IronOak Wealth LLC. Takes $3.50 Million Position in Meta Platforms, Inc. (NASDAQ:META)

IronOak Wealth LLC. purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,977 shares of the social networking company's stock, valued at approximately $3,500,000. Meta Platforms comprises approximately 3.9% of IronOak Wealth LLC.'s portfolio, making the stock its 3rd biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of META. Elite Financial Inc. purchased a new position in shares of Meta Platforms in the 4th quarter worth about $204,000. Arcadia Wealth Management Inc. purchased a new position in shares of Meta Platforms during the fourth quarter worth approximately $600,000. Wood Tarver Financial Group LLC bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $178,000. TFR Capital LLC. purchased a new stake in shares of Meta Platforms in the 4th quarter valued at $1,907,000. Finally, AG Asset Advisory LLC purchased a new position in Meta Platforms in the 4th quarter worth $50,973,000. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Price Performance

META traded down $2.43 during trading on Friday, reaching $642.62. 7,307,122 shares of the stock were exchanged, compared to its average volume of 14,441,675. The company has a market capitalization of $1.62 trillion, a price-to-earnings ratio of 26.87, a P/E/G ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The business's 50 day moving average price is $578.25 and its two-hundred day moving average price is $610.43. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The company's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.71 EPS. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.33%. Meta Platforms's payout ratio is currently 8.19%.

Insider Buying and Selling

In other Meta Platforms news, CTO Andrew Bosworth sold 22,449 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the transaction, the chief technology officer now directly owns 1,183 shares in the company, valued at approximately $753,393.55. The trade was a 94.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 608 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $673.96, for a total value of $409,767.68. Following the sale, the chief operating officer now owns 8,662 shares in the company, valued at $5,837,841.52. This trade represents a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,664 shares of company stock worth $35,484,670. 13.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on META. Roth Capital boosted their target price on Meta Platforms from $580.00 to $620.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Needham & Company LLC restated an "underperform" rating on shares of Meta Platforms in a report on Thursday, May 1st. Robert W. Baird increased their price objective on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Rosenblatt Securities lifted their price objective on Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Argus set a $775.00 target price on Meta Platforms in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $701.05.

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.