Cherrydale Wealth Management LLC Has $1.63 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Cherrydale Wealth Management LLC decreased its stake in Meta Platforms, Inc. (NASDAQ:META) by 27.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,784 shares of the social networking company’s stock after selling 1,057 shares during the quarter. Meta Platforms makes up about 0.6% of Cherrydale Wealth Management LLC’s investment portfolio, making the stock its 18th largest position. Cherrydale Wealth Management LLC’s holdings in Meta Platforms were worth $1,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of META. Fiera Capital Corp raised its position in Meta Platforms by 35.1% in the 2nd quarter. Fiera Capital Corp now owns 27,272 shares of the social networking company’s stock valued at $13,751,000 after purchasing an additional 7,089 shares during the last quarter. Kendall Capital Management raised its holdings in shares of Meta Platforms by 2.8% in the second quarter. Kendall Capital Management now owns 1,753 shares of the social networking company’s stock valued at $884,000 after buying an additional 47 shares during the last quarter. Intrepid Financial Planning Group LLC acquired a new position in Meta Platforms during the 2nd quarter worth about $202,000. WCG Wealth Advisors LLC grew its holdings in Meta Platforms by 1.3% during the 2nd quarter. WCG Wealth Advisors LLC now owns 21,669 shares of the social networking company’s stock worth $10,926,000 after acquiring an additional 277 shares during the last quarter. Finally, Riverview Capital Advisers LLC increased its position in Meta Platforms by 8.5% in the 2nd quarter. Riverview Capital Advisers LLC now owns 843 shares of the social networking company’s stock valued at $425,000 after acquiring an additional 66 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JMP Securities increased their price target on shares of Meta Platforms from $660.00 to $750.00 and gave the company a “market outperform” rating in a research note on Thursday, January 2nd. TD Cowen lifted their target price on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Robert W. Baird upped their price target on Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Piper Sandler lifted their price objective on Meta Platforms from $650.00 to $670.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 10th. Finally, Susquehanna upped their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a research report 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 issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $650.05.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 35,921 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $616.16, for a total transaction of $22,133,083.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $574.70, for a total transaction of $520,103.50. Following the completion of the sale, the insider now owns 32,387 shares of the company’s stock, valued at approximately $18,612,808.90. The trade was a 2.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 496,174 shares of company stock worth $301,408,499. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

NASDAQ:META opened at $612.77 on Monday. The company has a market cap of $1.55 trillion, a P/E ratio of 28.86, a P/E/G ratio of 1.22 and a beta of 1.19. The firm’s fifty day moving average price is $596.78 and its two-hundred day moving average price is $557.04. Meta Platforms, Inc. has a one year low of $370.95 and a one year high of $638.40. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results 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. The firm had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Equities analysts expect that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Dividend Announcement

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

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.