Should You Invest in Meta Platforms (META)?

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market’s increased concentration on generative AI pushed the mega-cap growth stocks to outperform in the quarter. The strategy outperformed its benchmark the Russell 1000 Growth Index through a high-beta-driven period of mega-cap dominance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Growth Strategy highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the second 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 July 7, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $290.53 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 7.19%, and its shares gained 78.37% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $744.55 billion.

ClearBridge Large Cap Growth Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:

“Delivering performance through fundamental, bottom-up stock selection has been a constant over our tenure managing the Strategy. We underperformed in the first half of 2022 from being too early in entering several stocks going through negative earnings revisions and have seen relative results rebound over the last 12 months due to better stock picking, especially among earnings reset names such as Netflix and Meta Platforms, Inc. (NASDAQ:META). Also within shadow tech, we added back to our weighting in Meta as steady advertising trends and continued cost management should lead to improved profitability.”

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of first quarter 2023 which was 194 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list US companies with the highest profit margins. In addition, please check out our hedge fund investor letters Q2 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.