Meta Platforms Inc (META)

[UnderOath-KY]

In the fourth-quarter hedge fund guru David Blood initiated new positions in Facebook Inc (NASDAQ:FB) and Amazon.com, Inc. (NASDAQ:AMZN) while reducing his position in SPDR S&P 500 ETF Trust (NYSEARCA:SPY).

Blood added a new position in Facebook with close to 2 million shares that have a reported value of $230 million, about 2.6% of the total portfolio. Since the last filing, the shares have already risen by 16% in value. And Blood isn’t the only one who is bullish on the social media giant- in general hedge funds increased their holdings in FB by 4.8 million shares in the last quarter.

TipRanks registers a strong buy rating for FB with an average price target that translates into 20.15% potential upside from the current share price of $133.72. Most recently five-star Needham analyst Laura Martin reiterated her buy rating on the stock as she is confident that Facebook’s broad approach (the company is keen to attract users from markets which do not necessarily have high-speed internet or high-end mobiles) “suggests a longer growth runway and upside revenue potential from all countries globally”.

The overwhelmingly majority of analysts say Facebook is a Buy. The average forecast is for the stock to hit $160.66 in the coming months.