Sandbox Financial Partners LLC has increased its stake in shares of Meta Platforms, Inc. (NASDAQ: META) by 18.8% during the third quarter, according to a report from HoldingsChannel. The firm now holds 6,301 shares of the social media giant’s stock, following the acquisition of an additional 999 shares. This investment represents 1.3% of Sandbox Financial Partners’ portfolio, making Meta its 18th largest position.
As of its latest filing with the U.S. Securities and Exchange Commission, Sandbox’s holdings in Meta Platforms were valued at approximately $4.63 million. Other institutional investors have also shown increased interest in Meta, reflecting a broader confidence in the company’s future.
Rising Institutional Interest in Meta
Infusive Asset Management Inc. raised its position in Meta by 10.7% in the first quarter, bringing its total to 23,620 shares, valued at around $13.61 million after acquiring an additional 2,285 shares. Similarly, Spirepoint Private Client LLC increased its holdings by 2.7% during the second quarter, owning 4,080 shares worth approximately $3.01 million after a purchase of 109 shares.
Diversify Advisory Services LLC and CW Advisors LLC also expanded their stakes. Diversify raised its holdings by 10.4%, totaling 55,431 shares valued at $43.79 million, while CW Advisors lifted its stake by an impressive 27.8%, now owning 176,762 shares worth approximately $130.47 million.
Finally, Sequoia Financial Advisors LLC boosted its holdings by 11.0%, resulting in ownership of 210,526 shares valued at $155.39 million. Collectively, institutional investors and hedge funds own 79.91% of Meta’s stock, indicating significant institutional confidence in the company’s direction.
Analyst Ratings and Market Performance
Recent analyst reports have brought a mixed outlook for Meta Platforms. On October 30, 2023, Oppenheimer downgraded the company from an “outperform” rating to “market perform.” In contrast, Jefferies Financial Group revised its price target from $950.00 to $910.00, maintaining a “buy” rating.
Sanford C. Bernstein reissued an “outperform” rating with a target price reduced to $870.00. Bank of America also adjusted its price target from $900.00 to $810.00, while Truist Financial lowered its target from $900.00 to $875.00, sustaining a “buy” rating. Currently, four analysts rate the stock as a Strong Buy, with thirty-nine recommending a Buy and seven assigning a Hold rating. Overall, the consensus indicates a “Moderate Buy” with a target price of $820.22, according to MarketBeat data.
As of last Friday, shares of META opened at $660.09, reflecting a market capitalization of $1.66 trillion. The stock has experienced a 52-week low of $479.80 and a high of $796.25. Its price-to-earnings ratio stands at 29.16, with a price-to-earnings-growth ratio of 1.36.
In its latest earnings report released on October 29, 2023, Meta Platforms reported $7.25 earnings per share (EPS), surpassing the consensus estimate of $6.74 by $0.51. The company’s revenue reached $51.24 billion for the quarter, exceeding analyst expectations of $49.34 billion, and representing a 26.2% increase compared to the same quarter last year.
Additionally, Meta announced a quarterly dividend of $0.525 per share, which was paid on December 23, 2023. Shareholders on record as of December 15 received this dividend, reflecting an annualized payout of $2.10 and a yield of 0.3%. The company’s dividend payout ratio is currently 9.28%.
Meta Platforms, Inc., previously known as Facebook, Inc., is a leading global technology company headquartered in Menlo Park, California. Founded in 2004, Meta is recognized for its social networking services and immersive computing platforms, including Facebook, Instagram, WhatsApp, and Messenger. The company rebranded as Meta in October 2021 to signify its expanded focus on augmented and virtual reality technologies.
For those interested in keeping up with developments regarding Meta and its institutional investors, resources such as HoldingsChannel provide real-time information on 13F filings and insider trades.
