532 Shares in Meta Platforms, Inc. (NASDAQ:META) Purchased by SKY Mountain Capital Management Inc.

SKY Mountain Capital Management Inc. purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 532 shares of the social networking company's stock, valued at approximately $306,000. Meta Platforms comprises about 0.3% of SKY Mountain Capital Management Inc.'s investment portfolio, making the stock its 27th biggest holding.

Other hedge funds have also modified their holdings of the company. Suvretta Capital Management LLC boosted its stake in Meta Platforms by 1.1% in the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares during the last quarter. Skye Global Management LP boosted its position in shares of Meta Platforms by 130.9% during the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of Meta Platforms by 255.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after purchasing an additional 1,229,350 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Meta Platforms by 25.1% during the fourth quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock worth $215,760,000 after purchasing an additional 73,907 shares in the last quarter. Finally, Arcadia Wealth Management Inc. bought a new position in shares of Meta Platforms during the fourth quarter worth $600,000. 79.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on META. Scotiabank lifted their price target on shares of Meta Platforms from $525.00 to $675.00 and gave the stock a "sector perform" rating in a research report on Tuesday. Loop Capital lifted their price target on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Benchmark lifted their price target on shares of Meta Platforms from $640.00 to $800.00 and gave the stock a "buy" rating in a research report on Wednesday. DA Davidson reduced their price target on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Rosenblatt Securities lifted their price target on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $752.33.

Meta Platforms Stock Performance

Shares of META traded up $8.83 during midday trading on Wednesday, reaching $713.64. The stock had a trading volume of 5,633,054 shares, compared to its average volume of 14,270,516. The firm has a 50 day simple moving average of $686.09 and a 200-day simple moving average of $638.61. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $747.90. The firm has a market cap of $1.79 trillion, a PE ratio of 27.82, a P/E/G ratio of 1.74 and a beta of 1.28. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. During the same quarter last year, the firm posted $4.71 EPS. The company's quarterly revenue was up 16.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Insider Activity

In other news, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the transaction, the chief technology officer owned 1,183 shares of the company's stock, valued at $753,393.55. This trade represents a 94.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Susan J. Li sold 6,874 shares of Meta Platforms stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the completion of the transaction, the chief financial officer directly owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. This trade represents a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 152,437 shares of company stock valued at $105,068,570 in the last quarter. Company insiders own 13.61% of the company's stock.

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.