Miracle Mile Advisors LLC Purchases 7,369 Shares of Meta Platforms, Inc. (NASDAQ:META)

Miracle Mile Advisors LLC lifted its position in Meta Platforms, Inc. (NASDAQ:META) by 17.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 48,528 shares of the social networking company’s stock after purchasing an additional 7,369 shares during the period. Miracle Mile Advisors LLC’s holdings in Meta Platforms were worth $28,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Northstar Advisory Group LLC lifted its holdings in Meta Platforms by 63.0% in the fourth quarter. Northstar Advisory Group LLC now owns 7,525 shares of the social networking company’s stock valued at $4,406,000 after acquiring an additional 2,909 shares during the period. Conrad Siegel Investment Advisors Inc. grew its stake in shares of Meta Platforms by 1.7% during the 4th quarter. Conrad Siegel Investment Advisors Inc. now owns 1,735 shares of the social networking company’s stock valued at $1,016,000 after purchasing an additional 29 shares during the period. Horizon Wealth Management LLC increased its position in shares of Meta Platforms by 2.8% during the 4th quarter. Horizon Wealth Management LLC now owns 1,740 shares of the social networking company’s stock valued at $1,019,000 after purchasing an additional 47 shares during the last quarter. Sunflower Bank N.A. lifted its stake in shares of Meta Platforms by 6.6% in the 4th quarter. Sunflower Bank N.A. now owns 2,859 shares of the social networking company’s stock worth $1,674,000 after purchasing an additional 177 shares during the period. Finally, Burns J W & Co. Inc. NY boosted its holdings in shares of Meta Platforms by 3.1% in the fourth quarter. Burns J W & Co. Inc. NY now owns 17,476 shares of the social networking company’s stock worth $10,233,000 after buying an additional 521 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

META stock opened at $608.33 on Tuesday. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 12 month low of $358.61 and a 12 month high of $638.40. The stock has a market cap of $1.54 trillion, a PE ratio of 28.65, a P/E/G ratio of 1.36 and a beta of 1.19. The company has a 50-day moving average price of $594.58 and a 200 day moving average price of $554.18.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The firm had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Equities research analysts anticipate that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. KeyCorp increased their price target on shares of Meta Platforms from $655.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and set a $670.00 target price on shares of Meta Platforms in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upped their price target on Meta Platforms from $660.00 to $725.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Thursday, October 31st. Finally, Hsbc Global Res upgraded Meta Platforms to a “hold” rating in a research note on Thursday, October 24th. Two 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $650.05.

Insider Activity

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $580.65, for a total value of $239,808.45. Following the transaction, the chief operating officer now directly owns 11,120 shares in the company, valued at $6,456,828. This represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Susan J. Li sold 8,951 shares of Meta Platforms stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the sale, the chief financial officer now directly owns 51,591 shares of the company’s stock, valued at $29,776,261.56. This represents a 14.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 423,427 shares of company stock valued at $256,996,450. 13.71% of the stock is currently owned by company insiders.

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.