Assetmark Inc. Purchases 104,140 Shares of Meta Platforms, Inc. (NASDAQ:META)

Assetmark Inc. boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 17.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 702,759 shares of the social networking company’s stock after buying an additional 104,140 shares during the quarter. Meta Platforms comprises 1.1% of Assetmark Inc.’s investment portfolio, making the stock its 18th largest holding. Assetmark Inc.’s holdings in Meta Platforms were worth $402,287,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in META. LS Investment Advisors LLC increased its stake in shares of Meta Platforms by 111.4% in the 3rd quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock valued at $6,686,000 after acquiring an additional 6,155 shares during the last quarter. Gradient Investments LLC increased its stake in Meta Platforms by 8.9% in the second quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock valued at $36,600,000 after purchasing an additional 5,953 shares in the last quarter. Cutter & CO Brokerage Inc. raised its holdings in Meta Platforms by 0.7% in the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock worth $5,573,000 after purchasing an additional 65 shares during the period. Stanley Laman Group Ltd. boosted its position in shares of Meta Platforms by 26.5% during the second quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock worth $846,000 after purchasing an additional 352 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Meta Platforms by 1.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 412,046 shares of the social networking company’s stock valued at $235,872,000 after buying an additional 5,594 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total transaction of $459,405.15. Following the sale, the insider now directly owns 37,817 shares in the company, valued at approximately $19,197,043.71. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the sale, the insider now owns 37,817 shares of the company’s stock, valued at $19,197,043.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $567.58, for a total value of $234,410.54. Following the transaction, the chief operating officer now directly owns 10,294 shares of the company’s stock, valued at approximately $5,842,668.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 194,714 shares of company stock valued at $103,811,069 in the last 90 days. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Meta Platforms stock opened at $584.82 on Wednesday. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.48 trillion, a PE ratio of 27.55, a P/E/G ratio of 1.30 and a beta of 1.22. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95. The business’s 50-day moving average price is $563.02 and its two-hundred day moving average price is $517.29.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The business had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, analysts expect that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.34%. Meta Platforms’s dividend payout ratio is currently 9.42%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on META shares. Truist Financial raised their price target on Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wedbush reaffirmed an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a research note on Thursday, September 26th. Rosenblatt Securities reissued a “buy” rating and set a $811.00 price objective on shares of Meta Platforms in a research report on Thursday, October 31st. Guggenheim boosted their price objective on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company lowered their target price on Meta Platforms from $652.00 to $641.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $634.10.

Meta Platforms Company Profile

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.