Fri Sep 20 13:14:44 UTC 2024: ## Mutual of America Capital Management Trims Meta Platforms Stake Amidst Institutional Buying Spree

**New York, NY – September 20, 2024** – Mutual of America Capital Management LLC, a prominent institutional investor, reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 4.2% during the second quarter, according to the company’s recent Form 13F filing with the Securities and Exchange Commission. Despite this move, Meta Platforms remains a significant holding for Mutual of America, constituting 1.5% of its portfolio.

The fund now owns 276,359 shares of the social networking giant, valued at $139,346,000. This comes in contrast to the trend observed amongst other institutional investors who have been increasing their positions in META.

Vanguard Group Inc., for example, raised its stake by 0.4% in the first quarter, holding 187,180,393 shares worth $90,891,055,000. Similarly, Capital World Investors and Capital International Investors boosted their holdings in the first and fourth quarter respectively. Capital Research Global Investors also increased its stake by a significant 14.5% in the first quarter.

Meanwhile, insider activity shows a mixed picture. CEO Mark Zuckerberg sold 9,760 shares on June 24th, while Jennifer Newstead, an insider, sold 905 shares on September 17th. In total, insiders have sold 356,426 shares worth $185,053,425 in the past 90 days, representing 13.71% of the company’s stock.

Meta Platforms’ recent quarterly earnings report, released on July 31st, showcased a strong performance, exceeding analysts’ expectations. The social networking company reported $5.16 earnings per share, beating the consensus estimate by $0.46. Revenue also came in higher than anticipated, reaching $39.07 billion.

Several analysts have recently upgraded their price targets on Meta Platforms, with Oppenheimer, Piper Sandler, Royal Bank of Canada, Robert W. Baird, and TD Cowen all increasing their estimates. Currently, the company holds an average rating of “Moderate Buy” with an average price target of $577.26, according to MarketBeat.

Overall, the mixed signals from institutional investors and insiders, combined with strong financial results and analyst optimism, create a complex picture for Meta Platforms. The company remains a major player in the social media landscape, and its future performance will be closely watched by investors in the coming months.

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