5 Best Stocks to Buy for a Month

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) was gaining momentum as of June 28 after Citi analyst Ronald Josey recently said in a note that monetization and engagement on Instagram was improving. Josey, who has a Buy rating and a $360 price target on Meta Platforms, Inc. (NASDAQ:META) stock, said that Instagram’s YoY monthly active user growth this quarter was higher than TikTok’s.

FPA U.S. Core Equity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2023 investor letter:

“In last quarter’s commentary I explained a large part of these companies’ underperformance in 2022 was due to how certain companies mistook what was at least a partial demand pull-forward during the pandemic as a permanent business accelerant and as a result, expanded their cost structure as fast if not faster than revenue. Now companies such as Meta Platforms, Inc. (NASDAQ:META) are cutting what they deem to be unnecessary costs. META’s Chairman and CEO Mark Zuckerberg is now calling 2023 “the year of efficiency” while announcing another 10,000 layoffs on March 14 in addition to the previously announced 11,000 job cuts in November 2022. Additionally, META says it will no longer fill 5,000 previously open positions. META believes these efficiencies will result in $3 billion in annual cost savings or nearly 12% of its selling, general and administrative expenses for 2022.13 The market responded favorably to such moves by META, Amazon and Alphabet, which sent their stock prices up 76.1%, 23.0% and 17.2%, respectively, during the first quarter.”