Meta Platforms, Inc. (NASDAQ:META) Position Lessened by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC trimmed its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 8.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,521 shares of the social networking company’s stock after selling 1,637 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Meta Platforms were worth $5,315,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of META. Geode Capital Management LLC acquired a new position in Meta Platforms during the fourth quarter worth $5,424,543,000. Norges Bank acquired a new position in Meta Platforms during the fourth quarter worth $4,223,148,000. Price T Rowe Associates Inc. MD acquired a new position in Meta Platforms during the fourth quarter worth $4,220,171,000. Morgan Stanley acquired a new position in Meta Platforms during the fourth quarter worth $4,072,543,000. Finally, Moneta Group Investment Advisors LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at about $1,796,633,000. 62.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on META shares. Wells Fargo & Company raised Meta Platforms from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $313.00 to $389.00 in a research report on Thursday, July 27th. JPMorgan Chase & Co. raised their price target on Meta Platforms from $305.00 to $425.00 in a research report on Thursday, July 27th. Piper Sandler raised their price target on Meta Platforms from $310.00 to $365.00 in a research report on Thursday, July 27th. China Renaissance raised Meta Platforms from a “hold” rating to a “buy” rating and set a $380.00 target price on the stock in a research report on Friday, July 28th. Finally, KeyCorp lifted their target price on Meta Platforms from $280.00 to $335.00 in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $319.79.

Insider Activity

In other news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $278.73, for a total value of $201,243.06. Following the completion of the transaction, the insider now owns 35,200 shares of the company’s stock, valued at approximately $9,811,296. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $278.73, for a total value of $201,243.06. Following the completion of the transaction, the insider now owns 35,200 shares of the company’s stock, valued at approximately $9,811,296. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Andrew Bosworth sold 8,032 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $2,459,318.08. Following the completion of the transaction, the chief technology officer now directly owns 11,588 shares of the company’s stock, valued at approximately $3,548,129.72. The disclosure for this sale can be found here. Insiders sold 41,179 shares of company stock valued at $12,474,820 in the last quarter. Company insiders own 13.75% of the company’s stock.

Meta Platforms Price Performance

META opened at $300.31 on Monday. The company has a fifty day moving average price of $302.23 and a two-hundred day moving average price of $259.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32. Meta Platforms, Inc. has a 52 week low of $88.09 and a 52 week high of $326.20. The firm has a market capitalization of $772.75 billion, a PE ratio of 35.00, a P/E/G ratio of 1.00 and a beta of 1.23.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $2.87 by $0.36. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. The firm had revenue of $32 billion during the quarter, compared to analyst estimates of $30.91 billion. As a group, analysts anticipate that Meta Platforms, Inc. will post 13.17 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.