Atlantic Union Bankshares Corp Sells 1,118 Shares of 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 Form 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of META. BlackRock Inc. grew its position in shares of Meta Platforms by 0.8% during the 1st quarter. BlackRock Inc. now owns 152,934,920 shares of the social networking company’s stock worth $32,413,027,000 after buying an additional 1,172,997 shares during the period. Geode Capital Management LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $5,424,543,000. Price T Rowe Associates Inc. MD grew its position in shares of Meta Platforms by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,803,774 shares of the social networking company’s stock worth $8,859,893,000 after buying an additional 6,735,038 shares during the period. Norges Bank acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $4,223,148,000. Finally, Morgan Stanley acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $4,072,543,000. 62.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Tigress Financial boosted their price objective on shares of Meta Platforms from $285.00 to $380.00 in a report on Thursday, July 6th. Argus boosted their price objective on shares of Meta Platforms from $353.00 to $375.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. New Street Research upgraded shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $350.00 price objective for the company in a report on Tuesday, July 25th. 92 Resources restated a “maintains” rating on shares of Meta Platforms in a report on Monday, June 26th. Finally, CICC Research assumed coverage on shares of Meta Platforms in a report on Monday, August 28th. They set an “outperform” rating for the company. Two research 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $319.79.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 722 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total value of $229,357.74. Following the completion of the transaction, the insider now owns 30,868 shares of the company’s stock, valued at $9,805,837.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jennifer Newstead sold 722 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $317.67, for a total value of $229,357.74. Following the completion of the transaction, the insider now owns 30,868 shares of the company’s stock, valued at $9,805,837.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Javier Olivan sold 4,277 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $293.00, for a total transaction of $1,253,161.00. Following the completion of the transaction, the chief operating officer now directly owns 82,858 shares of the company’s stock, valued at approximately $24,277,394. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,457 shares of company stock valued at $12,273,577. 14.03% of the stock is currently owned by insiders.

Meta Platforms Trading Up 0.7 %

Shares of Meta Platforms stock opened at $302.55 on Tuesday. The company 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. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.14. Meta Platforms, Inc. has a 12-month low of $88.09 and a 12-month high of $326.20. The firm’s 50-day moving average price is $302.40 and its two-hundred day moving average price is $260.80.

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