Meta Platforms (NASDAQ:META) Shares Down 3.8%

Meta Platforms, Inc. (NASDAQ:META) shares dropped 3.8% on Wednesday . The company traded as low as $469.17 and last traded at $470.12. Approximately 4,559,895 shares were traded during trading, a decline of 72% from the average daily volume of 16,103,662 shares. The stock had previously closed at $488.69.

Wall Street Analyst Weigh In

META has been the subject of several recent research reports. JMP Securities reissued a “market outperform” rating and issued a $550.00 price target on shares of Meta Platforms in a research note on Monday, April 22nd. Rosenblatt Securities increased their price target on shares of Meta Platforms from $520.00 to $562.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Robert W. Baird reduced their price objective on shares of Meta Platforms from $525.00 to $500.00 and set an “outperform” rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company increased their target price on shares of Meta Platforms from $593.00 to $625.00 and gave the stock an “overweight” rating in a research report on Monday, July 8th. Finally, JPMorgan Chase & Co. reduced their price target on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $521.48.

Meta Platforms Stock Performance

The firm has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 26.55, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. The firm’s 50-day moving average price is $494.13 and its two-hundred day moving average price is $474.03. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The firm had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Sell-side analysts predict that Meta Platforms, Inc. will post 20.23 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.43%. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Insider Buying and Selling at Meta Platforms

In related news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $500.92, for a total transaction of $1,007,350.12. Following the completion of the transaction, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Meta Platforms news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total value of $1,007,350.12. Following the completion of the transaction, the chief executive officer now owns 318,932 shares in the company, valued at approximately $159,759,417.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Susan J. Li sold 8,951 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $4,223,529.35. Following the sale, the chief financial officer now owns 74,580 shares in the company, valued at approximately $35,190,573. The disclosure for this sale can be found here. Over the last three months, insiders sold 310,933 shares of company stock valued at $154,451,206. 13.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Meta Platforms

Large investors have recently modified their holdings of the stock. Baird Financial Group Inc. boosted its position in Meta Platforms by 24.2% in the 4th quarter. Baird Financial Group Inc. now owns 835,972 shares of the social networking company’s stock valued at $295,901,000 after buying an additional 163,067 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Meta Platforms by 1.5% during the fourth quarter. California State Teachers Retirement System now owns 3,576,285 shares of the social networking company’s stock valued at $1,265,862,000 after acquiring an additional 51,900 shares during the period. Donoghue Forlines LLC boosted its holdings in Meta Platforms by 94.4% in the fourth quarter. Donoghue Forlines LLC now owns 8,349 shares of the social networking company’s stock valued at $2,955,000 after acquiring an additional 4,054 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Meta Platforms by 7.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 451,581 shares of the social networking company’s stock worth $159,841,000 after purchasing an additional 32,423 shares during the period. Finally, Voyager Global Management LP raised its holdings in Meta Platforms by 37.3% during the 4th quarter. Voyager Global Management LP now owns 515,000 shares of the social networking company’s stock worth $182,289,000 after purchasing an additional 140,000 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Company 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.