Meta Platforms (META) Rebounded Sharply in 2023

Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Institutional Class returned -1.74% compared to a -3.15% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +17.04% year-to-date compared to a +13.01% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Investment Management Large Cap Equity Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the third quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On November 10, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $328.77 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 4.47%, and its shares gained 190.90% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $844.893 billion.

Weitz Investment Management Large Cap Equity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:

“As for other quarterly contributors, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”

Copyright: rvlsoft / 123RF Stock Photo

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 225 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of second quarter which was 220 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared Davis Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.