5 Tech Stock Picks of Billionaire Mario Gabelli

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

Number of Hedge Fund Holders: 224 

Meta Platforms, Inc. (NASDAQ:FB) is a California-based technology company. Hedge funds have been shedding the stock as interest rates rise. At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $31 billion in Meta Platforms, Inc. (NASDAQ:FB), compared to 248 in the preceding quarter worth $38 billion. 

Regulatory filings show that GAMCO Investors owned 50,179 shares of Meta Platforms, Inc. (NASDAQ:FB) at the end of December 2021 worth $16.8 million, representing 0.14% of the portfolio. 

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:FB) was one of them. Here is what the fund said:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”