5 Best Stocks In Each Sector

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

Market Sector: Communication Services

Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) is sometimes confused with being in the information technology sector due to the company being a part of American Big Five tech, but most of its revenues are generated through advertising.

In the third quarter, according to Insider Monkey’s database, the number of hedge funds with a stake in Meta Platforms, Inc. (NASDAQ:META) went up to 234 from 225 in the previous quarter. The biggest shareholder of the company was Rajiv Jain’s GQG Partners, which increased its investment in the stock by 33% to 11.137 million shares worth $3.34 billion.

On November 22, Tigress Financial analyst Ivan Feinseth raised the price target to $435 from $380 on Meta Platforms, Inc. (NASDAQ:META)’s stock and upgraded the rating from Buy to Strong Buy.

Meta Platforms, Inc. (NASDAQ:META) was mentioned in Weitz Investment Management’s third-quarter 2023 investor letter. Here is what it said:

“As for other quarterly contributors, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”