Top 5 Technology Stocks to Buy in 2023 According to Ray Dalio

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

Value of Bridgewater Associates’ 13F Position: $64.52 million
Percentage of Bridgewater Associates’ 13F Portfolio: 0.35%
Number of Hedge Fund Shareholders: 194

Meta Platforms, Inc. (NASDAQ:META) is a social networking company that creates apps for people to connect via mobile devices, personal computers, and other devices. Its products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. Meta Platforms, Inc. (NASDAQ:META)’s primary source of revenue is advertising.

According to the 13F filings for the fourth quarter of 2022, Bridgewater Associates held 536,148 shares of Meta Platforms, Inc. (NASDAQ:META), amounting to more than $64.52 million in worth and representing 0.35% of the fund’s portfolio value.

BofA analyst Justin Post increased his price target on Meta Platforms to $250 from $230 on April 18 while maintaining a ‘Buy’ rating ahead of the company’s Q1 results. Mixed ad checks suggest Q1 spending slowdown vs. Q4, but February was better than January. Sensor Tower data showed steady daily active use trends and healthy time spent trends for Instagram. Analyst reported these findings to investors.

In the fourth quarter of 2022, 194 hedge funds had stakes worth $15.58 billion in Meta Platforms, Inc. (NASDAQ:META). In addition, Boykin Curry’s Eagle Capital Management held 9.12 million shares of Meta Platforms, Inc. (NASDAQ:META) shares, valued at $1.10 billion, making it the company’s most significant stakeholder.

In its Q4 2022 investor letter, Renaissance Investment Management stated the following about Meta Platforms, Inc. (NASDAQ:META):

“Lastly, Meta Platforms, Inc. (NASDAQ:META) declined for the quarter after reporting disappointing earnings and guidance. The company’s plan to accelerate operating expenses and capital investments despite a slowdown in the digital advertising market was not well received by investors. However, the stock pared losses in the second half of the quarter after management reversed course and announced a reduction in operating expenses for 2023 along with substantial headcount reductions.”