Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Balentine LLC

VaselineSeptember 14, 2024

0 5 minutes read

Balentine LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 94.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,433 shares of the social networking company’s stock after selling 55,676 shares during the period. Balentine LLC’s holdings in Meta Platforms were worth $1,731,000 as of its most recent SEC filing.

A number of other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Meta Platforms in the fourth quarter valued at about $11,285,855,000. Capital Research Global Investors raised its stake in shares of 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 purchasing an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management boosted its holdings in shares of Meta Platforms by 111.0% in 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 buying an additional 3,888,308 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Meta Platforms by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after buying an additional 3,104,550 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s shares.

Insider activity at Meta platforms

In related news, COO Javier Olivan sold 412 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $502.00, for a total value of $206,824.00. Following the completion of the transaction, the chief operating officer now owns 7,619 shares of the company’s stock, valued at $3,824,738. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In related news, COO Javier Olivan sold 412 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $502.00, for a total value of $206,824.00. Following the completion of the transaction, the chief operating officer now owns 7,619 shares of the company’s stock, valued at $3,824,738. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $533.95, for a total value of $483,224.75. Following the completion of the transaction, the insider now directly owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 357,574 shares of company stock valued at $185,587,773. Insiders own 13.71% of the company’s shares.

The Wall Street analyst weighs in

Want more great investment ideas?

A number of analysts have commented on META shares. BMO Capital Markets restated a “market perform” rating and set a $450.00 target price on shares of Meta Platforms in a research report on Wednesday, June 12th. TD Cowen boosted their target price on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Tigress Financial upped their target price on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. UBS Group boosted their target price on Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus boosted their target price on Meta Platforms from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two equities research 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 assigned a strong buy rating to the company’s stock. According to MarketBeat , Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $577.26.

Check out our latest report on META

Price performance of meta platforms

Shares of NASDAQ META opened at $524.62 on Friday. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $544.23. The company has a 50-day moving average of $505.13 and a 200-day moving average of $495.37. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83, and a quick ratio of 2.83. The company has a market cap of $1.33 trillion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.26 and a beta of 1.21.

Meta Platforms (NASDAQ:META – Get Free Report ) last posted its earnings results on Wednesday, July 31st. The social media company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. In the same quarter last year, the company earned $3.23 per share. The company’s revenue was up 22.1% compared to the same quarter last year. On average, equities analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be issued a $0.50 dividend. This represents a dividend of $2.00 on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Monday, September 16. Meta Platforms’s dividend payout ratio is currently 11.49%.

Platform meta profile

(Free Report)

Meta Platforms, Inc is committed to developing products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets and wearables around the world. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which allows people to share, chat, discover and connect with interests; Instagram, a community for sharing photos, videos and private messages, as well as feeds, stories, movies, videos, live and shops; Messenger, a messaging app for people to connect with friends, family, communities and businesses across platforms and devices through text, audio and video calls; and WhatsApp, a messaging app that is used by people and businesses to communicate and transact privately.