5 Most Searched Stocks on Insider Monkey

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

Percentage of Searches: 0.80%

Number of Hedge Fund Holders: 184

Meta Platforms, Inc. (NASDAQ:META) is the most searched stock on Insider Monkey. On September 21, the stock climbed higher as the company reported that it is focusing on cost control and plans to cut expenses by at least 10% in the next few months. Most of the cost cutting will result from layoffs at the tech giant. 

On September 13, Morgan Stanley analyst Brian Nowak told investors that third party data from Sensor Tower indicated that total time spent on Meta Platforms, Inc. (NASDAQ:META) in the United States declined 3% year-over-year in August, which is a second consistent monthly decline. His past negative revisions and slashed estimates are “well understood by the market”, but these trends create more tactical risk and uncertainty to short-term estimates, said the analyst. He has an Overweight rating and a $225 price target on Meta Platforms, Inc. (NASDAQ:META) shares.

Among the hedge funds tracked by Insider Monkey, 184 funds were long Meta Platforms, Inc. (NASDAQ:META) at the end of June 2022, compared to 200 funds in the earlier quarter. Boykin Curry’s Eagle Capital Management is one of the leading stakeholders of the company, with 7.3 million shares worth $1.18 billion. 

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.

In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”