Billionaires Are Crazy About These 5 Stocks

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

Number of Hedge Fund Holders: 220

Number of Billionaire Investors: 26

Billionaire investors are actively piling into Meta Platforms, Inc. (NASDAQ:META). On April 26, the company reported a Q1 GAAP EPS of $2.20 and a revenue of $28.65 billion, outperforming Wall Street estimates by $0.23 and $990 million, respectively. Meta Platforms, Inc. (NASDAQ:META) anticipates that its total revenue for the second quarter of 2023 will fall within the range of $29.5 billion to $32 billion, compared to the consensus estimate of $29.47 billion.

On May 23, after conducting a thorough analysis of Meta Platforms, Inc. (NASDAQ:META)’s artificial intelligence capabilities, Piper Sandler analyst Thomas Champion reaffirmed an Overweight rating on the shares with a price target of $270. The analyst expressed a more positive outlook on Meta Platforms, Inc. (NASDAQ:META)’s position in the digital advertising and AI sectors. Piper Sandler continues to regard Meta Platforms, Inc. (NASDAQ:META) as its top choice in the digital advertising domain.

According to Insider Monkey’s first quarter database, 220 hedge funds were long Meta Platforms, Inc. (NASDAQ:META), compared to 194 funds in the earlier quarter. Billionaire Philippe Laffont’s Coatue Management is a significant position holder in the company, with 8 million shares worth $1.70 billion. 

Artisan Value Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 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.”