5 Best Tech Stocks to Buy Now

2. Facebook, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 266

Facebook, Inc. (NASDAQ:FB) is one of top American tech stocks to invest in. The California-based multinational technology corporation operates primarily as a social networking service, with over 2.9 billion active monthly users as of 2021.

The stock is extremely well-liked by the smart money. 266 hedge funds in Insider Monkey’s database were bullish on Facebook, Inc. (NASDAQ:FB) at the end of June, up from 257 in the previous quarter. 

Mark Mahaney, an Evercore ISI analyst, kept an Outperform rating on the stock, setting a price target of $450 on October 15. However, Mahaney added Facebook, Inc. (NASDAQ:FB) to the firm’s “Tactical Underperform List”, citing tougher comps and the challenging online retail environment. 

Wedgewood Partners mentioned Facebook, Inc. (NASDAQ:FB) in its Q3 2021 investor letter. Here is what they said: 

“Facebook detracted from performance despite posting a staggering +56% growth in advertising revenues. Much of the stock’s underperformance was driven by non operating concerns that we view as mostly political in nature. The Company’s digital properties command a massive audience of over 2.7 billion daily users, so any government or state actor would be able to wield tremendous power by controlling that audience and it should not be a surprise when those actors attempt to do that. However, Facebook has invested  aggressively in its content curation capabilities that address many of the concerns raised by media and political critics. We continue to carry Facebook at our maximum weighting as the stock is trading in line with a market multiple despite unrivaled competitive positioning and rapid growth, representing one of the best risk-rewards available in the market.”