5 Stocks Jim Cramer Thinks Are Climbing In This Market

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is up by 118.54% year-to-date as of June 2.

Thomas Champion, an analyst at Piper Sandler, holds an Overweight rating and a $270 price target on Meta Platforms, Inc. (NASDAQ:META) shares as of May 23. The analyst stated that the company’s AI initiatives could “drive revenue recapture.”

Cramer is in agreement with Champion at Piper Sandler, since he noted that Meta Platforms, Inc. (NASDAQ:META) “is deep in the AI world,” something that explains why Instagram is “doing so well.”

Meta Platforms, Inc. (NASDAQ:META) was spotted among the portfolios of 220 hedge funds in the first quarter, with a total stake value of $25.1 billion.

Artisan Partners made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first-quarter 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”