Okabena Investment Services Inc. Has $701,000 Stake in Meta Platforms, Inc. (NASDAQ:META)

Okabena Investment Services Inc. lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 55.8% in the third quarter, Holdings Channel reports. The institutional investor owned 1,225 shares of the social networking company’s stock after selling 1,545 shares during the period. Okabena Investment Services Inc.’s holdings in Meta Platforms were worth $701,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Lane & Associates LLC increased its stake in Meta Platforms by 8.3% in the third quarter. Lane & Associates LLC now owns 484 shares of the social networking company’s stock valued at $277,000 after acquiring an additional 37 shares during the period. Truepoint Inc. bought a new stake in shares of Meta Platforms in the 3rd quarter valued at approximately $406,000. KKM Financial LLC raised its holdings in shares of Meta Platforms by 8.1% in the 3rd quarter. KKM Financial LLC now owns 13,130 shares of the social networking company’s stock worth $7,516,000 after buying an additional 988 shares in the last quarter. Algert Global LLC bought a new position in shares of Meta Platforms during the 3rd quarter worth approximately $6,885,000. Finally, Canopy Partners LLC boosted its stake in Meta Platforms by 0.9% in the 3rd quarter. Canopy Partners LLC now owns 8,536 shares of the social networking company’s stock valued at $4,886,000 after buying an additional 80 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Insider Buying and Selling

In other Meta Platforms news, CAO Aaron Anderson sold 731 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the transaction, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This represents a 17.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 7,975 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $516.36, for a total transaction of $4,117,971.00. Following the transaction, the chief executive officer now owns 531,884 shares in the company, valued at approximately $274,643,622.24. This represents a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,218 shares of company stock valued at $65,819,414 over the last quarter. 13.71% of the stock is owned by corporate insiders.

Meta Platforms Trading Up 1.1 %

Shares of META stock opened at $565.11 on Tuesday. The company has a market cap of $1.43 trillion, a PE ratio of 26.62, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. Meta Platforms, Inc. has a 1 year low of $313.66 and a 1 year high of $602.95. The stock’s 50 day simple moving average is $573.38 and its two-hundred day simple moving average is $525.35. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Research analysts predict that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on META. Piper Sandler upped their target price on shares of Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Susquehanna raised their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Scotiabank reduced their target price on Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating and set a $600.00 price target on shares of Meta Platforms in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus 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.