Dorsal Capital Partners Sees a 13% Boost in 2023: Its Top 5 Stock Picks

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

Dorsal Capital Management’s Equity Stake: $307.72 Million
Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) is a communication services company that offers apps that allow people to connect with friends and family. Meta Platforms, Inc. (NASDAQ:META)’s fortunes and sentiments improved significantly in 2023 as it tweaked its business to focus more on its flagship apps for advertising. A restructuring drive that resulted in massive layoffs helped strengthen the stocks’ sentiments on Wall Street. Consequently, Meta Platforms, Inc. (NASDAQ:META) ended the year by more than 180%, contributing immensely to Dorsal Capital Management’s 13% gain.

Dorsal Capital Management benefited from the massive rally, first buying stakes in Meta Platforms, Inc. (NASDAQ:META) in Q1 2023. The company ended the third quarter with stakes worth $307.72 million, accounting for 10.51% of the portfolio.

As of the end of the third quarter of 2023, 234 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Meta Platforms Inc (NASDAQ:META). The biggest stakeholder of Meta Platforms Inc (NASDAQ:META) was Ken Fisher’s Fisher Asset Management, which owns a $1.93 billion stake in Meta Platforms Inc (NASDAQ:META).

First Pacific Advisors stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) saw a welcome recovery in engagement and revenue year-to-date following a tough 2022. The company has continued to offer new solutions that allow advertisers to target customers effectively and efficiently via one of the world’s leading digital platforms. Moreover, operating profits are rising due to an organization-wide focus on improving productivity and accelerating the time to market for new products. However, overall profitability continues to be weighed down by losses in the Reality Labs segment. But, there is positive optionality that Meta will emerge from the AI arms race as one of the leading players in the industry.

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