5 Best NASDAQ Stocks To Buy In 2024

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

Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) ranks 3rd on our list of the best NASDAQ stocks in 2024. On February 1, Meta Platforms, Inc. (NASDAQ:META) reported a Q4 GAAP EPS of $5.33, exceeding Wall Street estimates by $0.39. In the fourth quarter of 2023, revenue amounted to $40.11 billion, marking a 25% year-over-year increase. For the full year 2023, the revenue reached $134.90 billion, reflecting a 16% year-over-year growth. Additionally, Meta’s board of directors announced a cash dividend of $0.50 per share. This dividend is set to be paid on March 26, to shareholders of record as of February 22.

According to Insider Monkey’s third quarter database, Chase Coleman’s Tiger Global Management is a notable position holder in the company, with 8.9 million shares worth $2.6 billion. Overall, 234 hedge funds were bullish on the stock.

The FPA Crescent Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) saw a welcome recovery in engagement and revenue year-to-date following a tough 2022. The company has continued to offer new solutions that allow advertisers to target customers effectively and efficiently via one of the world’s leading digital platforms. Moreover, operating profits are rising due to an organization-wide focus on improving productivity and accelerating the time to market for new products. However, overall profitability continues to be weighed down by losses in the Reality Labs segment. But, there is a positive optionality that Meta will emerge from the AI arms race as one of the leading players in the industry.”