5 Best Communication Stocks To Buy Now

1. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 224

Meta Platforms, Inc. (NASDAQ:FB) is the parent company of Facebook, Instagram and WhatsApp. The firm generates a majority of its revenue from advertising services, which makes it one of the best communication stocks to buy. It is also one of the front-runners in the development of technology for the Metaverse, and last year interestingly rebranded itself from Facebook to Meta Platforms.

UBS analyst Lloyd Walmsley on April 5 raised the firm’s price target on Meta Platforms, Inc. (NASDAQ:FB) to $300 from $280 and maintained a ‘Buy’ rating on the company shares. The analyst noted that changes to Instagram Newsfeed, along with improvements in Reels content and algorithm can drive better engagement which he expects will monetize later this year and in 2023. The company posted a revenue of $33.67 billion in the fourth quarter, signaling an increase of 19.95% year-on-year and beating estimates by $230.60 million.

224 out of the 924 elite hedge funds tracked by Insider Monkey in the fourth quarter held stakes in Meta Platforms, Inc. (NASDAQ:FB), with a combined worth of $31.8 billion. Fisher Asset Management increased its stake in the firm by 27% in the fourth quarter to comprise of 9.58 million shares worth $3.22 billion, making it the largest shareholder of Meta Platforms, Inc. (NASDAQ:FB).

Boyar Value Group, an investment firm, talked about about Meta Platforms, Inc. (NASDAQ:FB) in its Q4 2021 investor letter. The fund said:

“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms Inc. (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”

You can also take a look at 10 Best 3D Printing Stocks to Buy Now and 15 Best Semiconductor Stocks to Buy Now.

Follow Insider Monkey on Twitter