Atlantic Union Bankshares Corp Cuts Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Atlantic Union Bankshares Corp cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 7.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,346 shares of the social networking company’s stock after selling 1,118 shares during the period. Atlantic Union Bankshares Corp’s holdings in Meta Platforms were worth $3,830,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fairfield Bush & CO. purchased a new position in shares of Meta Platforms during the 1st quarter worth approximately $66,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Meta Platforms by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock worth $499,020,000 after acquiring an additional 249,926 shares during the last quarter. Ergoteles LLC boosted its position in Meta Platforms by 284.0% during the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after acquiring an additional 2,482 shares during the last quarter. First Western Trust Bank acquired a new stake in Meta Platforms during the first quarter worth approximately $813,000. Finally, Oxford Financial Group Ltd. boosted its position in Meta Platforms by 26.9% during the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock worth $420,000 after acquiring an additional 400 shares during the last quarter. 62.87% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Up 0.7 %

Meta Platforms stock opened at $302.55 on Tuesday. 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 has a 50-day moving average price of $302.40 and a two-hundred day moving average price of $260.80. The firm has a market capitalization of $778.51 billion, a price-to-earnings ratio of 35.26, a PEG 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.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.36. The firm had revenue of $32 billion during the quarter, compared to analyst estimates of $30.91 billion. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. Sell-side analysts expect 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 company’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 $2,459,318.08. Following the completion of the sale, the chief technology officer now directly owns 11,588 shares of the company’s stock, valued at approximately $3,548,129.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Susan J. Li sold 10,643 shares of the company’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 completion of the sale, the chief financial officer now directly owns 91,617 shares of the company’s stock, valued at approximately $28,052,209.23. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Andrew Bosworth sold 8,032 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was 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 of the company’s stock, valued at $3,548,129.72. The disclosure for this sale can be found here. In the last three months, insiders sold 40,457 shares of company stock valued at $12,273,577. Company insiders own 14.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on META. Argus raised their target price on shares of Meta Platforms from $353.00 to $375.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. UBS Group lifted their price target on shares of Meta Platforms from $335.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 27th. Wedbush assumed coverage on shares of Meta Platforms in a report on Monday, August 21st. They issued an “outperform” rating and a $350.00 price target on the stock. Oppenheimer lifted their price target on shares of Meta Platforms from $350.00 to $385.00 in a report on Thursday, July 27th. Finally, Piper Sandler lifted their price target on shares of Meta Platforms from $310.00 to $365.00 in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $319.79.

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.