5 Most Owned Stocks by Hedge Funds

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is one of the favorite stocks of smart investors. According to Evercore ISI analyst Mark Mahaney on July 10, Meta Platforms, Inc. (NASDAQ:META)’s text app Threads, which aims to rival Twitter, has experienced a rapid initial growth rate. While it is still early to make definitive conclusions, the app shows promising potential for generating substantial revenue in the coming years, according to the analyst. Threads made a strong debut with its launch and quickly accumulated nearly 100 million users within its first three days. This provides a solid starting point for competing with Twitter, which currently has approximately 240 million daily active users. The analyst views Meta Platforms, Inc. (NASDAQ:META) as one of Evercore’s favored choices and reaffirmed a target price of $350, implying a potential upside of 20%.

According to Insider Monkey’s first quarter database, 220 hedge funds were bullish on Meta Platforms, Inc. (NASDAQ:META), compared to 194 funds in the prior quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with 8 million shares worth $1.70 billion. 

ClearBridge Large Cap Growth Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:

“Delivering performance through fundamental, bottom-up stock selection has been a constant over our tenure managing the Strategy. We underperformed in the first half of 2022 from being too early in entering several stocks going through negative earnings revisions and have seen relative results rebound over the last 12 months due to better stock picking, especially among earnings reset names such as Netflix and Meta Platforms, Inc. (NASDAQ:META). Also within shadow tech, we added back to our weighting in Meta as steady advertising trends and continued cost management should lead to improved profitability.”