Whetstone Sells out of $7 Million Zeta Global Position: Is This a Red Flag for Investors?
Key Points
Whetstone sold 416,867 shares of Zeta Global; estimated position change of $6.46 million.
The trade represents a 1.8% change in 13F AUM for the quarter.
Whetstone now holds zero Zeta shares post-sale, with a $0 position value.
The position was previously 1.8% of the fund's AUM as of the prior quarter.
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Whetstone Capital Advisors, LLC, sold its entire stake in Zeta Global Holdings Corp. (NYSE:ZETA), reducing its position by 416,867 shares for a net change of $6.46 million, as reported in an SEC filing dated Nov. 14, 2025.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated Nov. 14, 2025, Whetstone Capital Advisors exited its entire Zeta Global position.
The fund reported a quarter-over-quarter decrease of 416,867 shares, removing the holding from its portfolio of 56 positions.
The estimated value of the trade, based on the quarterly average price, was $6.46 million.
What else to know
The fund fully liquidated its Zeta Global position, which now represents 0% of reportable 13F assets.
Whetstone's top holdings after the filing:
- Cloudflare (NYSE:NET): $66.8 million (18.5% of AUM)
- Dave Inc. (NASDAQ:DAVE): $55.2 million (15.3% of AUM)
- Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG): $32.2 million (8.9% of AUM)
- OptimizeRx (NASDAQ:OPRX): $30.9 million (8.6% of AUM)
- Amazon (NASDAQ:AMZN): $20.5 million (5.7% of AUM)
As of Nov. 14, 2025, shares of Zeta Global were priced at $18.44.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.22 billion |
| Net Income (TTM) | $-22.81 million |
| Market Capitalization | $4.39 billion |
| Price (as of market close 2025-11-14) | $18.44 |
Company Snapshot
Zeta Global:
- Offers an omnichannel data-driven cloud platform for consumer intelligence, marketing automation, and analytics, with core products including the Zeta Marketing Platform and Consumer Data Platform.
- Generates revenue through enterprise software subscriptions and data-driven marketing solutions, leveraging proprietary machine learning and opt-in data sets to deliver targeted marketing outcomes.
- Serves large enterprises and organizations seeking to consolidate, analyze, and activate consumer data for improved marketing performance across multiple channels.
Zeta Global is a technology company specializing in cloud-based marketing automation and consumer intelligence solutions, operating at scale with over $1.22 billion in TTM revenue.
The company's platform integrates advanced machine learning and extensive data assets to help enterprises predict consumer intent and drive marketing effectiveness.
Zeta's differentiated approach, which combines proprietary data with robust analytics, positions it as a strategic partner for organizations seeking to optimize omnichannel engagement.
Foolish take
Whetstone's sale of Zeta Global may be disappointing to stockholders, but I don't think it is a red flag for investors.
Zeta Global's share price was a low as $12 earlier in the year when Whetstone opened its position in the company and was briefly above $20 just a few weeks ago, so this may have just been "profit-taking" for the firm.
While we don't know the exact reasoning behind Whetstone's sale of Zeta, this quick sale highlights the advantage individual investors may have over the institutional finance world, as we can think in decades rather than quarters.
Looking at Zeta through this long-term Foolish lens, I think there is a lot to like about the AI-powered customer data and advertising platform.
The promising young company has many "leadership" capabilities, as rated by Forrester, and is home to a top-tier Net Promoter Score. The company counts 44 Fortune 100 companies as customers, thanks to its leadership positioning and helpful products.
Set to grow sales by 20% or more for the seventh-straight year, Zeta looks like an intriguing growth stock to consider -- especially as it trades at just 25 times earnings.
Launching its Athena AI agent last month, I believe Zeta's potential outweighs its reasonable price tag and will look to add to the company in small batches.
Glossary
13F AUM: The total market value of assets reported by an institutional investment manager in quarterly SEC Form 13F filings.
Liquidated: Sold off an entire investment position, reducing the holding to zero.
Omnichannel: Integrating multiple communication and sales channels to provide a seamless customer experience.
Machine learning: Computer algorithms that improve automatically through experience and data, often used for predictions or automation.
Proprietary data: Unique data owned and controlled by a company, not available to competitors or the public.
Quarter-over-quarter: A comparison of financial or operational results from one fiscal quarter to the next.
Portfolio: The collection of investments held by a fund, institution, or individual.
TTM: The 12-month period ending with the most recent quarterly report.
Position value: The total market worth of a specific investment held within a portfolio.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Consumer Data Platform: Software that collects, unifies, and manages customer data from multiple sources for marketing and analytics.
Marketing automation: Technology that automates marketing tasks and workflows, often to improve efficiency and targeting.
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Josh Kohn-Lindquist has positions in Alphabet and Cloudflare. The Motley Fool has positions in and recommends Alphabet, Amazon, and Cloudflare. The Motley Fool has a disclosure policy.
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