5 Best FAANG Stocks To Buy Now

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 194

Wall Street analysts see material upside to Meta Platforms, Inc. (NASDAQ:META). This April, Piper Sandler analyst Thomas Champion raised his price target on Meta Platforms, Inc. (NASDAQ:META) to $250 from $215 and reiterated an Overweight rating on the shares.

Shares of Meta Platforms, Inc. (NASDAQ:META) have gone up by 75.92% year to date, as of April 13. The stock is placed high on our list of the best FAANG stocks to buy now.

At the end of Q4 2022, 194 hedge funds were long Meta Platforms, Inc. (NASDAQ:META) and disclosed stakes worth $15.5 billion in the company. Of those, Eagle Capital Management was the leading investor in the company and disclosed a position worth $1 billion.

Renaissance Investment Management made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter:

“Lastly, Meta Platforms, Inc. (NASDAQ:META) declined for the quarter after reporting disappointing earnings and guidance. The company’s plan to accelerate operating expenses and capital investments despite a slowdown in the digital advertising market was not well received by investors. However, the stock pared losses in the second half of the quarter after management reversed course and announced a reduction in operating expenses for 2023 along with substantial headcount reductions.”