Meta Platforms, Inc. (NASDAQ:META) Position Lifted by Kirtland Hills Capital Management LLC

Key Points

• Kirtland Hills Capital Management LLC increased its holdings in Meta Platforms by 27.1% during the first quarter, now owning a total of 6,545 shares, which comprise approximately 2.3% of its investment portfolio.
• Meta reported $7.14 EPS for the last quarter, significantly beating analyst expectations of $5.75, with revenue reaching $47.52 billion compared to forecasts of $44.55 billion.
• Analysts have raised price targets for Meta, with Bank of America increasing its target from $775 to $900 and a consensus rating of "Moderate Buy" and an average price target of $820.32.

Kirtland Hills Capital Management LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 27.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,545 shares of the social networking company's stock after acquiring an additional 1,397 shares during the period. Meta Platforms comprises approximately 2.3% of Kirtland Hills Capital Management LLC's holdings, making the stock its 8th largest position. Kirtland Hills Capital Management LLC's holdings in Meta Platforms were worth $3,772,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Csenge Advisory Group increased its holdings in Meta Platforms by 12.0% in the first quarter. Csenge Advisory Group now owns 9,539 shares of the social networking company's stock valued at $5,498,000 after buying an additional 1,019 shares in the last quarter. Suvretta Capital Management LLC increased its position in shares of Meta Platforms by 1.1% in the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after purchasing an additional 1,850 shares during the last quarter. Skye Global Management LP increased its position in shares of Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after purchasing an additional 43,200 shares during the last quarter. ARQ Wealth Advisors LLC increased its position in shares of Meta Platforms by 4.5% in the 1st quarter. ARQ Wealth Advisors LLC now owns 785 shares of the social networking company's stock valued at $452,000 after purchasing an additional 34 shares during the last quarter. Finally, JMG Financial Group Ltd. purchased a new stake in shares of Meta Platforms in the 1st quarter valued at approximately $284,000. Institutional investors own 79.91% of the company's stock.

Insiders Place Their Bets

In other news, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the sale, the chief technology officer directly owned 1,183 shares of the company's stock, valued at approximately $753,393.55. The trade was a 94.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 15,847 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $753.43, for a total value of $11,939,605.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 167,298 shares of company stock valued at $116,742,790. 13.61% of the stock is currently owned by company insiders.

Meta Platforms Stock Up 1.1%

NASDAQ META traded up $8.33 on Wednesday, reaching $771.79. 6,427,694 shares of the stock traded hands, compared to its average volume of 15,569,056. The company has a market cap of $1.94 trillion, a price-to-earnings ratio of 27.93, a PEG ratio of 1.59 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.97 and a current ratio of 1.97. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $784.75. The company has a fifty day moving average price of $707.08 and a 200-day moving average price of $648.07.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.75 by $1.39. The company had revenue of $47.52 billion for the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. Meta Platforms's revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.16 earnings per share. As a group, research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is 7.60%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $795.00 to $875.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Wedbush raised their price objective on shares of Meta Platforms from $750.00 to $920.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Guggenheim restated a "buy" rating and issued a $800.00 target price (up previously from $725.00) on shares of Meta Platforms in a research note on Monday, July 28th. Pivotal Research raised their price objective on shares of Meta Platforms from $830.00 to $930.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler lifted their target price on shares of Meta Platforms from $808.00 to $880.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Four analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $822.41.

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.