Hedge Funds Are Selling Palantir Technologies (PLTR) and 5 Other Tech Stocks

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

Number of Hedge Fund Holders in Q4 2021: 224

Number of Hedge Fund Holders in Q3 2021: 248  

Meta Platforms, Inc. (NASDAQ:FB) is a diversified technology company. Hedge funds have been offloading the stock in recent months. At the end of the fourth quarter of 2021, 224 hedge funds in the database of Insider Monkey held stakes worth $3.1 billion in Meta Platforms, Inc. (NASDAQ:FB), compared to 248 in the preceding quarter worth $3.8 billion. 

On March 8, Arete analyst Rocco Strauss lowered the price target on Meta Platforms, Inc. (NASDAQ:FB) stock to $220 from $381 and kept a Neutral rating, noting that political uncertainties and supply chain issues would continue to act as headwinds for the company in 2022, in addition to increase in engagement and progress on the metaverse front. 

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 Meta Platforms, Inc. (NASDAQ:FB), 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.”

You can also take a peek at 15 Best New Tech Stocks to Buy Now and 10 Best Non Tech Stocks To Buy Now.

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