Cresset Asset Management LLC Sells 13,842 Shares of Meta Platforms, Inc. $META

Cresset Asset Management LLC cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 652,711 shares of the social networking company’s stock after selling 13,842 shares during the period. Meta Platforms comprises approximately 2.1% of Cresset Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding. Cresset Asset Management LLC’s holdings in Meta Platforms were worth $481,760,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Meta Platforms by 0.8% in the second quarter. Vanguard Group Inc. now owns 192,591,101 shares of the social networking company’s stock worth $142,149,566,000 after buying an additional 1,532,568 shares during the last quarter. Kingstone Capital Partners Texas LLC lifted its holdings in Meta Platforms by 608,429.2% in the second quarter. Kingstone Capital Partners Texas LLC now owns 59,775,823 shares of the social networking company’s stock valued at $44,119,937,000 after acquiring an additional 59,766,000 shares during the period. Geode Capital Management LLC lifted its holdings in Meta Platforms by 1.3% in the second quarter. Geode Capital Management LLC now owns 51,575,209 shares of the social networking company’s stock valued at $37,902,948,000 after acquiring an additional 682,768 shares during the period. Norges Bank purchased a new stake in Meta Platforms in the 2nd quarter worth approximately $23,155,393,000. Finally, Invesco Ltd. grew its stake in shares of Meta Platforms by 2.3% during the 1st quarter. Invesco Ltd. now owns 17,669,795 shares of the social networking company’s stock worth $10,184,163,000 after purchasing an additional 400,927 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Trading Down 1.0%

Shares of META opened at $650.13 on Thursday. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $796.25. The stock has a market cap of $1.64 trillion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.28. The firm’s fifty day moving average is $668.73 and its two-hundred day moving average is $707.04. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 29th. The social networking company reported $7.25 EPS for the quarter, beating analysts’ consensus estimates of $6.74 by $0.51. The business had revenue of $51.24 billion during the quarter, compared to analysts’ expectations of $49.34 billion. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the business earned $6.03 earnings per share. Research analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Monday, December 15th. Meta Platforms’s payout ratio is currently 9.28%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler decreased their target price on shares of Meta Platforms from $880.00 to $840.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Wells Fargo & Company decreased their price objective on shares of Meta Platforms from $837.00 to $802.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Mizuho lowered their target price on shares of Meta Platforms from $925.00 to $815.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada cut their price target on Meta Platforms from $840.00 to $810.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Finally, TD Cowen reduced their price target on Meta Platforms from $875.00 to $810.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $821.63.

Insiders Place Their Bets

In other Meta Platforms news, CTO Andrew Bosworth sold 11,690 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $593.31, for a total transaction of $6,935,793.90. Following the transaction, the chief technology officer owned 2,415 shares of the company’s stock, valued at approximately $1,432,843.65. The trade was a 82.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 519 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $642.22, for a total value of $333,312.18. Following the completion of the sale, the insider directly owned 30,734 shares of the company’s stock, valued at $19,737,989.48. This trade represents a 1.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 41,440 shares of company stock valued at $26,233,492. Insiders own 13.61% of the company’s stock.

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.