Burney Co. Lowers Position in Meta Platforms, Inc. (NASDAQ:META)

Burney Co. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 13.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,366 shares of the social networking company’s stock after selling 9,439 shares during the quarter. Meta Platforms comprises approximately 1.1% of Burney Co.’s investment portfolio, making the stock its 13th biggest position. Burney Co.’s holdings in Meta Platforms were worth $29,933,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Meitav Investment House Ltd. lifted its stake in Meta Platforms by 13.0% during the 2nd quarter. Meitav Investment House Ltd. now owns 278,291 shares of the social networking company’s stock worth $140,483,000 after acquiring an additional 31,921 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Meta Platforms by 2.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 70,292 shares of the social networking company’s stock valued at $35,442,000 after acquiring an additional 1,815 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of Meta Platforms by 3.0% in the 2nd quarter. Whittier Trust Co. now owns 183,405 shares of the social networking company’s stock valued at $92,474,000 after acquiring an additional 5,275 shares during the last quarter. Financial Advocates Investment Management increased its holdings in shares of Meta Platforms by 6.6% in the 2nd quarter. Financial Advocates Investment Management now owns 10,044 shares of the social networking company’s stock valued at $5,064,000 after acquiring an additional 623 shares during the last quarter. Finally, Nixon Peabody Trust Co. purchased a new position in shares of Meta Platforms in the 2nd quarter valued at about $6,152,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 150 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the sale, the chief executive officer now owns 124,387 shares of the company’s stock, valued at $62,254,449.63. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Mark Zuckerberg sold 150 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.49, for a total value of $75,073.50. Following the transaction, the chief executive officer now owns 124,387 shares in the company, valued at $62,254,449.63. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $536.92, for a total value of $221,747.96. Following the completion of the transaction, the chief operating officer now owns 14,424 shares in the company, valued at approximately $7,744,534.08. The disclosure for this sale can be found here. Insiders sold a total of 354,155 shares of company stock valued at $183,221,085 over the last quarter. Company insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

META has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated an “underperform” rating on shares of Meta Platforms in a report on Thursday, August 1st. KeyCorp raised their price target on Meta Platforms from $540.00 to $560.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. TD Cowen raised their price target on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Benchmark restated a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, The Goldman Sachs Group raised their price target on Meta Platforms from $522.00 to $555.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $574.41.

Meta Platforms Price Performance

META stock traded up $2.82 during midday trading on Thursday, hitting $519.60. 4,993,170 shares of the stock were exchanged, compared to its average volume of 16,012,461. The stock’s 50-day moving average price is $503.99 and its 200-day moving average price is $492.19. The stock has a market cap of $1.32 trillion, a price-to-earnings ratio of 30.08, a PEG ratio of 1.27 and a beta of 1.21. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $544.23. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results 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. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same period in the previous year, the firm posted $3.23 earnings per share. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. Research analysts predict that Meta Platforms, Inc. will post 20.5 earnings per share for the current year.

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.