Meta Platforms (META) Stock Price Tripled in 2023

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.98% compared to a +12.07% return for the Russell 3000 Index. Further, the fund returned +17.32%, compared to +25.96% for the index during the Calander year. An already successful year was capped off by strong performance across risk assets in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Investment Management Partners III Opportunity Fund featured stocks such as Meta Platforms, Inc. (NASDAQ:META) in its Q4 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On February 12, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $468.90 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 27.61%, and its shares gained 161.25% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $1.195 trillion.

Partners III Opportunity Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:

“Portfolio gains were broad-based in both the quarter and annual timeframes. Top contributors for the year were Meta Platforms, Inc. (NASDAQ:META), Amazon.com, Inc. (AMZN), Alphabet, Inc. (GOOG), Microsoft Corp. (MSFT), and Berkshire Hathaway, Inc (BRK/B). Meta Platforms shares were the standout performer, as its “year of efficiency” (an initiative to cut costs and create a leaner organization) and renewed operating momentum drove a near tripling of its stock price. Meta Platforms also landed spots on the list of quarterly contributors.”

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Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 234 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of third quarter which was 225 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of best metaverse stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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