Iron Gate Global Advisors LLC Has $57.83 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Iron Gate Global Advisors LLC reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,016 shares of the social networking company’s stock after selling 1,307 shares during the period. Meta Platforms makes up 8.9% of Iron Gate Global Advisors LLC’s holdings, making the stock its 4th largest position. Iron Gate Global Advisors LLC’s holdings in Meta Platforms were worth $57,825,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Cullinan Associates Inc. grew its stake in shares of Meta Platforms by 47.2% in the second quarter. Cullinan Associates Inc. now owns 26,963 shares of the social networking company’s stock worth $13,595,000 after acquiring an additional 8,647 shares in the last quarter. Albion Financial Group UT lifted its stake in shares of Meta Platforms by 9.3% in the 2nd quarter. Albion Financial Group UT now owns 1,122 shares of the social networking company’s stock valued at $566,000 after purchasing an additional 95 shares during the last quarter. NBC Securities Inc. lifted its stake in Meta Platforms by 7.6% in the 2nd quarter. NBC Securities Inc. now owns 7,432 shares of the social networking company’s stock valued at $3,747,000 after purchasing an additional 525 shares during the last quarter. Greenfield Savings Bank lifted its stake in shares of Meta Platforms by 1.1% during the 2nd quarter. Greenfield Savings Bank now owns 5,897 shares of the social networking company’s stock worth $2,973,000 after buying an additional 65 shares during the last quarter. Finally, Northside Capital Management LLC boosted its position in shares of Meta Platforms by 4.7% in the second quarter. Northside Capital Management LLC now owns 420,646 shares of the social networking company’s stock valued at $212,098,000 after acquiring an additional 18,852 shares during the period. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Meta Platforms stock opened at $592.83 on Tuesday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The company has a market capitalization of $1.50 trillion, a price-to-earnings ratio of 27.92, a PEG ratio of 1.27 and a beta of 1.20. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a fifty day moving average of $575.21 and a two-hundred day moving average of $528.08.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The business had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. On average, analysts anticipate that Meta Platforms, Inc. will post 22.62 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.34%. Meta Platforms’s payout ratio is 9.42%.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $407,167.00. Following the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. The trade was a 17.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction on Monday, October 7th. The stock was 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 in the company, valued at approximately $311,493,681. The trade was a 0.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,334 shares of company stock valued at $59,210,941 in the last ninety days. 13.71% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

META has been the topic of several recent research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $670.00 price objective on shares of Meta Platforms in a report on Wednesday, October 16th. The Goldman Sachs Group boosted their target price on shares of Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research note on Monday, October 14th. UBS Group boosted their price target on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird raised their price target on Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Citigroup boosted their price objective on shares of Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $634.71.

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.