Coastal Bridge Advisors LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 4.5% in the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 19,197 shares of the social networking giant after selling 910 shares during this period. The current value of Coastal Bridge’s holdings in Meta stands at approximately $14.1 million, which accounts for about 1.1% of its overall portfolio, making Meta its 17th largest investment.
Other institutional investors have also adjusted their positions in Meta recently. Bay Colony Advisory Group Inc. increased its stake by 0.4% in the second quarter, now owning 3,506 shares valued at $2.59 million. Similarly, Hemington Wealth Management raised its position by 0.6%, now holding 2,223 shares worth $1.64 million. Vista Capital Partners Inc. and Trust Co of the South also made slight increases to their holdings, emphasizing the ongoing interest in Meta among institutional investors, which collectively own 79.91% of the company’s stock.
Analysts’ Ratings and Market Sentiment
Meta Platforms has garnered attention from analysts, with several recent reports reflecting a generally positive outlook. On January 13, 2024, TD Cowen reaffirmed a “buy” rating for Meta shares. In the same vein, Mizuho raised its price target from $815.00 to $850.00, citing strong growth potential. Royal Bank of Canada also reiterated its “outperform” rating, setting a price objective of $810.00. Overall, Meta has received 4 “Strong Buy” ratings, 40 “Buy” ratings, and 7 “Hold” ratings from analysts, leading to a consensus average price target of $847.40.
Market sentiment has been buoyed by Meta’s advancements in artificial intelligence, noted by commentators like Jim Cramer, who highlighted the company’s leadership in AI development. Analysts believe that Meta’s strong monetization strategies in AI, particularly through features like ad redistribution and Reels engagement, may lead to enhanced revenue and margin growth in the future.
Stock Performance and Recent Developments
As of January 12, 2024, shares of Meta opened at $661.46. The company has a market capitalization of $1.67 trillion and a price-to-earnings ratio of 28.15. Over the past year, Meta’s stock has fluctuated between a low of $479.80 and a high of $796.25. Recent financial results have also contributed to positive sentiment, with the company reporting earnings per share (EPS) of $8.88 for the last quarter, exceeding analyst expectations.
Furthermore, Meta announced a quarterly dividend of $0.525 per share, reflecting an annualized yield of 0.3%. This dividend is part of the company’s strategy to return value to shareholders while maintaining a sustainable payout ratio of 8.94%.
In terms of insider activity, Chief Financial Officer Susan J. Li sold 6,875 shares recently, while Chief Technology Officer Andrew Bosworth sold 11,690 shares. While these transactions may raise eyebrows, they are relatively modest and do not appear to affect long-term ownership trends significantly.
Meta Platforms, Inc., formerly known as Facebook, Inc., continues to adapt and innovate within the technology sector. Founded in 2004 and headquartered in Menlo Park, California, the company operates a suite of social media services that include Facebook, Instagram, and WhatsApp. With an increasing focus on augmented and virtual reality, Meta aims to solidify its position as a leader in both social networking and emerging technologies.
