CCG Wealth Management LLC Reduces Holdings in Meta Platforms, Inc. (NASDAQ:META)

CCG Wealth Management LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 45.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,274 shares of the social networking company’s stock after selling 1,926 shares during the period. Meta Platforms comprises about 0.6% of CCG Wealth Management LLC’s holdings, making the stock its 29th largest holding. CCG Wealth Management LLC’s holdings in Meta Platforms were worth $1,146,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. S.A. Mason LLC boosted its holdings in shares of Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after acquiring an additional 20 shares during the period. Horizon Bancorp Inc. IN lifted its holdings in Meta Platforms by 2.0% in the first quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after acquiring an additional 21 shares during the period. Northern Capital Management Inc. grew its position in Meta Platforms by 3.4% during the first quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after buying an additional 21 shares during the period. Buckingham Capital Management Inc. raised its holdings in Meta Platforms by 5.1% during the second quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock worth $218,000 after purchasing an additional 21 shares during the last quarter. Finally, LongView Wealth Management boosted its position in shares of Meta Platforms by 1.3% in the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock worth $856,000 after buying an additional 22 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. UBS Group lifted their price target on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their price objective on shares of Meta Platforms from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. BMO Capital Markets reiterated a “market perform” rating and set a $450.00 target price on shares of Meta Platforms in a research note on Wednesday, June 12th. Susquehanna upped their price target on Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Finally, Citigroup increased their price target on Meta Platforms from $550.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $574.41.

Insider Buying and Selling at Meta Platforms

In other news, COO Javier Olivan sold 412 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $492.98, for a total value of $203,107.76. Following the transaction, the chief operating officer now owns 8,443 shares of the company’s stock, valued at approximately $4,162,230.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Meta Platforms news, CEO Mark Zuckerberg sold 2,011 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total value of $1,007,350.12. Following the completion of the sale, the chief executive officer now owns 318,932 shares of the company’s stock, valued at $159,759,417.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Javier Olivan sold 412 shares of Meta Platforms stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $492.98, for a total transaction of $203,107.76. Following the transaction, the chief operating officer now directly owns 8,443 shares in the company, valued at $4,162,230.14. The disclosure for this sale can be found here. Insiders sold a total of 392,082 shares of company stock worth $202,909,089 over the last three months. 13.71% of the stock is owned by insiders.

Meta Platforms Price Performance

Meta Platforms stock opened at $511.76 on Wednesday. The business has a fifty day moving average price of $505.32 and a 200-day moving average price of $493.64. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The firm has a market capitalization of $1.30 trillion, a P/E ratio of 29.39, a PEG ratio of 1.29 and a beta of 1.21. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $544.23.

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

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.