Whale Rock Capital Management LLC Trims Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Whale Rock Capital Management LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,289,164 shares of the social networking company’s stock after selling 82,241 shares during the quarter. Meta Platforms makes up approximately 9.3% of Whale Rock Capital Management LLC’s holdings, making the stock its 3rd largest position. Whale Rock Capital Management LLC owned 0.05% of Meta Platforms worth $625,992,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $11,285,855,000. International Assets Investment Management LLC increased its position in Meta Platforms by 11,154.4% in the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after buying an additional 4,908,251 shares during the period. Capital Research Global Investors lifted its stake in Meta Platforms by 17.2% in the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after buying an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management boosted its holdings in shares of Meta Platforms by 111.0% during the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after acquiring an additional 3,888,308 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Meta Platforms by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after acquiring an additional 3,104,550 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the transaction, the chief executive officer now owns 318,932 shares of the company’s stock, valued at $159,759,417.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction dated 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 transaction, the chief executive officer now directly owns 318,932 shares in the company, valued at $159,759,417.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Javier Olivan sold 412 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $463.00, for a total value of $190,756.00. Following the transaction, the chief operating officer now directly owns 5,559 shares of the company’s stock, valued at approximately $2,573,817. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,760 shares of company stock valued at $154,868,876. Insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on META. TD Securities lifted their price objective on shares of Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Benchmark reiterated a “hold” rating on shares of Meta Platforms in a research report on Thursday. Royal Bank of Canada decreased their price objective on Meta Platforms from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Piper Sandler restated an “overweight” rating and set a $545.00 price objective (down from $600.00) on shares of Meta Platforms in a research note on Thursday, April 25th. Finally, Citigroup cut their target price on Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $538.95.

Meta Platforms Stock Up 0.0 %

NASDAQ:META traded up $0.01 during trading hours on Monday, reaching $465.71. The company’s stock had a trading volume of 11,265,231 shares, compared to its average volume of 16,162,646. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68. The company has a market cap of $1.18 trillion, a price-to-earnings ratio of 26.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.21. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $542.81. The business’s 50-day moving average is $493.14 and its 200-day moving average is $476.77.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend 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%.

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.