5 Best Technology Stocks to Buy According to Giant Quant Hedge Fund

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

Number of Hedge Fund Holders: 225
Renaissance Technologies Equity Stake: $1.3 Billion

Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) develops products that enable people to connect and share experiences with family and friends. Its flagship products include Facebook and Instagram, which attract millions of active users daily. By running adverts on the platforms, the company generates billions of dollars in revenue. It also offers Messenger and WhatsApp for messaging.

Meta Platforms, Inc. (NASDAQ:META) has emerged as one of the best technology stocks to buy, according to Renaissance Technologies hedge fund, as it is up by about 150% for the year. The rally has come on the company benefiting from strong platform advertising. Likewise, the hedge fund’s stake value in Meta Platforms, Inc. (NASDAQ:META) increased to $1.3 billion in Q2, 2023 from $404.51 million as of Q1.

As of the end of the second quarter of 2023, 225 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Meta Platforms, Inc. (NASDAQ:META). Zevenbergen Capital Investments was a prominent stakeholder of the company in the third quarter of 2023, with a stake worth about $131.95 million.

This is what Aristotle Large Cap Growth Strategy wrote about Meta Platforms, Inc. (NASDAQ:META) in its investor letter for Q3 2023:

“Meta Platforms, Inc. (NASDAQ:META), formerly known as Facebook, is a global technology company specializing in social networking and the development of augmented and virtual reality technologies. Founded in 2004 and headquartered in Menlo Park, CA, the company has expanded its reach to nearly three billion monthly active users worldwide.

We see Meta as well-positioned to capture a significant share of the rapidly growing digital advertising market and has created an interconnected ecosystem of apps that drives higher user engagements. While leveraging AI and machine learning technology, Meta should see an acceleration in the development of targeted digital advertising capabilities and enhance the user experience across its platform. We see near-term catalysts in Rising Reels and Messenger revenue monetization and an expected robust 2024 political and Olympic advertising. Year-to-date, investors have been optimistic about the company’s pivot away from a focus on metaverse investments to an emphasis on profitability and growth in what the company calls its “Year of Efficiency.””

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