Chokshi & Queen Wealth Advisors Inc Makes New $2.01 Million Investment in Meta Platforms, Inc. (NASDAQ:META)

Chokshi & Queen Wealth Advisors Inc bought a new position in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 3,426 shares of the social networking company's stock, valued at approximately $2,006,000. Meta Platforms makes up 1.2% of Chokshi & Queen Wealth Advisors Inc's investment portfolio, making the stock its 15th largest position.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Meta Platforms during the 4th quarter worth approximately $19,949,512,000. Proficio Capital Partners LLC raised its position in Meta Platforms by 78,471.1% during the 4th quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock worth $3,658,713,000 after buying an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Meta Platforms during the 4th quarter worth approximately $2,243,603,000. Northern Trust Corp raised its position in Meta Platforms by 13.5% during the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock worth $13,727,613,000 after buying an additional 2,787,832 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Meta Platforms by 27.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,901,521 shares of the social networking company's stock worth $5,211,967,000 after buying an additional 1,892,509 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

Shares of NASDAQ:META traded up $1.26 during midday trading on Wednesday, hitting $643.58. The company's stock had a trading volume of 8,867,678 shares, compared to its average volume of 14,452,485. The business's 50 day simple moving average is $576.79 and its 200 day simple moving average is $609.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The company has a market cap of $1.62 trillion, a P/E ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion for the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. The company's revenue for the quarter was up 16.1% on a year-over-year basis. During the same period last year, the firm posted $4.71 earnings per share. On average, analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 519 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $635.50, for a total value of $329,824.50. Following the transaction, the insider now directly owns 30,740 shares of the company's stock, valued at approximately $19,535,270. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Javier Olivan sold 406 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the transaction, the chief operating officer now directly owns 4,608 shares in the company, valued at approximately $2,265,707.52. This represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,628 shares of company stock valued at $48,380,586. Corporate insiders own 13.61% of the company's stock.

Wall Street Analysts Forecast Growth

META has been the subject of a number of recent research reports. Jefferies Financial Group reduced their price target on shares of Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Moffett Nathanson raised their price target on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Citigroup lifted their target price on shares of Meta Platforms from $655.00 to $690.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Guggenheim boosted their target price on shares of Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, Loop Capital raised their price target on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Meta Platforms has a consensus rating of "Moderate Buy" and an average price target of $701.05.

About 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.