Strait & Sound Wealth Management LLC Has $2.61 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Strait & Sound Wealth Management LLC lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 6.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,565 shares of the social networking company’s stock after acquiring an additional 278 shares during the period. Meta Platforms accounts for about 1.3% of Strait & Sound Wealth Management LLC’s portfolio, making the stock its 16th largest position. Strait & Sound Wealth Management LLC’s holdings in Meta Platforms were worth $2,613,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of META. Charles Schwab Investment Management Inc. lifted its holdings in shares of Meta Platforms by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock worth $7,915,451,000 after purchasing an additional 118,298 shares in the last quarter. LS Investment Advisors LLC lifted its stake in shares of Meta Platforms by 111.4% in the third quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock valued at $6,686,000 after buying an additional 6,155 shares in the last quarter. Gradient Investments LLC grew its holdings in shares of Meta Platforms by 8.9% during the second quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after buying an additional 5,953 shares during the last quarter. Cutter & CO Brokerage Inc. increased its position in shares of Meta Platforms by 0.7% during the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock worth $5,573,000 after acquiring an additional 65 shares in the last quarter. Finally, Stanley Laman Group Ltd. raised its holdings in shares of Meta Platforms by 26.5% in the 2nd quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock worth $846,000 after acquiring an additional 352 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $607.97, for a total transaction of $21,838,890.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Javier Olivan sold 413 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $520.57, for a total value of $214,995.41. Following the transaction, the chief operating officer now owns 13,185 shares in the company, valued at $6,863,715.45. This trade represents a 3.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 164,201 shares of company stock worth $95,420,559. 13.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

META has been the subject of a number of recent research reports. Tigress Financial boosted their price objective on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. Citigroup increased their price target on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Piper Sandler lifted their price objective on shares of Meta Platforms from $650.00 to $670.00 and gave the stock an “overweight” rating in a report on Tuesday. Pivotal Research increased their target price on shares of Meta Platforms from $780.00 to $800.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company cut their price target on shares of Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Two equities research 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $635.20.

Meta Platforms Price Performance

Meta Platforms stock opened at $613.57 on Tuesday. The stock has a market cap of $1.55 trillion, a price-to-earnings ratio of 28.90, a PEG ratio of 1.37 and a beta of 1.20. 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 has a 50-day simple moving average of $580.47 and a 200 day simple moving average of $534.10. Meta Platforms, Inc. has a 52 week low of $319.99 and a 52 week high of $629.79.

Meta Platforms (NASDAQ:META) last issued 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. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The company had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. On average, research analysts forecast that Meta Platforms, Inc. will post 22.68 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Monday, December 16th. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

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.