Atlanta Consulting Group Advisors LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 18.0% during the second quarter of 2023, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 464 shares of the social media giant, having sold 102 shares during this period. At the end of the quarter, Atlanta Consulting’s holdings in Meta were valued at approximately $342,000.
The adjustments in Atlanta Consulting’s portfolio reflect a broader trend among institutional investors regarding Meta Platforms. Several hedge funds have also modified their positions in the tech company recently. For instance, Kaizen Financial Strategies increased its stake by 10.4%, acquiring an additional 176 shares to reach a total of 1,866 shares valued at around $1.377 million. Similarly, Hudock Inc. raised its holdings by 18.0%, now owning 1,568 shares worth approximately $1.158 million.
The Police & Firemen’s Retirement System of New Jersey has also made a notable adjustment, increasing its position in Meta by 3.9%. They now own 331,559 shares valued at $244.72 million after purchasing an additional 12,596 shares. Austin Wealth Management LLC and Renasant Bank have also boosted their holdings in the company, emphasizing the sustained interest in Meta among institutional investors.
Insider Transactions and Market Reactions
Recent insider trading at Meta Platforms has attracted attention. Chief Technology Officer Andrew Bosworth sold 11,690 shares on November 18, 2023, at an average price of $593.31, resulting in a total transaction of approximately $6.94 million. Following this sale, Bosworth’s direct ownership in the company decreased by 82.88%, leaving him with 2,415 shares valued at around $1.43 million.
Similarly, Chief Accounting Officer Aaron Anderson sold 726 shares on the same day for a total of $429,501.60. This transaction represented a 10.74% decrease in his ownership, leaving him with 6,035 shares valued at approximately $3.57 million. Over the past three months, insiders have sold a total of 41,442 shares valued at approximately $26.52 million.
Analysts have also been active in reassessing Meta’s stock. On October 30, 2023, Piper Sandler lowered its price target for Meta from $880.00 to $840.00, maintaining an “overweight” rating. Truist Financial similarly adjusted its price objective from $900.00 to $875.00, while Benchmark downgraded the stock from a “buy” to a “hold” rating. Overall, the consensus rating for Meta among analysts remains a “Moderate Buy,” with an average price target of $825.05.
Meta Platforms’ Financial Performance
Despite the fluctuations in stock positions and ratings, Meta Platforms has recently reported strong financial results. On October 29, 2023, the company announced earnings of $7.25 per share, surpassing the consensus estimate of $6.74 by $0.51. Revenue for the quarter reached $51.24 billion, exceeding expectations of $49.34 billion. This marks a substantial year-over-year revenue increase of 26.2% from the previous quarter, where the company earned $6.03 per share.
Meta’s recent performance has contributed to a market capitalization of approximately $1.50 trillion, with a P/E ratio of 26.25 and a beta of 1.20. As the company prepares for the upcoming quarter, analysts anticipate an earnings per share (EPS) of $26.7 for the current fiscal year.
In addition to its financial disclosures, Meta Platforms recently declared a quarterly dividend of $0.525 per share, paid on September 29, 2023, with a yield of 0.4%. As the company navigates market challenges and opportunities, institutional interest remains high, with insiders holding 13.61% of the stock.
Meta Platforms continues to engage in the development of products that facilitate connections among users through various platforms, including Facebook, Instagram, Messenger, and WhatsApp, while also expanding its ventures into virtual reality and wearables. The company’s diverse portfolio positions it strategically within the technology landscape, despite the recent fluctuations in shareholding and market assessments.
