5 Safe Stocks To Buy According To Hedge Funds

1. Facebook, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 266

Facebook is consistently evolving and diversifying its products to keep up with the competition. In 2020, the tech and social media company started the new venture, Facebook Shop, for businesses to set up their online stores. Due to this, the advertising activity at Facebook, Inc. (NASDAQ:FB) grew by 39% during the initial months of the pandemic. The company tops our list of best safe stocks to buy according to hedge funds.

Crake Asset Management is the leading shareholder of Facebook, Inc. (NASDAQ:FB) in Q2, with shares valued at $168.6 billion. Along with this, 266 hedge funds tracked by Insider Monkey have positions in the stock in Q2 2021, valued at $42.3 billion. The hedge fund sentiment remained positive for Facebook, Inc. (NASDAQ:FB) in Q2 as, in the previous quarter, 257 hedge funds had stakes in the company.

On October 4, Facebook, Inc. (NASDAQ:FB) stock plunged nearly 5% after the company suffered a global outage. However, the stock is still up 20.42% this year, while its 12-month returns stood at 21.50%. In Q2 2021, Facebook, Inc. (NASDAQ:FB) posted a GAAP EPS of $3.61, beating the estimates by $0.61. Recently, Tigress Financial lifted its price target on the stock to $466, while keeping a Strong Buy rating on the shares.

First Eagle Investment Management mentioned Facebook, Inc. (NASDAQ:FB) in its second-quarter investor letter. Here is what the firm has to say:

“Leading contributors in the First Eagle Global Fund this quarter included Facebook, Inc. Class A. Facebook has continued to post impressive results for both revenue and active users of its traditional platforms. In the meantime, the social media giant continues to make progress on new initiatives—like Facebook Horizon (virtual reality) and Facebook Shops (e-commerce)—and maintains attractive monetization optionality around services like Messenger and WhatsApp.”

You can also take a look at 10 Best Safe Blue Chip Dividend Stocks and 12 Best Blue-Chip Stocks Right Now

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