Hedge Funds Prefer These 4 Tech Stocks Over Netflix

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

Number of Hedge Fund Holders: 224   

Meta Platforms, Inc. (NASDAQ:FB) is a diversified technology company. On March 24, the company announced that it would invest close to $800 million to build a new hyperscale data center in Kansas. The facility, comprising 1 million square feet, will be the 16th Meta data center in the US and the 21st around the world. The new facility will also pursue a new sustainability initiative of the firm under which the center will have at least 80% more water efficiency while using 32% less energy. 

On March 10, Deutsche Bank analyst Benjamin Black initiated coverage of Meta Platforms, Inc. (NASDAQ:FB) stock with a Buy rating and a price target of $265, noting that ESG concerns around the firm were manageable and had created an “unprecedented” favorable risk/reward profile for the stock. 

At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $31.8 billion in Meta Platforms, Inc. (NASDAQ:FB), compared to 248 in the preceding quarter worth $38.5 billion. 

In its Q4 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:FB) was one of them. Here is what the fund said:

“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms, Inc. (NASDAQ:FB) (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”