1. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 177
Meta Platforms Inc. (NASDAQ:META) develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. On November 8, Meta Platforms announced Grand Teton, its next-generation hardware platform for AI training. Grand Teton features several improvements over the previous generation, including 2x the network bandwidth and 4x the host-to-GPU bandwidth.
On November 11, Morgan Stanley analyst Brian Nowak maintained an Equal Weight rating on Meta Platforms, Inc. (NASDAQ:META) stock and lowered the price target to $100 from $105, noting that signs of a weakening ad market continued to grow through the third quarter earnings season as most of the companies in the space either missed third quarter ad revenue expectations and/or guided to slower than expected forward growth.
On November 19, Meta AI unveiled a demo of Galactica, a large language model designed to “store, combine and reason about scientific knowledge.” While intended to accelerate writing scientific literature, adversarial users running tests found it could also generate realistic nonsense. After several days of ethical criticism, Meta took the demo offline.
On November 15, Morgan Stanley analyst Brian Nowak maintained an Equal Weight rating on Meta Platforms, Inc. (NASDAQ:META) stock and lowered the price target to $100 from $105, noting that signs of a weakening ad market continued to grow through third Quarter earnings season as the majority of companies being tracked in the space either missed third-quarter ad revenue expectations and/or guided to slower than expected forward growth.
At the end of the third quarter of 2022, 177 hedge funds in the database of Insider Monkey held stakes worth $14.2 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 185 in the preceding quarter worth $18.2 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:
“Shares of Meta Platforms, Inc., the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.
In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”
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