Stonekeep Investments LLC Takes $747,000 Position in Meta Platforms, Inc. (NASDAQ:META)

Stonekeep Investments LLC purchased a new stake in Meta Platforms, Inc. (NASDAQ:META) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,482 shares of the social networking company’s stock, valued at approximately $747,000. Meta Platforms makes up about 0.6% of Stonekeep Investments LLC’s investment portfolio, making the stock its 26th biggest holding.

Other large investors have also made changes to their positions in the company. Baird Financial Group Inc. increased its holdings in shares of Meta Platforms by 24.2% in the 4th quarter. Baird Financial Group Inc. now owns 835,972 shares of the social networking company’s stock valued at $295,901,000 after purchasing an additional 163,067 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Meta Platforms by 1.5% in the 4th quarter. California State Teachers Retirement System now owns 3,576,285 shares of the social networking company’s stock valued at $1,265,862,000 after purchasing an additional 51,900 shares in the last quarter. Voyager Global Management LP increased its holdings in shares of Meta Platforms by 37.3% in the 4th quarter. Voyager Global Management LP now owns 515,000 shares of the social networking company’s stock valued at $182,289,000 after purchasing an additional 140,000 shares in the last quarter. Gradient Investments LLC increased its holdings in shares of Meta Platforms by 8.9% in the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after purchasing an additional 5,953 shares in the last quarter. Finally, Baillie Gifford & Co. grew its stake in Meta Platforms by 14.0% in the 1st quarter. Baillie Gifford & Co. now owns 6,101,501 shares of the social networking company’s stock valued at $2,962,767,000 after acquiring an additional 748,076 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Stifel Nicolaus increased their price objective on shares of Meta Platforms from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Barclays increased their price objective on shares of Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Evercore ISI increased their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Sanford C. Bernstein increased their price objective on shares of Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, UBS Group increased their price objective on shares of Meta Platforms from $630.00 to $635.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $577.26.

Meta Platforms Trading Up 2.7 %

META opened at $525.60 on Friday. The firm has a market capitalization of $1.33 trillion, a P/E ratio of 30.19, a P/E/G ratio of 1.23 and a beta of 1.21. The firm’s 50 day moving average is $505.44 and its 200-day moving average is $495.07. Meta Platforms, Inc. has a 52-week low of $279.40 and a 52-week high of $544.23. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12.

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

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insider Activity

In related news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 8,950 shares of Meta Platforms stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the sale, the chief financial officer now owns 74,579 shares of the company’s stock, valued at approximately $39,285,234.04. The disclosure for this sale can be found here. Insiders have sold 357,574 shares of company stock worth $185,587,773 over the last 90 days. Company insiders own 13.71% of the company’s stock.

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.