Atlanta Consulting Group Advisors LLC has decreased its stake in Meta Platforms, Inc. by 18% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC), Atlanta Consulting now holds 464 shares of the social media giant, down from 566 shares after selling 102 shares in this period. As of the end of June, these holdings were valued at approximately $342,000.
Several institutional investors have also adjusted their positions in Meta. Kaizen Financial Strategies increased its stake by 10.4%, owning 1,866 shares valued at about $1.377 million after acquiring an additional 176 shares. Similarly, Hudock Inc. raised its holdings in Meta by 18% to 1,568 shares, worth around $1.158 million following a purchase of 239 shares.
The Police & Firemen’s Retirement System of New Jersey also made a significant move, lifting its position by 3.9%, which now totals 331,559 shares valued at $244.72 million after acquiring an additional 12,596 shares. Austin Wealth Management LLC and Renasant Bank made smaller increases, boosting their holdings by 2.9% and 1.9%, respectively.
Institutional investors and hedge funds collectively own 79.91% of Meta Platforms’ stock, reflecting the continued interest in this tech powerhouse.
Insider Transactions and Analyst Ratings
In recent insider trading news, Andrew Bosworth, Chief Technology Officer of Meta, sold 11,690 shares on November 18, 2023, at an average price of $593.31. This transaction totaled approximately $6.94 million. Following this sale, Bosworth retained 2,415 shares valued at around $1.43 million, marking an **82.88%** decrease in his ownership.
Additionally, Chief Accounting Officer Aaron Anderson sold 726 shares on the same date for an average price of $591.60, amounting to approximately $429,501.60. Post-transaction, Anderson held 6,035 shares valued at around $3.57 million, reflecting a **10.74%** reduction in his holdings. Over the past three months, insiders have sold a total of 41,442 shares valued at approximately $26.52 million.
Analysts have also been active, with various brokerages issuing updated ratings for Meta Platforms. On October 30, 2023, Piper Sandler lowered its price target from $880.00 to $840.00 while maintaining an “overweight” rating. Truist Financial followed suit, adjusting its price objective from $900.00 to $875.00 with a “buy” rating. Conversely, Wall Street Zen downgraded Meta from a “buy” to a “hold” rating, while Benchmark made a similar downgrade on the same day.
Overall, the consensus rating from analysts is a “Moderate Buy,” with the average price target set at $825.05. Notably, three analysts have rated the stock as a “Strong Buy,” while thirty-seven have assigned a “Buy” rating and eight have given it a “Hold” rating.
Current Market Performance
On Monday, Meta Platforms shares opened at $594.25. The company’s 50-day moving average stands at $697.66, while the 200-day moving average is at $706.43. The stock has experienced a 1-year low of $479.80 and a 1-year high of $796.25. Meta currently holds a market capitalization of $1.50 trillion and a P/E ratio of 26.25.
In its most recent earnings report on October 29, 2023, Meta Platforms announced earnings per share of $7.25, exceeding analysts’ expectations of $6.74 by $0.51. The company reported quarterly revenue of $51.24 billion, surpassing the forecast of $49.34 billion. This represents a substantial 26.2% increase in revenue compared to the same quarter the previous year.
In addition to these financial updates, Meta Platforms declared a quarterly dividend of $0.525, which was paid to shareholders on September 29, 2023. The annualized dividend yield is approximately 0.4%, with a payout ratio of 9.28%.
Founded to connect individuals through technology, Meta Platforms operates through two main segments: Family of Apps and Reality Labs. The Family of Apps segment encompasses popular platforms such as Facebook, Instagram, Messenger, and WhatsApp, facilitating communication and sharing among users globally.
