Granite Harbor Advisors Inc. Sells 61 Shares of Meta Platforms, Inc. (NASDAQ:META)

Granite Harbor Advisors Inc. lessened its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,611 shares of the social networking company’s stock after selling 61 shares during the period. Meta Platforms makes up about 2.1% of Granite Harbor Advisors Inc.’s investment portfolio, making the stock its 15th largest holding. Granite Harbor Advisors Inc.’s holdings in Meta Platforms were worth $3,871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. JDM Financial Group LLC purchased a new position in Meta Platforms in the 3rd quarter worth approximately $30,000. Safe Harbor Fiduciary LLC bought a new stake in shares of Meta Platforms in the 3rd quarter worth $36,000. Avondale Wealth Management purchased a new position in shares of Meta Platforms in the fourth quarter worth $41,000. West Financial Advisors LLC bought a new position in shares of Meta Platforms during the third quarter valued at $49,000. Finally, Cordant Inc. purchased a new stake in shares of Meta Platforms during the fourth quarter valued at $59,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Trading Up 1.2 %

Shares of Meta Platforms stock opened at $697.46 on Tuesday. Meta Platforms, Inc. has a twelve month low of $414.50 and a twelve month high of $710.79. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $616.25 and a 200-day moving average price of $568.60. The firm has a market cap of $1.76 trillion, a price-to-earnings ratio of 29.16, a PEG ratio of 1.47 and a beta of 1.20.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same quarter in the previous year, the firm posted $5.33 earnings per share. Equities research analysts anticipate that Meta Platforms, Inc. will post 25.94 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.29%. The ex-dividend date was Monday, December 16th. Meta Platforms’s dividend payout ratio is presently 8.36%.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 12,975 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $696.39, for a total transaction of $9,035,660.25. Following the transaction, the chief executive officer now owns 210,971 shares in the company, valued at $146,918,094.69. The trade was a 5.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Susan J. Li sold 8,951 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the completion of the sale, the chief financial officer now owns 51,591 shares of the company’s stock, valued at $29,776,261.56. This trade represents a 14.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 673,878 shares of company stock valued at $416,269,904 over the last 90 days. 13.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on META. Robert W. Baird upped their target price on shares of Meta Platforms from $680.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald increased their price objective on shares of Meta Platforms from $720.00 to $790.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Roth Mkm raised their target price on shares of Meta Platforms from $620.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. TD Cowen boosted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised their price target on Meta Platforms from $660.00 to $725.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $710.83.

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.