Fri Sep 20 12:31:58 UTC 2024: ## Edgestream Partners Cuts Meta Platforms Stake, Other Hedge Funds Make Moves
**New York, NY -** Edgestream Partners L.P. significantly reduced its stake in Meta Platforms, Inc. (NASDAQ:META) during the second quarter, selling 27,937 shares, a decrease of 79.5%. The move comes amidst a wave of adjustments by other hedge funds in their Meta Platforms holdings.
Baird Financial Group Inc. increased its stake by 24.2% during the fourth quarter, while California State Teachers Retirement System and Voyager Global Management LP also boosted their holdings. Meanwhile, Gradient Investments LLC and Baillie Gifford & Co. saw their stakes grow in the second and first quarters respectively.
Analysts remain generally bullish on META, with Truist Financial, Rosenblatt Securities, JPMorgan Chase & Co., and Stifel Nicolaus all raising their target prices recently. Benchmark maintained a “hold” rating. Overall, MarketBeat.com gives META a “Moderate Buy” rating with an average target price of $577.26.
META stock opened at $559.10 on Friday, with a 52-week low of $279.40 and a 52-week high of $562.07. The company’s market cap sits at $1.42 trillion.
The social media giant reported strong second-quarter earnings, exceeding analysts’ expectations on both earnings and revenue. Meta Platforms declared a quarterly dividend of $0.50, payable on September 26th to shareholders of record on September 16th.
Insiders have been active in the stock market, with Jennifer Newstead and COO Javier Olivan both selling shares in recent months.
Meta Platforms continues to dominate the social media landscape with its popular platforms, including Facebook, Instagram, Messenger, and WhatsApp. The company is also investing heavily in the metaverse through its Reality Labs segment.
First Piper 