Should You Follow Christian Leone Into These 5 Tech and Consumer Stocks?

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

Luxor Capital Group’s Equity stake: $39.25 Million
Year-to-date gain: 160%
Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) remains one of Christian Leone’s top technology stock picks, continuing to outperform the overall market amid strong demand for its solutions. Leone took advantage of a slight pullback in the third quarter to acquire 130,737 shares in the company valued at approximately $39.25 million.

Here is what Artisan Partners said about Meta Platforms, Inc. (NASDAQ:META) in its third quarter 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.”

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