5 Best FAANG Stocks To Buy Now

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

Number of Hedge Fund Holders: 184

Meta Platforms, Inc. (NASDAQ:META) is a communication services company, most notably known for its provision and operation of platforms like Facebook and Instagram. The company is based in Menlo Park, California.

A Buy rating was maintained on shares of Meta Platforms, Inc. (NASDAQ:META) on October 4, by analyst Justin Post at Bank of America. The analyst also placed a $196 price target on the stock.

Meta Platforms, Inc.’s (NASDAQ:META) year-over-year revenue growth stands at 13.95%, and its EPS is expected to rise by 5.34% over the next three to five years. The company’s operating cash flow growth stands at 18.45% year-over-year.

Meta Platforms, Inc. (NASDAQ:META) was found among the 13F holdings of 184 funds in the second quarter. Their total stake value was $18.2 billion.

Harding Loevner, an asset management company, mentioned Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2022 investor letter. Here’s what the firm said:

“Any discussion of Q2 underperformance is incomplete without addressing two FAANG stocks. We do not share the market’s concerns about growth prospects at Facebook, Meta Platforms, Inc. (NASDAQ:META)’s core social media platform. Yes, growth is moderating as the business matures. There is also work to be done on technical workarounds to repair the damage to earnings growth from privacy changes implemented by Apple that impair Facebook’s ad targeting to iPhone users. But Meta’s digital advertising model still generates an extremely attractive rate of return on investment for the merchants it serves. Once its Apple workarounds are complete, we expect growth through market share gains and addressable market expansion to resume. Despite all the hyped new initiatives and skirmishes with rivals, Facebook remains an immensely free cash flow-generative business with huge advantages in putting its cash to work developing direct consumer relationships and monetizing them through targeted advertising. CEO Mark Zuckerberg has noted on multiple occasions how the company’s returns from its significant investments in AI have been even higher than it expected, in terms of driving higher revenue and lower costs. We view Meta shares as a bargain today, trading at 15 times earnings after over US$10 billion in annual expenditures on its Metaverse investments.”