Obama Stock Portfolio: 10 Year Returns and Top 5 Stocks

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

Number of Hedge Fund Holders: 177    

Meta Platforms Inc. (NASDAQ:META) develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It is one of the elite stocks in the Vanguard 500 Index Fund Investor Shares (NASDAQ:VFINX) in which Obama had stakes in during his time in the office. On October 26, Meta Platforms posted earnings for the third quarter of 2022, reporting earnings per share of $1.64, missing market estimates by $0.22. The revenue over the period was $27.72 billion, down 4.5% compared to the revenue over the same period last year and beating market estimates by $310 million.

On November 2, Tigress Financial analyst Ivan Feinseth maintained a Strong Buy rating on Meta Platforms, Inc. (NASDAQ:META) stock and lowered the price target to $260 from $466, noting that the recent pullback in price was a major buying opportunity as total daily and monthly active users continue to grow, and the Metaverse will emerge as a long-term growth driver.  

At the end of the third quarter of 2022, 177 hedge funds in the database of Insider Monkey held stakes worth $14 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 185 in the preceding quarter worth $18.2 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.

In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”