Jennison Associates LLC Acquires 2,748,620 Shares of Meta Platforms, Inc. (NASDAQ:META)

Jennison Associates LLC grew its stake in shares of Meta Platforms, Inc. (NASDAQ:METAFree Report) by 24.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,867,398 shares of the social networking company’s stock after acquiring an additional 2,748,620 shares during the period. Meta Platforms comprises about 4.5% of Jennison Associates LLC’s portfolio, making the stock its 4th largest holding. Jennison Associates LLC owned 0.54% of Meta Platforms worth $6,733,731,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Hudock Inc. boosted its stake in Meta Platforms by 13.6% in the 1st quarter. Hudock Inc. now owns 1,371 shares of the social networking company’s stock worth $666,000 after purchasing an additional 164 shares during the period. Adapt Wealth Advisors LLC acquired a new position in Meta Platforms during the first quarter valued at $243,000. Magnolia Capital Advisors LLC lifted its stake in Meta Platforms by 32.0% in the 1st quarter. Magnolia Capital Advisors LLC now owns 5,781 shares of the social networking company’s stock worth $2,781,000 after acquiring an additional 1,401 shares in the last quarter. Baron Silver Stevens Financial Advisors LLC boosted its position in Meta Platforms by 8.6% during the 1st quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,941 shares of the social networking company’s stock worth $1,428,000 after acquiring an additional 232 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in Meta Platforms by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 575,938 shares of the social networking company’s stock valued at $279,663,000 after acquiring an additional 124,357 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Performance

NASDAQ META opened at $530.00 on Wednesday. Meta Platforms, Inc. has a twelve month low of $274.38 and a twelve month high of $542.81. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The stock has a market cap of $1.34 trillion, a P/E ratio of 30.44, a PEG ratio of 1.37 and a beta of 1.21. The company’s 50-day simple moving average is $488.29 and its 200 day simple moving average is $464.16.

Meta Platforms (NASDAQ:METAGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. As a group, research analysts forecast that Meta Platforms, Inc. will post 20.15 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s payout ratio is presently 11.49%.

Insider Activity

In related news, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $517.75, for a total transaction of $253,697.50. Following the completion of the transaction, the chief operating officer now directly owns 7,579 shares of the company’s stock, valued at approximately $3,924,027.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $517.75, for a total value of $253,697.50. Following the completion of the sale, the chief operating officer now owns 7,579 shares of the company’s stock, valued at $3,924,027.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $498.59, for a total value of $291,675.15. Following the sale, the insider now owns 37,813 shares of the company’s stock, valued at approximately $18,853,183.67. The disclosure for this sale can be found here. In the last quarter, insiders have sold 260,459 shares of company stock worth $128,049,749. Corporate insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Monday, July 1st. Roth Mkm boosted their price target on shares of Meta Platforms from $500.00 to $510.00 and gave the company a “buy” rating in a report on Thursday, April 25th. The Goldman Sachs Group cut their price objective on Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JMP Securities restated a “market outperform” rating and issued a $550.00 target price on shares of Meta Platforms in a research note on Monday, April 22nd. Finally, Citigroup cut their price target on Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $511.88.

Read Our Latest Report on Meta Platforms

Meta Platforms Company Profile

(Free Report)

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

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