SkyOak Wealth LLC Trims Position in Meta Platforms, Inc. (NASDAQ:META)

SkyOak Wealth LLC trimmed its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 8.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,237 shares of the social networking company's stock after selling 1,243 shares during the period. Meta Platforms makes up 1.7% of SkyOak Wealth LLC's investment portfolio, making the stock its 13th largest holding. SkyOak Wealth LLC's holdings in Meta Platforms were worth $7,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Inlight Wealth Management LLC purchased a new stake in shares of Meta Platforms in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Meta Platforms during the 1st quarter worth $28,000. Millstone Evans Group LLC purchased a new position in Meta Platforms during the 4th quarter worth $40,000. WealthTrak Capital Management LLC purchased a new position in Meta Platforms during the 4th quarter worth $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Meta Platforms during the 4th quarter worth $45,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Price Performance

Shares of NASDAQ META traded down $3.97 on Friday, hitting $697.45. The company's stock had a trading volume of 4,836,269 shares, compared to its average volume of 14,328,973. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $747.90. The company has a market capitalization of $1.75 trillion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.72 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 stock has a 50 day moving average of $683.85 and a 200-day moving average of $637.15.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results 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. The firm had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.71 EPS. As a group, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business 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. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Analysts Set New Price Targets

Several brokerages have issued reports on META. Citigroup reissued a "buy" rating on shares of Meta Platforms in a research report on Tuesday. Benchmark lowered their price objective on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Wedbush raised their price objective on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Pivotal Research lowered their price objective on shares of Meta Platforms from $875.00 to $830.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, DA Davidson lowered their price objective 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. Five equities research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $736.05.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 2,361 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total transaction of $1,691,609.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Javier Olivan sold 517 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were 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 in the company, valued at $4,892,632.50. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 153,764 shares of company stock worth $105,721,208 in the last 90 days. Corporate insiders own 13.61% of the company's stock.

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.