The Most Popular Tech Stocks Among Hedge Funds: Apple (AAPL), Amazon (AMZN) Sink

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#1 Facebook Inc (NASDAQ:FB)

– Hedge Funds with Long Positions (as of December 31, 2016): 146

– Value of Hedge Funds’ Holdings (as of December 31, 2016): $12.42 Billion

With Amazon losing considerable appeal among hedge funds during the fourth quarter, Facebook Inc (NASDAQ:FB) finally managed to become the most popular tech stock and the most popular stock overall at the end of 2016. However, the social networking giant also lost some of its popularity among hedge funds during the fourth quarter, with ownership of it declining by three and the aggregate value of hedge funds’ holdings in it falling by a whopping 23.66%. Hedge funds that reduced or sold off their stakes in Facebook Inc (NASDAQ:FB) during the final quarter of 2016 can’t be a happy bunch, considering that the tech giant’s stock has soared by over 22% this year and is currently trading at its lifetime high.

Facebook reached a major milestone last month after its photo sharing application, Instagram, crossed the one million active advertisers threshold. This achievement becomes even more impressive when one takes into account that Instagram only had around 200,000 active advertisers in March 2016 and that Twitter Inc (NYSE:TWTR) still has only 130,000 monthly active advertisers on its platform. On March 29, analysts at Barclays initiated coverage of Facebook’s with an ‘Overweight’ rating and called it “the best pure play in consumer Internet around the secular growth in mobile advertising, full stop.”

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