Skye Global Management LP Takes Position in Meta Platforms, Inc. (NASDAQ:META)

Skye Global Management LP bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 33,000 shares of the social networking company’s stock, valued at approximately $18,891,000. Meta Platforms comprises 0.5% of Skye Global Management LP’s portfolio, making the stock its 20th biggest position.

Several other institutional investors also recently bought and sold shares of META. Jennison Associates LLC raised its holdings in shares of Meta Platforms by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock worth $8,266,531,000 after acquiring an additional 263,063 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Meta Platforms by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after purchasing an additional 118,298 shares in the last quarter. International Assets Investment Management LLC lifted its position in Meta Platforms by 57,001.5% during the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after purchasing an additional 9,500,444 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Meta Platforms by 2.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock worth $3,911,029,000 after buying an additional 208,677 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Meta Platforms by 4.6% in the 3rd quarter. Fisher Asset Management LLC now owns 6,565,134 shares of the social networking company’s stock worth $3,758,146,000 after buying an additional 289,207 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $574.32 on Friday. The company has a market capitalization of $1.45 trillion, a PE ratio of 27.05, a P/E/G ratio of 1.25 and a beta of 1.22. The company has a 50-day simple moving average of $575.21 and a two-hundred day simple moving average of $527.37. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Research analysts expect that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s payout ratio is 9.42%.

Insider Buying and Selling

In related news, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This trade represents a 17.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total transaction of $459,405.15. Following the transaction, the insider now owns 37,817 shares in the company, valued at $19,197,043.71. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,239 shares of company stock worth $59,681,541 in the last ninety days. 13.71% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on META. Truist Financial increased their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Raymond James reiterated a “strong-buy” rating and issued a $675.00 target price on shares of Meta Platforms in a report on Monday, November 25th. Scotiabank decreased their price target on Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company dropped their price objective on shares of Meta Platforms from $652.00 to $641.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Finally, Sanford C. Bernstein increased their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $634.71.

Meta Platforms 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.