Martin Taylor’s Crake Asset Management Portfolio: Top 5 Stock Picks

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

Percentage of Crake Asset Management’s 13F Portfolio: 12.94%

Number of Hedge Fund Holders: 266

Meta Platforms, Inc. (NASDAQ:FB) is the parent company of major social networking platforms, namely Facebook, Instagram, and WhatsApp. Meta Platforms, Inc. (NASDAQ:FB) was previously known as Facebook, until the company underwent a corporate rebranding that changed its name to Meta Platforms, Inc. (NASDAQ:FB) on October 28. On the same day, Piper Sandler analyst Thomas Champion declared that rebranding Facebook as Meta Platforms, Inc. (NASDAQ:FB) was a bold yet necessary move, and kept a Neutral rating on the shares with a $385 price target. 

Crake Asset Management owns 699,352 shares in Meta Platforms, Inc. (NASDAQ:FB) as of September this year.

Meta Platforms, Inc. (NASDAQ:FB) posted its earnings for Q3 on October 25. EPS for the period came in at $3.22, topping estimates by $0.04. The $29.01 billion revenue failed to meet analysts’ estimates by -$513.23 million. 

Meta Platforms, Inc. (NASDAQ:FB) is a popular stock among the smart money. Of the 873 hedge funds tracked by the database of Insider Monkey as of June, 266 funds were long Meta Platforms, Inc. (NASDAQ:FB), up from 257 in Q1. Alexander Becker’s Codex Capital is one of the top stakeholders in Meta Platforms, Inc. (NASDAQ:FB), with 27,400 shares worth $9.29 billion. 

Here is what Polen Capital has to say about  Meta Platforms, Inc. (NASDAQ:FB) in its Q3 2021 investor letter:

“Facebook’s stock was pressured on concerns about regulation in the quarter. We are constantly monitoring the potential regulatory risks to Facebook (and all of our holdings). At this point, we see very little chance that regulation changes Facebook’s business model in a meaningful and adverse way. Regarding the recent data shared by a former Facebook employee and the company itself on some of the unfortunate negative consequences of social media, we recognize these types of issues will inevitably linger in different forms and fashions well into the future. We have been focused on the ability of Facebook to identify and mitigate these negative consequences while amplifying the value users typically cite for its apps across a long list of use cases. We continuously monitor the vibrance of the user base on Facebook’s apps to confirm that value.”