Meta Platforms (META) Stock Rose About 150% in 2023

Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Investor Class: ARTNX returned -4.77%, its Advisor Class: APDNX returned -4.77%, and Institutional Class: APHNX returned -4.71% compared to S&P 500 Index’s -3.27% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Select Equity Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the third 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 November 29, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $332.20 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 6.86%, and its shares gained 175.82% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $853.708 billion.

Artisan Select Equity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) added to its string of gains in Q3. The share price is up about 150% this year. Second quarter results were very good: revenue growth is back to double digits, user metrics are solid and show very good engagement, daily active users grew 7%, and importantly, Facebook app users continue to grow across all geographies. Instagram is growing more strongly, but solid growth in the legacy Facebook business is a positive indicator. Importantly, the company has controlled expenses tightly. Headcount was down 14% year over year. Adjusted EBIT grew 44%, and the margin recovered strongly to 38%, from 29% last year.”

Photo by Alexander Shatov on Unsplash

Meta Platforms, Inc. (NASDAQ:META) is in 4th 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 quality stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.