5 Best Communication Stocks To Buy Now

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

Number of Hedge Fund Holders: 194

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

On March 21, Meta Platforms, Inc. (NASDAQ:META) shares were upgraded from Equal Weight to Overweight by Morgan Stanley analysts.

In the fourth quarter, Meta Platforms, Inc. (NASDAQ:META) generated revenues of $32.2 billion. According to TipRanks, analysts on Wall Street have placed an average price target of $226.75 on the shares, which were trading at $202.16 on March 22. This represents an upside potential of 12.16%.

Meta Platforms, Inc. (NASDAQ:META) was found among the 13F holdings of 194 hedge funds in the fourth quarter, with a total stake value of $15.6 billion.

Weitz Investment Management, an investment management firm, mentioned Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Unfortunately, the performance story of the year is told by the Fund’s detractors. We’ve written at length in prior quarters about Meta Platforms, Inc. (NASDAQ:META)’s struggles to adapt both to changes in Apple’s iOS platform, as well as pivots to new formats like short-form video (Reels) and platform investments in the metaverse that have dragged shares lower all year.

Meta, Alphabet, Amazon and CarMax were all top detractors for the quarter and calendar year periods (FIS and Liberty Broadband, respectively, complete the quarterly and calendar-year detractor lists.) To varying degrees, each is managing through cyclical challenges during a period of substantial investor pessimism. Drawdowns of this magnitude are painful, and it may be prudent for management to moderate the pace of some investments, but we remain encouraged by their long-term focus. In the short run, cutting spending indiscriminately to “defend earnings” may lessen the pain of a drawdown, but it seldom grows a company’s business value — the ultimate prize. We added to both CarMax and Meta on weakness, and all four remain core holdings.”

See also 13 Best Communication Services Stocks To Invest In and 12 Best Communication Stocks To Buy Now.