New Insight Wealth Advisors Purchases 699 Shares of Meta Platforms, Inc. (NASDAQ:META)

New Insight Wealth Advisors grew its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,197 shares of the social networking company's stock after buying an additional 699 shares during the quarter. Meta Platforms accounts for 1.4% of New Insight Wealth Advisors' portfolio, making the stock its 21st largest position. New Insight Wealth Advisors' holdings in Meta Platforms were worth $2,995,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Meta Platforms during the fourth quarter valued at approximately $19,949,512,000. GAMMA Investing LLC lifted its position in Meta Platforms by 67,172.9% during the first quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock valued at $13,517,178,000 after purchasing an additional 23,417,803 shares during the period. Raymond James Financial Inc. bought a new position in Meta Platforms during the fourth quarter valued at approximately $2,243,603,000. Northern Trust Corp lifted its position in Meta Platforms by 13.5% during the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock valued at $13,727,613,000 after purchasing an additional 2,787,832 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in Meta Platforms by 712.2% during the first quarter. Assenagon Asset Management S.A. now owns 2,537,631 shares of the social networking company's stock valued at $1,462,589,000 after purchasing an additional 2,225,186 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock.

Insiders Place Their Bets

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of Meta Platforms stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the completion of the transaction, the chief financial officer directly owned 70,040 shares of the company's stock, valued at $46,181,574.40. This trade represents a 8.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer directly owned 1,183 shares of the company's stock, valued at $753,393.55. The trade was a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 153,792 shares of company stock valued at $105,466,325 in the last three months. Corporate insiders own 13.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Piper Sandler reiterated an "overweight" rating and issued a $808.00 price target (up from $650.00) on shares of Meta Platforms in a research report on Friday, June 27th. TD Securities decreased their price target on shares of Meta Platforms from $725.00 to $700.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. increased their price target on shares of Meta Platforms from $735.00 to $795.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Pivotal Research decreased their price target on shares of Meta Platforms from $875.00 to $830.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Meta Platforms currently has an average rating of "Moderate Buy" and a consensus price target of $729.38.

Meta Platforms Price Performance

META traded down $9.73 during trading on Friday, hitting $717.51. 10,855,962 shares of the company traded hands, compared to its average volume of 14,460,014. The company has a market cap of $1.80 trillion, a PE ratio of 27.98, a P/E/G ratio of 1.76 and a beta of 1.28. The stock's 50-day simple moving average is $674.77 and its two-hundred day simple moving average is $634.35. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $747.90. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the company posted $4.71 earnings per share. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms's payout ratio is currently 8.19%.

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.