Chokshi & Queen Wealth Advisors Inc Purchases New Shares in Meta Platforms, Inc. (NASDAQ:META)

Chokshi & Queen Wealth Advisors Inc bought a new position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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.

Several other hedge funds have also modified their holdings of the stock. Garde Capital Inc. raised its holdings in Meta Platforms by 13.4% during the 4th quarter. Garde Capital Inc. now owns 6,320 shares of the social networking company's stock worth $3,701,000 after purchasing an additional 749 shares during the last quarter. Instrumental Wealth LLC boosted its stake in shares of Meta Platforms by 12.1% in the 4th quarter. Instrumental Wealth LLC now owns 1,190 shares of the social networking company's stock valued at $697,000 after purchasing an additional 128 shares during the last quarter. Hall Capital Management Co. Inc. acquired a new stake in shares of Meta Platforms during the 4th quarter worth approximately $2,012,000. Liberty Square Wealth Partners LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth approximately $1,833,000. Finally, Great Valley Advisor Group Inc. lifted its holdings in Meta Platforms by 11.4% in the fourth quarter. Great Valley Advisor Group Inc. now owns 45,746 shares of the social networking company's stock valued at $26,785,000 after buying an additional 4,672 shares during the period. 79.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company lowered their target price on shares of Meta Platforms from $752.00 to $664.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Scotiabank reduced their price target on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. Jefferies Financial Group cut their target price on Meta Platforms from $725.00 to $600.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. UBS Group boosted their target price on Meta Platforms from $650.00 to $683.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Citigroup upped their price target on Meta Platforms from $655.00 to $690.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms has an average rating of "Moderate Buy" and a consensus price target of $701.05.

Insider Buying and Selling

In related news, insider Christopher K. Cox sold 20,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $677.71, for a total value of $13,554,200.00. Following the transaction, the insider now owns 308,686 shares in the company, valued at approximately $209,199,589.06. This represents a 6.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 519 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $635.50, for a total transaction of $329,824.50. Following the sale, the insider now owns 30,740 shares of the company's stock, valued at $19,535,270. This trade represents a 1.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,628 shares of company stock worth $48,380,586. Company insiders own 13.71% of the company's stock.

Meta Platforms Stock Up 2.4%

Shares of NASDAQ:META traded up $15.26 during trading on Tuesday, hitting $642.32. 9,473,309 shares of the company were exchanged, compared to its average volume of 14,474,756. The stock has a market cap of $1.62 trillion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The firm has a fifty day moving average price of $575.66 and a two-hundred day moving average price of $609.55. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during 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 quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.71 EPS. As a group, research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms 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.