Towercrest Capital Management Sells 245 Shares of Meta Platforms, Inc. (NASDAQ:META)

Towercrest Capital Management lowered its holdings in Meta Platforms, Inc. (NASDAQ:META) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,657 shares of the social networking company’s stock after selling 245 shares during the quarter. Towercrest Capital Management’s holdings in Meta Platforms were worth $3,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. China Universal Asset Management Co. Ltd. grew its stake in shares of Meta Platforms by 48.8% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock valued at $23,886,000 after purchasing an additional 16,138 shares during the period. Cypress Asset Management Inc. TX grew its position in Meta Platforms by 541.8% during the first quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after buying an additional 3,224 shares during the period. Redwood Investment Management LLC bought a new position in Meta Platforms in the 1st quarter worth $1,829,000. Creekmur Asset Management LLC lifted its position in Meta Platforms by 59.6% during the first quarter. Creekmur Asset Management LLC now owns 1,026 shares of the social networking company’s stock valued at $498,000 after purchasing an additional 383 shares in the last quarter. Finally, Clear Point Advisors Inc. grew its holdings in Meta Platforms by 7.8% during the first quarter. Clear Point Advisors Inc. now owns 1,036 shares of the social networking company’s stock valued at $503,000 after purchasing an additional 75 shares during the period. Institutional investors own 79.91% of the company’s stock.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total transaction of $470,600.00. Following the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Susan J. Li sold 8,951 shares of Meta Platforms stock in a transaction on Friday, November 15th. The shares were sold at an average price of $577.16, for a total value of $5,166,159.16. Following the completion of the transaction, the chief financial officer now owns 51,591 shares in the company, valued at $29,776,261.56. This represents a 14.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,218 shares of company stock worth $65,819,414. Corporate insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

META has been the topic of a number of analyst reports. Jefferies Financial Group lifted their price objective on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Sanford C. Bernstein upped their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Mizuho boosted their price objective on Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $634.71.

Meta Platforms Stock Performance

Meta Platforms stock opened at $565.11 on Tuesday. 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 company has a market capitalization of $1.43 trillion, a PE ratio of 26.62, a P/E/G ratio of 1.23 and a beta of 1.22. The company has a 50 day moving average price of $573.38 and a 200-day moving average price of $525.35. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95.

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

Meta Platforms Dividend Announcement

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

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.