Elite Wealth Management Inc. Has $14.72 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Elite Wealth Management Inc. lessened its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 7.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,712 shares of the social networking company’s stock after selling 2,024 shares during the period. Meta Platforms makes up about 2.0% of Elite Wealth Management Inc.’s holdings, making the stock its 6th biggest position. Elite Wealth Management Inc.’s holdings in Meta Platforms were worth $14,719,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $520.00, for a total value of $470,600.00. Following the transaction, the insider now owns 38,722 shares of the company’s stock, valued at approximately $20,135,440. This trade represents a 2.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 84 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $600.00, for a total transaction of $50,400.00. Following the sale, the chief executive officer now owns 518,424 shares of the company’s stock, valued at $311,054,400. This trade represents a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 106,239 shares of company stock valued at $59,681,541 over the last 90 days. Company insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

META opened at $569.20 on Friday. The company’s 50-day simple moving average is $574.75 and its two-hundred day simple moving average is $526.33. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a market capitalization of $1.44 trillion, a P/E ratio of 26.81, a P/E/G ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. As a group, analysts predict that Meta Platforms, Inc. will post 22.62 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on META shares. Pivotal Research raised their price target on Meta Platforms from $780.00 to $800.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Wells Fargo & Company reduced their price objective on Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Susquehanna boosted their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. increased their price target on shares of Meta Platforms from $640.00 to $660.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price target on shares of Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $634.71.

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.