BTC Capital Management Inc. Has $8.55 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

BTC Capital Management Inc. cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 29,465 shares of the social networking company’s stock after selling 807 shares during the quarter. BTC Capital Management Inc.’s holdings in Meta Platforms were worth $8,545,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. LifePro Asset Management acquired a new stake in Meta Platforms during the 2nd quarter worth approximately $446,000. Worth Asset Management LLC lifted its position in shares of Meta Platforms by 218.0% in the 2nd quarter. Worth Asset Management LLC now owns 388 shares of the social networking company’s stock worth $111,000 after purchasing an additional 266 shares during the period. Curran Financial Partners LLC acquired a new position in shares of Meta Platforms in the 2nd quarter worth approximately $223,000. Harbor Capital Advisors Inc. lifted its position in shares of Meta Platforms by 3.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 27,787 shares of the social networking company’s stock worth $7,974,000 after purchasing an additional 957 shares during the period. Finally, Selective Wealth Management Inc. acquired a new position in shares of Meta Platforms in the 2nd quarter worth approximately $7,867,000. 62.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

META has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Meta Platforms from $350.00 to $375.00 in a research report on Thursday, July 27th. UBS Group boosted their price target on shares of Meta Platforms from $335.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Royal Bank of Canada restated an “outperform” rating and issued a $400.00 price target on shares of Meta Platforms in a research report on Friday, August 18th. HSBC upgraded shares of Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 price target on the stock in a research report on Thursday, July 27th. Finally, Jefferies Financial Group boosted their target price on shares of Meta Platforms from $360.00 to $400.00 in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $319.79.

Meta Platforms Price Performance

NASDAQ META opened at $302.55 on Tuesday. The company has a market cap of $778.51 billion, a PE ratio of 35.26, a price-to-earnings-growth ratio of 0.99 and a beta of 1.23. Meta Platforms, Inc. has a 52 week low of $88.09 and a 52 week high of $326.20. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $302.40 and its two-hundred day simple moving average is $260.80.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.87 by $0.36. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. The business had revenue of $32 billion for the quarter, compared to the consensus estimate of $30.91 billion. Research analysts predict that Meta Platforms, Inc. will post 13.17 earnings per share for the current year.

Insider Transactions at Meta Platforms

In other news, CTO Andrew Bosworth sold 8,032 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $2,459,318.08. Following the sale, the chief technology officer now directly owns 11,588 shares of the company’s stock, valued at $3,548,129.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Susan J. Li sold 10,643 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total value of $3,258,780.17. Following the sale, the chief financial officer now directly owns 91,617 shares of the company’s stock, valued at $28,052,209.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Andrew Bosworth sold 8,032 shares of the firm’s stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 11,588 shares in the company, valued at $3,548,129.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,457 shares of company stock valued at $12,273,577. 14.03% of the stock is currently owned by corporate insiders.

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.