Top 5 Stocks To Buy In 5 Different Sectors for the Next 3 Months

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

Number of Hedge Fund Holders: 225

Sector: Communication Services

In the second quarter, 225 hedge funds were long Meta Platforms, Inc. (NASDAQ:META), with a total stake value of $30.9 billion.

Meta Platforms, Inc. (NASDAQ:META) is an interactive media and services company. It is based in Menlo Park, California.

A Buy rating and a $375 price target were placed on Meta Platforms, Inc. (NASDAQ:META) on August 18 by Rob Sanderson at Loop Capital.

Here’s what Baron Funds said about Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2023 investor letter:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the world’s largest social network continued their upward trajectory, rising by 35.4% due to stabilizing revenues and ongoing improvements in margins. Meta reported continued growth in Instagram Reels adoption and other new advertising products. In addition, the company’s advancements in AI continue contributing to its targeting and measurement capabilities, while GenAI innovation presents an opportunity for new products and incremental monetization. The company also achieved a significant milestone of 3 billion daily active users across its family of apps, representing a 5% year-over-year increase. User engagement remains robust, with video content and Instagram Reels playing a significant role in user time on the platform. The monetization gap between Reels and other ad formats is steadily narrowing, and Meta anticipates it will reach revenue neutrality by late 2023 or early 2024. Meta has also reported an increase in its speed and agility of execution following the recent organizational changes and cost cuts. Longer term, we believe Meta will benefit from its leadership in mobile advertising, massive user base, innovative culture, leading GenAI research and potential distribution, and technological scale, with further monetization opportunities ahead.”