5 Tech Stocks To Buy According to Daryl Smith’s Kayak Investment Partners

In this piece, we will take a look at the 5 tech stocks to buy according to Daryl Smith’s Kayak Investment Partners. If you want a detailed look at the firm and its manager, head over to 10 Tech Stocks To Buy According to Daryl Smith’s Kayak Investment Partners.

5. Meta Platforms, Inc. (NASDAQ:FB)

Value of Kayak Investment’s Stake: $48 million

Percentage of Kayak Investment’s 13F Portfolio: 6.83%

Number of Hedge Fund Holders: 266

Meta Platforms, Inc. (NASDAQ:FB) is the largest social media conglomerate in the world, as it owns three distinctive brands under its portfolio. These brands enable their user base to share details of their lives with each other and stay connected through the Internet.

Meta Platforms, Inc. (NASDAQ:FB) earned $29 billion in revenue and $3.22 in GAAP EPS during its third quarter, beating analyst estimates for the EPS. Rosenblatt upgraded the company’s shares to Buy and kept the price target unchanged at $400, sharing cautious optimism about capital expenditure in an October 2021 analyst note.

Meta Platforms, Inc. (NASDAQ:FB)’s largest shareholder is Alexander Becker’s Codex Capital who owns 27,950 shares worth $9.6 billion.

Mr. Smith’s Kayak Investment owned 142,459 Meta Platforms, Inc. (NASDAQ:FB) shares worth $48 million and 6.83% of his total portfolio value by the end of the third quarter. During the second quarter, 266 of the 873 hedge funds polled by Insider Monkey held stakes in the company.

In its third quarter investor letter, Wedgewood Partners had the following to say about Meta Platforms, Inc. (NASDAQ:FB):

“Facebook detracted from performance despite posting a staggering +56% growth in advertising revenues. Much of the stock’s underperformance was driven by nonoperating 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.”