5 Tech Stocks to Buy According to Billionaire David Tepper

3. Facebook, Inc. (NASDAQ:FB)

Tepper’s Stake Value: $418.9 million

Percentage of David Tepper’s 13F Portfolio: 8.67%

Number of Hedge Fund Holders: 266

Facebook, Inc. (NASDAQ:FB) is a multinational social networking services company based in Menlo Park, California. The tech giant is ranked third on the list of the 10 tech stocks to buy according to billionaire David Tepper.

David Tepper’s hedge fund presently holds 1.2 million shares in Facebook, Inc. (NASDAQ:FB), amounting to $418.9 million in worth and accounting for 8.67% of the fund’s portfolio. 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.

In the second quarter of 2021, Facebook, Inc. (NASDAQ:FB) reported 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 9, HSBC analyst Nicolas Cote-Colisson raised his price target on Facebook, Inc. (NASDAQ:FB) from $275 to $300 and kept a “Reduce” rating on the 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 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.”