modified their holdings of the stock. POM Investment Strategies LLC bought a new position in shares of Meta Platforms during the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. boosted its position in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the period. Halpern Financial Inc. bought a new position in Meta Platforms during the third quarter worth $46,000. West Financial Advisors LLC bought a new position in shares of Meta Platforms in the third quarter valued at about $49,000. Finally, NewSquare Capital LLC lifted its stake in shares of Meta Platforms by 221.9% during the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after buying an additional 71 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Truist Financial upped their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $670.00 target price on shares of Meta Platforms in a research report on Wednesday, October 16th. Robert W. Baird increased their target price on Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. KeyCorp boosted their price target on Meta Platforms from $560.00 to $655.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus increased their price objective on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $634.71.

Meta Platforms Trading Up 0.9 %

NASDAQ META opened at $574.32 on Monday. The company has a market cap of $1.45 trillion, a price-to-earnings ratio of 27.05, a price-to-earnings-growth ratio of 1.27 and a beta of 1.22. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average is $575.21 and its 200 day moving average is $527.76.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, sell-side analysts expect that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Insider Buying and Selling at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total value of $470,600.00. Following the completion of the sale, the insider now directly owns 38,722 shares in the company, valued at $20,135,440. This represents a 2.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $522.00, for a total value of $215,586.00. Following the transaction, the chief operating officer now directly owns 13,598 shares of the company’s stock, valued at approximately $7,098,156. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,239 shares of company stock worth $59,681,541. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.