Billionaire Steve Cohen’s Top 5 Technology Stocks

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

Point72 Asset Management’s Stake Value as of 9/30: $262,144,000

Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 1.04%

Meta Platforms, Inc. (NASDAQ:META) is Point72 Asset Management’s third largest 13F tech position at the end of Q3 given the fund’s stake of over $262 million in the company. Steve Cohen’s fund raised its share count in Meta Platforms, Inc. (NASDAQ:META) by 90% in the period despite the company’s slowing growth. Given its forward P/E ratio of 14.34, Meta Platforms, Inc. (NASDAQ:META) is arguably a value stock.

ClearBridge Investments commented on Meta Platforms, Inc. (NASDAQ:META) in a Q3 2022 investor letter,

“We initiated a new position in Meta Platforms, Inc. (NASDAQ:META), in the communication services sector, which operates the Facebook and Instagram social media platforms and is a leading digital advertising provider. We have been carefully watching the company over the last few quarters and believe headwinds from lower monetizing in Facebook and Instagram Reels and pressures from consumer privacy measures are poised to lessen. We believe the company has begun to fully acclimate to this new environment, will achieve greater effectiveness in Reels monetization and find ways to adapt to new privacy standards which will rebound advertising efficiency. Combined with a greater focus on cost control, we believe these initiatives will help contribute to further margin expansion and leave the company well-positioned moving forward.”