Although Mark Zuckerberg didn’t succeed in buying Snap Inc (NYSE:SNAP) when it was a start-up, Facebook Inc (NASDAQ:FB) certainly seems to be winning the war against the social app. According to the latest data, more people are using Facebook Inc (NASDAQ:FB)’s Instagram snapchat-like ‘Stories’ than Snapchat itself. Per the dominant social media company, more than 200 million people use ‘Stories’ daily, up from just 150 million around the beginning of the year. Stories’ 200 million exceeds Snapchat’s around 161 million daily active users and represents how quickly Facebook can adapt to the latest changes given its dominant position in social. Not surprisingly, shares of Facebook have done very well year-to-date, rallying 21% versus the NASDAQ’s around 8% advance.
What Does The Smart Money Sentiment Say?
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The smart money was bullish on Facebook in the fourth quarter. According to our database of 742 top funds, 146 reported owning shares of Facebook Inc (NASDAQ:FB) at the end of December, down 3 funds from the previous quarter. In terms of individual movement, Karthik Sarma‘s Srs Investment Management intiated a new stake of 3.7 million shares in the fourth quarter, good for 12.37% of the fund’s portfolio.
The Bottom Line
Facebook Inc (NASDAQ:FB) is making progress in its war against Snap. For more reading, check out ‘16 Biggest Facebook Groups in 2017‘.