5 Safest Stocks To Buy Now

2. Facebook, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 266

Facebook, Inc. (NASDAQ:FB) is a multinational social networking services company based in Menlo Park, California. The tech titan has a market capitalization of $928.22 billion and is ranked second on the list of the 10 safest stocks to buy now.

At the end of the second quarter of 2021, 266 hedge funds in the database of Insider Monkey held stakes worth $42 billion in Facebook, Inc. (NASDAQ:FB), compared to 257 in the previous quarter’s worth $40 billion.

According to its earnings report for the second quarter of 2021, Facebook, Inc. (NASDAQ:FB) had an EPS of $3.61, beating the estimated EPS by $0.58. Facebook, Inc. (NASDAQ:FB) also reported revenues amounting to $29.08 billion, surpassing market predictions by $1.19 billion.

On September 30, RBC Capital analyst Brad Erickson initiated coverage of Facebook, Inc. (NASDAQ:FB) with an Outperform rating alongside a $425 price target on the company’s shares.

First Eagle Investment Management, an investment management firm, In its Q2 2021 investor letter stated that Facebook, Inc. (NASDAQ:FB) was among the leading contributors in the fund’s portfolio for the quarter. Here is what the fund said:

“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.”