Skyline Advisors Inc. Decreases Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Skyline Advisors Inc. cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 16.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 653 shares of the social networking company’s stock after selling 131 shares during the period. Skyline Advisors Inc.’s holdings in Meta Platforms were worth $374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Callan Family Office LLC boosted its holdings in Meta Platforms by 75.7% in the 3rd quarter. Callan Family Office LLC now owns 1,692 shares of the social networking company’s stock valued at $969,000 after purchasing an additional 729 shares during the last quarter. Kesler Norman & Wride LLC raised its position in shares of Meta Platforms by 10.7% during the 3rd quarter. Kesler Norman & Wride LLC now owns 7,157 shares of the social networking company’s stock valued at $4,097,000 after buying an additional 694 shares during the period. Aprio Wealth Management LLC increased its stake in Meta Platforms by 2.4% during the third quarter. Aprio Wealth Management LLC now owns 2,820 shares of the social networking company’s stock worth $1,614,000 after acquiring an additional 65 shares during the last quarter. Chapin Davis Inc. raised its position in Meta Platforms by 2.3% in the third quarter. Chapin Davis Inc. now owns 10,162 shares of the social networking company’s stock valued at $5,818,000 after purchasing an additional 229 shares during the period. Finally, Bangor Savings Bank lifted its stake in shares of Meta Platforms by 5.3% in the 3rd quarter. Bangor Savings Bank now owns 2,488 shares of the social networking company’s stock valued at $1,424,000 after purchasing an additional 126 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on META shares. DA Davidson began coverage on shares of Meta Platforms in a report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price objective on the stock. Oppenheimer upped their price objective on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their target price on shares of Meta Platforms from $550.00 to $590.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Raymond James boosted their target price on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research report on Monday, July 1st. Finally, Sanford C. Bernstein raised their price target on Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $601.08.

Meta Platforms Price Performance

Shares of META opened at $584.78 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $602.95. The firm has a 50-day simple moving average of $529.45 and a 200-day simple moving average of $503.17. The company has a market capitalization of $1.48 trillion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 1.39 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the firm earned $3.23 EPS. On average, equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $578.55, for a total value of $523,587.75. Following the sale, the insider now owns 35,102 shares of the company’s stock, valued at approximately $20,308,262.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $533.87, for a total value of $8,916,696.74. Following the completion of the sale, the chief executive officer now owns 151,918 shares in the company, valued at $81,104,462.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale 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 dated Tuesday, October 1st. The stock was sold at an average price of $578.55, for a total transaction of $523,587.75. Following the transaction, the insider now owns 35,102 shares in the company, valued at $20,308,262.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 282,621 shares of company stock valued at $148,657,449 over the last ninety days. Corporate insiders own 13.71% 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.