Hudson Canyon Capital Management Sells 1,138 Shares of Meta Platforms, Inc. (NASDAQ:META)

Hudson Canyon Capital Management cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 12.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 7,746 shares of the social networking company’s stock after selling 1,138 shares during the period. Meta Platforms accounts for 2.6% of Hudson Canyon Capital Management’s portfolio, making the stock its 7th biggest position. Hudson Canyon Capital Management’s holdings in Meta Platforms were worth $3,906,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Norges Bank purchased a new position in shares of Meta Platforms in the 4th quarter worth about $11,285,855,000. Capital Research Global Investors boosted its holdings in shares of Meta Platforms by 17.2% in the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after acquiring an additional 4,440,229 shares during the period. Concentrum Wealth Management grew its position in shares of Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after purchasing an additional 3,888,308 shares in the last quarter. Vanguard Group Inc. boosted its stake in Meta Platforms by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after purchasing an additional 3,104,550 shares during the period. Finally, Jennison Associates LLC grew its stake in Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after acquiring an additional 2,748,620 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on META. Tigress Financial boosted their price objective on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. Piper Sandler upped their price objective on shares of Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. The Goldman Sachs Group increased their price objective on Meta Platforms from $522.00 to $555.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark reiterated a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, Wedbush reiterated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $574.41.

Insider Buying and Selling

In other news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $503.18, for a total value of $8,404,112.36. Following the sale, the chief executive officer now directly owns 301,478 shares in the company, valued at $151,697,700.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $500.00, for a total transaction of $452,500.00. Following the sale, the insider now directly owns 40,560 shares in the company, valued at approximately $20,280,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $503.18, for a total value of $8,404,112.36. Following the completion of the transaction, the chief executive officer now owns 301,478 shares of the company’s stock, valued at approximately $151,697,700.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 390,072 shares of company stock valued at $201,913,948. 13.71% of the stock is owned by insiders.

Meta Platforms Stock Up 0.2 %

Shares of Meta Platforms stock opened at $512.74 on Thursday. Meta Platforms, Inc. has a 52-week low of $279.40 and a 52-week high of $544.23. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $1.30 trillion, a P/E ratio of 29.45, a P/E/G ratio of 1.29 and a beta of 1.21. The company has a 50 day moving average of $505.31 and a 200 day moving average of $493.77.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. Meta Platforms’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the firm posted $3.23 EPS. As a group, research analysts forecast that Meta Platforms, Inc. will post 21.3 EPS for the current fiscal year.

Meta Platforms 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.