Burney Co. Sells 9,439 Shares of Meta Platforms, Inc. (NASDAQ:META)

Burney Co. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 13.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,366 shares of the social networking company’s stock after selling 9,439 shares during the quarter. Meta Platforms makes up 1.1% of Burney Co.’s portfolio, making the stock its 13th largest position. Burney Co.’s holdings in Meta Platforms were worth $29,933,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meitav Investment House Ltd. boosted its stake in shares of 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 buying an additional 31,921 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Meta Platforms by 2.7% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 70,292 shares of the social networking company’s stock worth $35,442,000 after buying an additional 1,815 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of Meta Platforms by 3.0% during the 2nd quarter. Whittier Trust Co. now owns 183,405 shares of the social networking company’s stock worth $92,474,000 after buying an additional 5,275 shares during the last quarter. Financial Advocates Investment Management boosted its stake in shares of Meta Platforms by 6.6% during the 2nd quarter. Financial Advocates Investment Management now owns 10,044 shares of the social networking company’s stock worth $5,064,000 after buying an additional 623 shares during the last quarter. Finally, Nixon Peabody Trust Co. acquired a new position in shares of Meta Platforms during the 2nd quarter worth about $6,152,000. 79.91% of the stock is owned by institutional investors.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $477.00, for a total transaction of $431,685.00. Following the completion of the transaction, the insider now owns 41,465 shares of the company’s stock, valued at $19,778,805. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $477.00, for a total transaction of $431,685.00. Following the completion of the transaction, the insider now owns 41,465 shares of the company’s stock, valued at $19,778,805. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Monday, August 26th. The stock was sold at an average price of $520.48, for a total transaction of $8,693,056.96. Following the transaction, the chief executive officer now directly owns 2,657 shares of the company’s stock, valued at approximately $1,382,915.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 354,155 shares of company stock worth $183,221,085. Company insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

Meta Platforms stock traded up $2.82 during mid-day trading on Thursday, reaching $519.60. The company had a trading volume of 4,993,170 shares, compared to its average volume of 16,012,461. 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 current ratio of 2.83, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.32 trillion, a P/E ratio of 30.08, a P/E/G ratio of 1.27 and a beta of 1.21. The business has a fifty day simple moving average of $503.99 and a 200 day simple moving average of $492.19.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the business posted $3.23 earnings per share. The company’s quarterly revenue was up 22.1% on a year-over-year basis. On average, equities research analysts predict that Meta Platforms, Inc. will post 20.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group increased their price objective on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Susquehanna raised their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Rosenblatt Securities raised their target price on shares of Meta Platforms from $562.00 to $643.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group raised their target price on shares of Meta Platforms from $522.00 to $555.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird raised their target price on shares of Meta Platforms from $500.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $574.41.

About Meta Platforms

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.