Pinnacle Family Advisors LLC Sells 23 Shares of Meta Platforms, Inc. (NASDAQ:META)

Pinnacle Family Advisors LLC decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 374 shares of the social networking company’s stock after selling 23 shares during the quarter. Pinnacle Family Advisors LLC’s holdings in Meta Platforms were worth $214,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. POM Investment Strategies LLC purchased a new stake in shares of Meta Platforms in the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. boosted its holdings in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares in the last quarter. Halpern Financial Inc. purchased a new stake in shares of Meta Platforms in the third quarter worth $46,000. West Financial Advisors LLC bought a new position in shares of Meta Platforms during the third quarter valued at $49,000. Finally, NewSquare Capital LLC raised its position in shares of Meta Platforms by 221.9% in the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

NASDAQ:META opened at $613.65 on Wednesday. The firm has a market capitalization of $1.55 trillion, a price-to-earnings ratio of 28.90, a PEG ratio of 1.30 and a beta of 1.20. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The business has a 50 day simple moving average of $575.78 and a 200-day simple moving average of $528.92. Meta Platforms, Inc. has a 1 year low of $313.66 and a 1 year high of $614.20.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Equities analysts forecast that Meta Platforms, Inc. will post 22.68 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.33%. Meta Platforms’s payout ratio is 9.42%.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $565.30, for a total transaction of $511,596.50. Following the completion of the sale, the insider now owns 37,790 shares of the company’s stock, valued at approximately $21,362,687. The trade was a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark Zuckerberg sold 84 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 518,424 shares in the company, valued at approximately $311,054,400. This trade represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,334 shares of company stock worth $59,210,941. 13.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

META has been the subject of a number of analyst reports. Guggenheim raised their price objective on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Raymond James reissued a “strong-buy” rating and set a $675.00 price target on shares of Meta Platforms in a research report on Monday, November 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a research report on Wednesday, October 16th. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price target on Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $634.71.

About Meta Platforms

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.