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

Number of Hedge Fund Holders: 219

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It is considered one of the most influential companies in the world, with billions in daily active users across a host of social media platforms. The latest earnings report of the tech giant paints an interesting growth picture. The revenue and diluted earnings per share for Meta jumped in the second quarter this year, with a clear path for growth ahead as AI investments start returning. The firm has a net cash position of $40 billion, one of the highest in the tech space, and looks set to deliver cumulative returns of over 40% in the next two years.

Wall Street is also bullish on Meta Platforms, Inc. (NASDAQ:META) in the long term. Tigress Financial recently raised the price target on the stock to $645 from $575 and kept a Strong Buy rating, highlighting that the increasing cash flow of the firm was enabling ongoing investments in artificial intelligence initiatives that drove increasing user engagement, better content, and a more effective advertising experience.