5 Cash-Rich Stocks to Buy According to Hedge Funds

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

Latest Cash and Short-Term Investments: $61.12 billion

Number of Hedge Fund Holders: 234

Menlo Park, California-based Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate formerly known as Facebook, Inc. Its businesses are reported under two segments: Family of Apps – comprising social media web and smartphone apps Facebook, Instagram, Messenger, and WhatsApp; and Reality Labs – comprising augmented and virtual reality products including hardware, software, and content.

Meta Platforms, Inc. (NASDAQ:META) recorded a strong performance in the third quarter of the year. Its revenue increased by 23% y-o-y to $34 billion while net income surged by a whopping 164% y-o-y to $11.6 billion. The normalized EPS of $4.39 surpassed the consensus estimates by $0.79.

Following the earnings release, Truist Securities analyst Robert Zeller raised the price target for Meta Platforms, Inc. (NASDAQ:META) shares to $405 from $390 and maintained a ‘Buy’ rating.

Meta Platforms, Inc. (NASDAQ:META) ranks #3 on our list of 11 cash-rich stocks to buy according to hedge funds based on the number of hedge funds holding its shares as of September 30, 2023. The shares of the social media giant were owned by 234 hedge funds with a total value of $35.2 billion. Prominent hedge funds, such as Arrowstreet Capital, Tiger Global Management LLC, and GQG Partners, held the highest number of its shares among hedge funds.