Here’s Why Meta Platforms (META) Shares More Than Doubled in 2023

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Partners III Opportunity Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On August 7, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $316.56 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 6.12%, and its shares gained 87.84% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $811.258 billion.

Weitz Partners III Opportunity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) shares more than doubled this year (and tripled off their November 2021 low) as management’s austerity measures bolstered profitability, and operating results demonstrated that Meta’s advertising business is regaining momentum. We trimmed several of the year’s winners on strength, including Meta, Microsoft, Alphabet, CoStar Group, Inc. (CSGP), and CarMax.”

Bloomua / Shutterstock.com

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of first quarter which was 194 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of most advanced AI companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• Top 30 Countries With The Most Immigrants
• 20 Countries With The Highest Rates Of Smoking
• 10 Best Cybersecurity ETFs

Disclosure: None. This article is originally published at Insider Monkey.