5 Stocks Jim Cramer Is Talking About Right Now

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is up by 118.54% year-to-date as of June 3. This performance has made it a leader in the S&P 500 communications services sector, according to Cramer.

An Overweight rating and a $270 price target were reiterated on Meta Platforms, Inc. (NASDAQ:META) shares on May 23 by Thomas Champion at Piper Sandler.

Meta Platforms, Inc. (NASDAQ:META) was seen in the portfolios of 220 hedge funds in the first quarter, with a total stake value of $25.1 billion.

Artisan Partners mentioned Meta Platforms, Inc. (NASDAQ:META) in its first-quarter 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc. (NASDAQ:META), Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”

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