Shum Financial Group Inc. Takes $207,000 Position in Meta Platforms, Inc. (NASDAQ:META)

Shum Financial Group Inc. bought a new stake in Meta Platforms, Inc. (NASDAQ:META) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 362 shares of the social networking company’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of META. Cypress Asset Management Inc. TX increased its holdings in Meta Platforms by 541.8% during the 1st quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after purchasing an additional 3,224 shares during the period. First City Capital Management Inc. grew its holdings in shares of Meta Platforms by 1.7% during the 1st quarter. First City Capital Management Inc. now owns 1,499 shares of the social networking company’s stock worth $728,000 after acquiring an additional 25 shares during the period. Cedar Point Capital Partners LLC grew its holdings in shares of Meta Platforms by 11.6% during the 1st quarter. Cedar Point Capital Partners LLC now owns 681 shares of the social networking company’s stock worth $331,000 after acquiring an additional 71 shares during the period. Burney Co. grew its holdings in shares of Meta Platforms by 8.4% during the 1st quarter. Burney Co. now owns 68,805 shares of the social networking company’s stock worth $33,411,000 after acquiring an additional 5,307 shares during the period. Finally, Austin Wealth Management LLC grew its holdings in shares of Meta Platforms by 15.0% during the 1st quarter. Austin Wealth Management LLC now owns 1,535 shares of the social networking company’s stock worth $718,000 after acquiring an additional 200 shares during the period. Institutional investors own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on META shares. Robert W. Baird upped their price target on Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Pivotal Research upped their price target on Meta Platforms from $780.00 to $800.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. BMO Capital Markets upped their price objective on Meta Platforms from $525.00 to $530.00 and gave the company a “market perform” rating in a research report on Thursday, October 31st. JMP Securities increased their price target on Meta Platforms from $635.00 to $660.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, KeyCorp increased their price target on Meta Platforms from $560.00 to $655.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Two equities research 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 stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $634.71.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the completion of the transaction, the chief financial officer now directly owns 51,591 shares of the company’s stock, valued at approximately $29,776,261.56. This trade represents a 14.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 4,909 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $519.17, for a total transaction of $2,548,605.53. Following the transaction, the chief executive officer now directly owns 519,000 shares of the company’s stock, valued at $269,449,230. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,561 shares of company stock valued at $62,445,464. 13.71% of the stock is currently owned by insiders.

Meta Platforms Stock Down 0.8 %

Shares of NASDAQ META opened at $569.20 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The company has a market cap of $1.44 trillion, a P/E ratio of 26.81, a PEG ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 1 year low of $313.66 and a 1 year high of $602.95. The firm has a 50-day simple moving average of $574.12 and a two-hundred day simple moving average of $526.03.

Meta Platforms (NASDAQ:META) last posted 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 during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Research analysts anticipate that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 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.