5 Best Stocks In Each Sector

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

Sector: Communication Services

Number of Hedge Fund Holders: 177

The communication services sector comprises companies that enable worldwide communication through various mediums such as phones, the internet, airwaves, cables, etc.

Founded in 2004, Meta Platforms, Inc. (NASDAQ:META) operates as a social media platform that allows users to connect with friends and family around the world. The company has grown to become one of the largest and most influential communication services companies in the world.

On December 16, 2022, Doug Anmuth, an analyst at JPMorgan, raised his price target on Meta Platforms, Inc. (NASDAQ:META) to $150 from $115 and upgraded the rating on the stock to Overweight. According to the analyst, the company’s stock has been impacted by some challenges, including macro pressures. However, the analyst believes that these pressures will alleviate as Meta Platforms, Inc. (NASDAQ:META) cost discipline seems to be improving going into 2023.

As per Insider Monkey’s database, 177 hedge funds remained bullish on Meta Platforms, Inc. (NASDAQ:META) at the end of Q3 2022. Fisher Asset Management came out to be the biggest holder of the company’s shares at the end of the quarter.