BTC Capital Management Inc. Sells 807 Shares of Meta Platforms, Inc. (NASDAQ:META)

BTC Capital Management Inc. lowered its holdings in Meta Platforms, Inc. (NASDAQ:META) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in META. Credit Suisse AG bought a new stake in Meta Platforms during the fourth quarter worth about $481,262,000. Catalyst Financial Partners LLC grew its stake in Meta Platforms by 18.7% during the first quarter. Catalyst Financial Partners LLC now owns 4,287 shares of the social networking company’s stock worth $909,000 after buying an additional 675 shares during the last quarter. Hall Capital Management Co. Inc. bought a new stake in Meta Platforms during the first quarter worth about $205,000. Aspire Private Capital LLC grew its stake in Meta Platforms by 139.0% during the first quarter. Aspire Private Capital LLC now owns 1,293 shares of the social networking company’s stock worth $274,000 after buying an additional 752 shares during the last quarter. Finally, Audent Global Asset Management LLC bought a new stake in Meta Platforms during the fourth quarter worth about $392,000. Institutional investors own 62.87% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research note on Wednesday, August 2nd. Barclays upped their target price on shares of Meta Platforms from $320.00 to $410.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Tigress Financial upped their target price on shares of Meta Platforms from $285.00 to $380.00 in a research report on Thursday, July 6th. Morgan Stanley upped their target price on shares of Meta Platforms from $350.00 to $375.00 in a research report on Thursday, July 27th. Finally, Wedbush assumed coverage on shares of Meta Platforms in a research report on Monday, August 21st. They set an “outperform” rating and a $350.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $319.79.

Meta Platforms Stock Up 0.7 %

Meta Platforms stock opened at $302.55 on Tuesday. The company has a market cap of $778.51 billion, a P/E ratio of 35.26, a price-to-earnings-growth ratio of 0.99 and a beta of 1.23. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $326.20. The company has a fifty day simple moving average of $302.40 and a 200 day simple moving average of $260.80. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14.

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

Insider Activity at Meta Platforms

In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total value of $229,357.74. Following the completion of the sale, the insider now owns 30,868 shares in the company, valued at $9,805,837.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total value of $229,357.74. Following the completion of the sale, the insider now owns 30,868 shares in the company, valued at $9,805,837.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Clegg sold 2,146 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $657,083.74. Following the completion of the sale, the insider now owns 12,631 shares of the company’s stock, valued at approximately $3,867,485.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,457 shares of company stock valued at $12,273,577. Corporate insiders own 14.03% of the company’s stock.

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.