Jennison Associates LLC grew its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,440,868 shares of the social networking company's stock after acquiring an additional 263,063 shares during the quarter. Meta Platforms comprises approximately 5.1% of Jennison Associates LLC's portfolio, making the stock its 5th biggest position. Jennison Associates LLC owned approximately 0.57% of Meta Platforms worth $8,266,531,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of META. POM Investment Strategies LLC acquired a new stake in Meta Platforms during the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. lifted its holdings in shares of Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company's stock worth $40,000 after purchasing an additional 44 shares during the period. Halpern Financial Inc. acquired a new stake in shares of Meta Platforms during the third quarter worth $46,000. West Financial Advisors LLC purchased a new position in Meta Platforms in the 3rd quarter valued at $49,000. Finally, NewSquare Capital LLC increased its stake in Meta Platforms by 221.9% in the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company's stock valued at $52,000 after buying an additional 71 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $520.48, for a total transaction of $8,693,056.96. Following the transaction, the chief executive officer now owns 2,657 shares in the company, valued at $1,382,915.36. The trade was a 86.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $519.05, for a total value of $469,740.25. Following the completion of the sale, the insider now owns 39,627 shares of the company's stock, valued at approximately $20,568,394.35. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,843 shares of company stock valued at $92,083,554 over the last ninety days. Corporate insiders own 13.71% of the company's stock.
NASDAQ:META opened at $559.14 on Friday. The company has a market cap of $1.41 trillion, a P/E ratio of 26.34, a P/E/G ratio of 1.24 and a beta of 1.22. The firm's 50 day moving average is $572.74 and its two-hundred day moving average is $523.96. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.
Meta Platforms (NASDAQ:META - Get Free Report) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts' consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to analysts' expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. Analysts expect that Meta Platforms, Inc. will post 22.53 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.36%. Meta Platforms's payout ratio is 9.42%.
META has been the topic of several analyst reports. TD Cowen lifted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Raymond James raised their price objective on shares of Meta Platforms from $600.00 to $650.00 and gave the company a "strong-buy" rating in a research report on Thursday, October 10th. Truist Financial boosted their target price on Meta Platforms from $570.00 to $650.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. UBS Group lifted their price target on Meta Platforms from $690.00 to $719.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets increased their price objective on Meta Platforms from $525.00 to $530.00 and gave the stock a "market perform" rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus target price of $634.10.
Check Out Our Latest Report on 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.
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