Top 30 S&P 500 Stocks by Index Weight

Page 23 of 24

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

Index Weight: 2.66%

Number of Hedge Fund Holders: 256

Meta Platforms Inc. (NASDAQ:META) is one of the top S&P 500 stocks by index weight. On April 16, Deutsche Bank touted Meta Platforms Inc. (NASDAQ:META) artificial intelligence investments aimed at enhancing the core advertising business. Consequently, the research firm reiterated a Buy rating and a $920 price target.

The positive stance comes against the backdrop of advertising spend growth on Meta Platforms reaching 6% in the first quarter, exceeding the 5.5% expected. The increase was primarily driven by strong returns on investment from the company’s Advantage+ product suite. The growth is expected to continue in the second quarter, with Inventus Media predicting 6.4% year-over-year growth.

Amid the heightened ad spend, Deutsche Bank believes investors expect Meta Platforms to deliver first-quarter revenue of $57 billion. In the second quarter, revenue is expected to range between $60.5 billion and $61 billion, representing 27% to 28% year-over-year growth.

Meta Platforms, Inc. (NASDAQ:META) builds technologies that help people connect, find communities, and grow businesses through social media apps (Facebook, Instagram, WhatsApp, Messenger) and immersive technologies. The company is heavily focused on developing AI and mixed reality (VR/AR) experiences, as well as hardware such as Meta Quest headsets and Ray-Ban Meta smart glasses.

Page 23 of 24