Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by First Long Island Investors LLC

First Long Island Investors LLC increased its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 35,694 shares of the social networking company's stock after purchasing an additional 3,342 shares during the period. Meta Platforms makes up approximately 1.6% of First Long Island Investors LLC's investment portfolio, making the stock its 26th largest position. First Long Island Investors LLC's holdings in Meta Platforms were worth $20,433,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its stake in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company's stock valued at $5,447,975,000 after buying an additional 9,500,444 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Meta Platforms by 14.5% in the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company's stock valued at $16,799,612,000 after acquiring an additional 4,379,826 shares during the last quarter. Sustainable Growth Advisers LP purchased a new stake in Meta Platforms during the second quarter worth approximately $595,152,000. Canada Pension Plan Investment Board lifted its stake in Meta Platforms by 30.0% during the first quarter. Canada Pension Plan Investment Board now owns 3,411,009 shares of the social networking company's stock worth $1,656,318,000 after purchasing an additional 788,131 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Meta Platforms by 926.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company's stock valued at $369,774,000 after purchasing an additional 661,923 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Analyst Ratings Changes

META has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Jefferies Financial Group upped their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Piper Sandler lifted their target price on Meta Platforms from $575.00 to $650.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their target price on Meta Platforms from $640.00 to $660.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Finally, KeyCorp lifted their price target on Meta Platforms from $560.00 to $655.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and an average price target of $634.10.

Meta Platforms Price Performance

Shares of NASDAQ:META traded down $1.40 on Tuesday, hitting $553.00. The company had a trading volume of 3,662,874 shares, compared to its average volume of 15,010,993. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.40 trillion, a PE ratio of 26.10, a PEG ratio of 1.23 and a beta of 1.22. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95. The business has a 50 day moving average of $569.10 and a 200 day moving average of $521.96.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 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 the consensus estimate of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.36%. Meta Platforms's dividend payout ratio (DPR) is presently 9.42%.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 492 shares of the company's stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the transaction, the chief executive officer now owns 518,508 shares of the company's stock, valued at approximately $311,493,681. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total transaction of $459,405.15. Following the completion of the transaction, the insider now owns 37,817 shares in the company, valued at approximately $19,197,043.71. This trade represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,593 shares of company stock worth $75,253,970. 13.71% of the stock is currently owned by insiders.

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.