Sky Investment Group LLC Sells 97 Shares of Meta Platforms, Inc. (NASDAQ:META)

by · The Markets Daily

Sky Investment Group LLC cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 16,999 shares of the social networking company’s stock after selling 97 shares during the period. Sky Investment Group LLC’s holdings in Meta Platforms were worth $5,103,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in META. Fairfield Bush & CO. acquired a new position in Meta Platforms during the first quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Meta Platforms by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock worth $499,020,000 after buying an additional 249,926 shares during the last quarter. Ergoteles LLC raised its holdings in Meta Platforms by 284.0% during the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after buying an additional 2,482 shares during the last quarter. First Western Trust Bank acquired a new position in Meta Platforms during the first quarter worth $813,000. Finally, Oxford Financial Group Ltd. raised its holdings in Meta Platforms by 26.9% during the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock worth $420,000 after buying an additional 400 shares during the last quarter. 62.87% of the stock is owned by institutional investors.

Meta Platforms Stock Performance

Shares of META opened at $358.66 on Tuesday. The company has a market cap of $921.71 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 0.94 and a beta of 1.22. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $335.51 and a 200-day moving average price of $313.99. Meta Platforms, Inc. has a 12-month low of $127.15 and a 12-month high of $361.90.

Meta Platforms (NASDAQ:META – Get Free Report) last released its earnings results on Wednesday, October 25th. The social networking company reported $4.39 earnings per share for the quarter, topping analysts’ consensus estimates of $3.62 by $0.77. The company had revenue of $34.15 billion during the quarter, compared to the consensus estimate of $33.58 billion. Meta Platforms had a return on equity of 26.40% and a net margin of 23.42%. Meta Platforms’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.64 EPS. As a group, equities analysts forecast that Meta Platforms, Inc. will post 14.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $351.47, for a total value of $6,917,281.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 670 shares of Meta Platforms stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $316.78, for a total value of $212,242.60. Following the transaction, the insider now directly owns 33,660 shares of the company’s stock, valued at approximately $10,662,814.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $351.47, for a total value of $6,917,281.07. The disclosure for this sale can be found here. Insiders sold 707,955 shares of company stock worth $237,277,843 in the last quarter. 14.03% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Rosenblatt Securities upped their price objective on shares of Meta Platforms from $372.00 to $411.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Morgan Stanley reiterated an “overweight” rating and issued a $375.00 target price on shares of Meta Platforms in a report on Thursday, September 28th. Citigroup reiterated a “buy” rating and issued a $385.00 target price on shares of Meta Platforms in a report on Friday, September 22nd. Tigress Financial increased their target price on shares of Meta Platforms from $380.00 to $435.00 and gave the company a “strong-buy” rating in a report on Wednesday, November 22nd. Finally, KeyCorp increased their target price on shares of Meta Platforms from $356.00 to $380.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus price target of $354.37.

Read Our Latest Analysis on META

Meta Platforms Profile

(Free Report)

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.

See Also

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