RNC Capital Management LLC Cuts Holdings in Meta Platforms, Inc. (NASDAQ:FB)

RNC Capital Management LLC trimmed its holdings in shares of Meta Platforms, Inc. (NASDAQ:FBGet Rating) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,355 shares of the social networking company’s stock after selling 189 shares during the period. RNC Capital Management LLC’s holdings in Meta Platforms were worth $1,465,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Cypress Capital Management LLC WY increased its stake in Meta Platforms by 19.2% in the 3rd quarter. Cypress Capital Management LLC WY now owns 186 shares of the social networking company’s stock valued at $63,000 after purchasing an additional 30 shares in the last quarter. Maltin Wealth Management Inc. increased its stake in Meta Platforms by 3.8% in the 3rd quarter. Maltin Wealth Management Inc. now owns 821 shares of the social networking company’s stock valued at $279,000 after purchasing an additional 30 shares in the last quarter. Financial Advisory Group increased its stake in Meta Platforms by 2.8% in the 3rd quarter. Financial Advisory Group now owns 1,093 shares of the social networking company’s stock valued at $371,000 after purchasing an additional 30 shares in the last quarter. PFG Advisors increased its stake in Meta Platforms by 0.4% in the 3rd quarter. PFG Advisors now owns 7,068 shares of the social networking company’s stock valued at $2,399,000 after purchasing an additional 31 shares in the last quarter. Finally, MainStreet Investment Advisors LLC increased its stake in Meta Platforms by 2.6% in the 3rd quarter. MainStreet Investment Advisors LLC now owns 1,204 shares of the social networking company’s stock valued at $409,000 after purchasing an additional 31 shares in the last quarter. 65.64% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:FB traded up $6.10 during midday trading on Tuesday, reaching $216.87. The company had a trading volume of 400,391 shares, compared to its average volume of 34,647,324. The business’s 50 day moving average price is $212.08 and its 200 day moving average price is $285.38. The stock has a market cap of $590.31 billion, a PE ratio of 15.27, a P/E/G ratio of 1.27 and a beta of 1.39. Meta Platforms, Inc. has a 1-year low of $185.82 and a 1-year high of $384.33.

Meta Platforms (NASDAQ:FBGet Rating) last released its earnings results on Wednesday, February 2nd. The social networking company reported $3.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.11). The company had revenue of $33.67 billion during the quarter, compared to analyst estimates of $33.44 billion. Meta Platforms had a net margin of 33.38% and a return on equity of 29.71%. Meta Platforms’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.88 EPS. On average, analysts expect that Meta Platforms, Inc. will post 12.37 earnings per share for the current year.

A number of equities research analysts have commented on FB shares. Robert W. Baird lowered their target price on Meta Platforms from $390.00 to $325.00 and set an “outperform” rating on the stock in a report on Thursday, February 3rd. JPMorgan Chase & Co. cut Meta Platforms from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $385.00 to $284.00 in a report on Thursday, February 3rd. China Renaissance Securities cut Meta Platforms from a “buy” rating to a “hold” rating and lowered their target price for the company from $415.00 to $280.00 in a report on Friday, February 4th. OTR Global upgraded Meta Platforms to a “positive” rating in a report on Wednesday, January 19th. Finally, Mizuho decreased their price objective on Meta Platforms from $450.00 to $425.00 and set a “buy” rating on the stock in a report on Thursday, February 3rd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $330.69.

In other Meta Platforms news, CFO David M. Wehner sold 1,095 shares of the stock in a transaction dated Tuesday, February 15th. The stock was sold at an average price of $217.70, for a total transaction of $238,381.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Newstead sold 125 shares of the stock in a transaction dated Tuesday, January 25th. The stock was sold at an average price of $299.77, for a total transaction of $37,471.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,400 shares of company stock worth $1,606,924. Company insiders own 14.01% of the company’s stock.

Meta Platforms Company Profile (Get Rating)

Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

Further Reading

Institutional Ownership by Quarter for Meta Platforms (NASDAQ:FB)

Receive News & Ratings for Meta Platforms Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meta Platforms and related companies with MarketBeat.com's FREE daily email newsletter.