Beese Fulmer Investment Management Inc. Has $13.45 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Beese Fulmer Investment Management Inc. lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,863 shares of the social networking company’s stock after selling 535 shares during the quarter. Meta Platforms makes up approximately 1.5% of Beese Fulmer Investment Management Inc.’s holdings, making the stock its 20th biggest holding. Beese Fulmer Investment Management Inc.’s holdings in Meta Platforms were worth $13,449,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. McLean Asset Management Corp grew its holdings in Meta Platforms by 3.2% during the 2nd quarter. McLean Asset Management Corp now owns 1,127 shares of the social networking company’s stock valued at $323,000 after buying an additional 35 shares in the last quarter. Norway Savings Bank grew its holdings in Meta Platforms by 1.7% during the 2nd quarter. Norway Savings Bank now owns 2,331 shares of the social networking company’s stock valued at $669,000 after buying an additional 40 shares in the last quarter. Financial Avengers Inc. grew its holdings in Meta Platforms by 10.4% during the 1st quarter. Financial Avengers Inc. now owns 457 shares of the social networking company’s stock valued at $97,000 after buying an additional 43 shares in the last quarter. Guyasuta Investment Advisors Inc. grew its holdings in Meta Platforms by 0.8% during the 1st quarter. Guyasuta Investment Advisors Inc. now owns 5,570 shares of the social networking company’s stock valued at $1,181,000 after buying an additional 45 shares in the last quarter. Finally, Red Tortoise LLC grew its holdings in Meta Platforms by 32.2% during the 1st quarter. Red Tortoise LLC now owns 189 shares of the social networking company’s stock valued at $40,000 after buying an additional 46 shares in the last quarter. Institutional investors own 62.87% of the company’s stock.

Insider Activity

In related news, insider Jennifer Newstead sold 670 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total value of $196,008.50. Following the completion of the sale, the insider now directly owns 39,690 shares in the company, valued at $11,611,309.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Jennifer Newstead sold 670 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $292.55, for a total value of $196,008.50. Following the transaction, the insider now owns 39,690 shares of the company’s stock, valued at approximately $11,611,309.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Javier Olivan sold 4,277 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $293.00, for a total transaction of $1,253,161.00. Following the completion of the transaction, the chief operating officer now directly owns 82,858 shares in the company, valued at approximately $24,277,394. The disclosure for this sale can be found here. Insiders sold a total of 41,179 shares of company stock valued at $12,474,820 over the last quarter. Company insiders own 13.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on META. Mizuho raised their price target on Meta Platforms from $280.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Susquehanna lifted their target price on Meta Platforms from $310.00 to $400.00 in a report on Thursday, July 27th. Guggenheim lifted their target price on Meta Platforms from $320.00 to $375.00 in a report on Thursday, July 27th. UBS Group lifted their target price on Meta Platforms from $335.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, Argus lifted their target price on Meta Platforms from $353.00 to $375.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, forty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average target price of $319.79.

Meta Platforms Price Performance

Shares of META opened at $299.48 on Monday. Meta Platforms, Inc. has a twelve month low of $88.09 and a twelve month high of $326.20. The stock’s 50 day moving average is $302.23 and its two-hundred day moving average is $259.90. The firm has a market capitalization of $770.61 billion, a PE ratio of 35.00, a P/E/G ratio of 1.00 and a beta of 1.23. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 26th. The social networking company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.36. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. The company had revenue of $32 billion during the quarter, compared to the consensus estimate of $30.91 billion. Research analysts anticipate that Meta Platforms, Inc. will post 13.17 earnings per share for the current year.

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.