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

Hudson Canyon Capital Management decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 12.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,746 shares of the social networking company’s stock after selling 1,138 shares during the quarter. Meta Platforms accounts for approximately 2.6% of Hudson Canyon Capital Management’s investment portfolio, making the stock its 7th largest holding. Hudson Canyon Capital Management’s holdings in Meta Platforms were worth $3,906,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Quest Partners LLC purchased a new position in Meta Platforms during the fourth quarter valued at $32,000. Clear Investment Research LLC raised its position in shares of Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares during the last quarter. Delos Wealth Advisors LLC lifted its stake in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC acquired a new stake in Meta Platforms in the 2nd quarter worth about $38,000. Finally, Ruedi Wealth Management Inc. increased its stake in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after buying an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

META opened at $512.74 on Thursday. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock’s 50 day simple moving average is $505.31 and its 200-day simple moving average is $493.77. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $544.23. The stock has a market cap of $1.30 trillion, a PE ratio of 29.45, a P/E/G ratio of 1.29 and a beta of 1.21.

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

Insiders Place Their Bets

In related news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $536.92, for a total transaction of $221,747.96. Following the sale, the chief operating officer now directly owns 14,424 shares in the company, valued at $7,744,534.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, 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 transaction of $8,404,112.36. Following the completion of the transaction, the chief executive officer now directly owns 301,478 shares in the company, valued at approximately $151,697,700.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total transaction of $221,747.96. Following the sale, the chief operating officer now owns 14,424 shares of the company’s stock, valued at $7,744,534.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 390,072 shares of company stock worth $201,913,948. Corporate insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

META has been the topic of a number of research reports. Evercore ISI raised their price objective on Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. BMO Capital Markets restated a “market perform” rating and set a $450.00 price target on shares of Meta Platforms in a research report on Wednesday, June 12th. UBS Group increased their price objective on shares of Meta Platforms from $630.00 to $635.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Tigress Financial boosted their target price on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a report on Friday, August 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $574.41.

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.