Skye Global Management LP Has $44.62 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Skye Global Management LP raised its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 130.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,200 shares of the social networking company's stock after purchasing an additional 43,200 shares during the period. Meta Platforms accounts for 0.9% of Skye Global Management LP's holdings, making the stock its 19th biggest holding. Skye Global Management LP's holdings in Meta Platforms were worth $44,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Valley Financial Group Inc. increased its holdings in shares of Meta Platforms by 2.4% during the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock valued at $344,000 after acquiring an additional 14 shares in the last quarter. Seelaus Asset Management LLC raised its holdings in Meta Platforms by 0.9% during the fourth quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company's stock worth $960,000 after buying an additional 15 shares during the last quarter. Meredith Wealth Planning raised its holdings in Meta Platforms by 0.8% during the fourth quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company's stock worth $1,097,000 after buying an additional 15 shares during the last quarter. Maiden Cove Capital LLC lifted its stake in shares of Meta Platforms by 3.2% in the fourth quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company's stock valued at $282,000 after buying an additional 15 shares in the last quarter. Finally, Riverwater Partners LLC grew its holdings in shares of Meta Platforms by 2.7% during the fourth quarter. Riverwater Partners LLC now owns 572 shares of the social networking company's stock valued at $335,000 after buying an additional 15 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $643.88 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The stock has a market cap of $1.63 trillion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The stock has a fifty day moving average of $570.68 and a 200-day moving average of $606.39.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.33 by $1.10. The business had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The firm's revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the company earned $4.71 EPS. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 907 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $645.77, for a total value of $585,713.39. Following the transaction, the insider now directly owns 24,749 shares in the company, valued at $15,982,161.73. This represents a 3.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher K. Cox sold 20,000 shares of Meta Platforms stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $677.71, for a total value of $13,554,200.00. Following the sale, the insider now owns 308,686 shares of the company's stock, valued at approximately $209,199,589.06. This trade represents a 6.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,171 shares of company stock valued at $55,161,016. Company insiders own 13.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. TD Securities lowered their target price on shares of Meta Platforms from $725.00 to $700.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Scotiabank decreased their price objective on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a report on Monday, April 21st. DA Davidson dropped their target price on Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Roth Capital upped their price target on Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Argus set a $775.00 price target on Meta Platforms in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Meta Platforms has an average rating of "Moderate Buy" and a consensus price target of $696.45.

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.

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