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

SKY Mountain Capital Management Inc. purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 532 shares of the social networking company's stock, valued at approximately $306,000. Meta Platforms makes up approximately 0.3% of SKY Mountain Capital Management Inc.'s portfolio, making the stock its 27th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in the business. Summit X LLC lifted its stake in Meta Platforms by 3.1% during the first quarter. Summit X LLC now owns 3,059 shares of the social networking company's stock worth $1,763,000 after purchasing an additional 93 shares during the period. Triasima Portfolio Management inc. grew its stake in Meta Platforms by 117.1% during the first quarter. Triasima Portfolio Management inc. now owns 7,300 shares of the social networking company's stock worth $4,207,000 after buying an additional 3,938 shares during the last quarter. Equity Investment Corp acquired a new stake in shares of Meta Platforms during the first quarter worth approximately $331,000. Shayne & Jacobs LLC boosted its stake in Meta Platforms by 185.9% in the first quarter. Shayne & Jacobs LLC now owns 1,015 shares of the social networking company's stock worth $585,000 after purchasing an additional 660 shares in the last quarter. Finally, Welch & Forbes LLC increased its stake in shares of Meta Platforms by 5.7% in the first quarter. Welch & Forbes LLC now owns 119,331 shares of the social networking company's stock valued at $68,778,000 after buying an additional 6,454 shares in the last quarter. Institutional investors own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on META. Loop Capital raised their price target on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a report on Friday, May 16th. Roth Capital raised their price target on Meta Platforms from $620.00 to $740.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Truist Financial upped their target price on shares of Meta Platforms from $700.00 to $720.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Pivotal Research cut their target price on Meta Platforms from $875.00 to $830.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Wedbush increased their target price on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms has an average rating of "Moderate Buy" and an average target price of $748.60.

Insider Activity

In other news, COO Javier Olivan sold 517 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $717.50, for a total transaction of $370,947.50. Following the transaction, the chief operating officer directly owned 6,819 shares of the company's stock, valued at approximately $4,892,632.50. This represents a 7.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 519 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $723.08, for a total value of $375,278.52. Following the completion of the sale, the insider owned 26,588 shares of the company's stock, valued at approximately $19,225,251.04. This trade represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 152,437 shares of company stock valued at $105,068,570. Corporate insiders own 13.61% of the company's stock.

Meta Platforms Stock Down 1.1%

NASDAQ META traded down $8.16 on Tuesday, reaching $704.81. 8,873,115 shares of the stock traded hands, compared to its average volume of 14,295,060. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $747.90. The company has a market cap of $1.77 trillion, a price-to-earnings ratio of 27.49, a PEG ratio of 1.72 and a beta of 1.28. The company has a fifty day moving average price of $686.09 and a 200-day moving average price of $638.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $41.45 billion. During the same period last year, the company posted $4.71 earnings per share. Meta Platforms's revenue was up 16.1% compared to the same quarter last year. As a group, research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. Meta Platforms's dividend payout ratio is presently 8.19%.

Meta Platforms Company Profile

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.