Meta Platforms, Inc. (NASDAQ:META) is Iron Gate Global Advisors LLC’s 4th Largest Position

Iron Gate Global Advisors LLC reduced its position in Meta Platforms, Inc. (NASDAQ:META) by 1.3% in the third quarter, HoldingsChannel.com reports. 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 approximately 8.9% of Iron Gate Global Advisors LLC’s investment portfolio, making the stock its 4th biggest position. Iron Gate Global Advisors LLC’s holdings in Meta Platforms were worth $57,825,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. POM Investment Strategies LLC acquired a new position in shares of Meta Platforms during the second quarter valued at about $38,000. Ruedi Wealth Management Inc. lifted its stake in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares during the last quarter. Halpern Financial Inc. acquired a new stake in shares of Meta Platforms during the 3rd quarter worth approximately $46,000. West Financial Advisors LLC purchased a new position in shares of Meta Platforms in the 3rd quarter worth approximately $49,000. Finally, NewSquare Capital LLC boosted its holdings in shares of Meta Platforms by 221.9% in the second quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock worth $52,000 after acquiring an additional 71 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Up 3.2 %

META stock opened at $592.83 on Tuesday. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $575.21 and a 200-day simple moving average of $528.08. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The stock has a market capitalization of $1.50 trillion, a P/E ratio of 27.92, a P/E/G ratio of 1.27 and a beta of 1.20.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share 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. Equities analysts forecast that Meta Platforms, Inc. will post 22.62 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

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

Insiders Place Their Bets

In other Meta Platforms news, insider Christopher K. Cox sold 20,000 shares of Meta Platforms stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $557.52, for a total value of $11,150,400.00. Following the completion of the sale, the insider now directly owns 338,662 shares of the company’s stock, valued at approximately $188,810,838.24. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $557.00, for a total transaction of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This trade represents a 17.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,334 shares of company stock valued at $59,210,941 over the last quarter. Insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

META has been the subject of a number of analyst reports. Bank of America raised their price objective on Meta Platforms from $630.00 to $660.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Jefferies Financial Group increased their price objective on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $670.00 target price on shares of Meta Platforms in a research report on Wednesday, October 16th. Scotiabank cut their target price on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. Finally, BMO Capital Markets boosted their target price on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $634.71.

Meta Platforms Company 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.