SKY Mountain Capital Management Inc. Takes $306,000 Position in Meta Platforms, Inc. (NASDAQ:META)

SKY Mountain Capital Management Inc. acquired a new stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 532 shares of the social networking company's stock, valued at approximately $306,000. Meta Platforms accounts for approximately 0.3% of SKY Mountain Capital Management Inc.'s holdings, making the stock its 27th largest position.

A number of other hedge funds have also added to or reduced their stakes in META. Brighton Jones LLC raised its position in Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after buying an additional 570 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in Meta Platforms by 10.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock valued at $5,537,000 after purchasing an additional 875 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Meta Platforms by 3.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after buying an additional 7,587 shares in the last quarter. Highview Capital Management LLC DE raised its stake in Meta Platforms by 3.7% during the fourth quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock worth $3,624,000 after purchasing an additional 218 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Meta Platforms during the fourth quarter worth $2,243,603,000. 79.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on META shares. TD Cowen lifted their price target on shares of Meta Platforms from $700.00 to $800.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Scotiabank boosted their target price on Meta Platforms from $525.00 to $675.00 and gave the company a "sector perform" rating in a research report on Tuesday. KeyCorp raised their price target on Meta Platforms from $655.00 to $800.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Wedbush lifted their price objective on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on Meta Platforms from $735.00 to $795.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Five research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Meta Platforms has an average rating of "Moderate Buy" and an average price target of $752.33.

Insiders Place Their Bets

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the completion of the sale, the chief financial officer directly owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 13,793 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $701.13, for a total value of $9,670,686.09. Following the completion of the transaction, the chief executive officer owned 118,279 shares of the company's stock, valued at $82,928,955.27. The trade was a 10.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 153,473 shares of company stock worth $105,805,440. Insiders own 13.61% of the company's stock.

Meta Platforms Price Performance

Shares of META stock traded up $1.22 during midday trading on Thursday, reaching $714.80. 10,905,875 shares of the company traded hands, compared to its average volume of 10,708,539. The firm has a market cap of $1.80 trillion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 1.71 and a beta of 1.28. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The firm's 50 day simple moving average is $691.04 and its two-hundred day simple moving average is $640.92. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $747.90.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the prior year, the company earned $4.71 earnings per share. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were issued a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.29%. Meta Platforms's dividend payout ratio (DPR) is currently 8.19%.

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.