Burke & Herbert Bank & Trust Co. Sells 164 Shares of Meta Platforms, Inc. (NASDAQ:META)

Burke & Herbert Bank & Trust Co. reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 4.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,777 shares of the social networking company’s stock after selling 164 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Meta Platforms were worth $1,084,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Ruedi Wealth Management Inc. bought a new position in Meta Platforms in the 4th quarter worth approximately $25,000. Worth Asset Management LLC boosted its holdings in Meta Platforms by 248.6% in the 1st quarter. Worth Asset Management LLC now owns 122 shares of the social networking company’s stock worth $26,000 after buying an additional 87 shares during the period. Sageworth Trust Co bought a new position in Meta Platforms in the 1st quarter worth approximately $26,000. MBM Wealth Consultants LLC bought a new position in Meta Platforms in the 4th quarter worth approximately $26,000. Finally, Chelsea Counsel Co. bought a new position in Meta Platforms in the 4th quarter worth approximately $27,000. 62.87% of the stock is owned by institutional investors.

Meta Platforms Stock Up 0.7 %

Shares of Meta Platforms stock opened at $302.55 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.32 and a current ratio of 2.32. The stock has a market capitalization 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 50-day simple moving average of $302.40 and a two-hundred day simple moving average of $260.80.

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

Wall Street Analysts Forecast Growth

META has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on shares of Meta Platforms from $360.00 to $400.00 in a research note on Thursday, July 27th. Oppenheimer increased their target price on shares of Meta Platforms from $350.00 to $385.00 in a research note on Thursday, July 27th. TD Cowen upgraded shares of Meta Platforms from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $220.00 to $345.00 in a research note on Thursday, July 13th. The Goldman Sachs Group increased their target price on shares of Meta Platforms from $300.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $305.00 to $425.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, forty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $319.79.

Insider Activity

In other news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $286.70, for a total transaction of $206,997.40. Following the completion of the transaction, the insider now directly owns 33,756 shares of the company’s stock, valued at $9,677,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jennifer Newstead sold 722 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $286.70, for a total transaction of $206,997.40. Following the completion of the transaction, the insider now directly owns 33,756 shares of the company’s stock, valued at $9,677,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Clegg sold 2,146 shares of the business’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 $657,083.74. Following the transaction, the insider now directly owns 12,631 shares of the company’s stock, valued at $3,867,485.89. The disclosure for this sale can be found here. Insiders sold 40,457 shares of company stock valued at $12,273,577 over the last three months. Insiders own 14.03% of the company’s stock.

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.