12 Best Big Data Stocks To Buy Now

Published on January 16, 2023 at 4:28 pm by Hamna Asim in Hedge Funds, News

In this article, we discuss 12 best big data stocks to buy now. If you want to see more stocks in this selection, check out 5 Best Big Data Stocks To Buy Now.

According to Fortune Business Insights, the global big data analytics market was valued at $240.56 billion in 2021 and it is forecasted to grow from $271.83 billion in 2022 to $655.53 billion by 2029, at a compound annual growth rate of 13.4% during the forecast period. The increasing data generation from social media platforms like Facebook, Snapchat, WhatsApp, and Instagram leads to significant databases and huge amounts of data that need big data technology for processing. This is one of the reasons why the demand for big data analytics is expected to increase in the coming years.

Organizations will survive economic volatility in 2023 and will depend on data lineage to allow cost savings and competitive intelligence. During a time when organizations need to trust their databases, enabling a clear view on data’s origin and path, especially when paired with data quality and privacy, will be meaningful in supporting upcoming digital transformation projects. In 2023, organizations will need to largely manage their scattered data and enabling data sharing across platforms will become more critical.

Investors can also check out 15 Biggest Data Mining Companies in the World and 10 Best Data Center Stocks To Buy to explore and understand the big data industry better. Some of the best big data stocks to invest in include Salesforce, Inc. (NYSE:CRM), Snowflake Inc. (NYSE:SNOW), and Datadog, Inc. (NASDAQ:DDOG).

Our Methodology

We selected the following big data stocks based on overall hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 920 elite hedge funds tracked as of the end of the third quarter of 2022. The list is arranged in ascending order of the number of hedge fund holders in each firm.

Image by Akela999 from Pixabay

Best Big Data Stocks To Buy Now

12. Teradata Corporation (NYSE:TDC)

Number of Hedge Fund Holders: 25

Teradata Corporation (NYSE:TDC) is a California-based provider of a connected multi-cloud data platform for enterprise analytics. Its business consulting services include support for organizations to establish a data and analytics vision, in addition to offering a value-adding multi cloud ecosystem architecture. The company reported solid growth in its public cloud annual recurring revenue, which climbed 89% year-over-year to $279 million.

On November 11, Citi analyst Tyler Radke raised the firm’s price target on Teradata Corporation (NYSE:TDC) to $42 from $40 and maintained a Buy rating on the shares. The analyst increased estimates slightly, noting that the company delivered a strong quarter, supported by solidity in the cloud business and a beat on most headline metrics.

According to Insider Monkey’s database, 25 hedge funds were long Teradata Corporation (NYSE:TDC) at the end of September 2022, compared to 26 funds in the last quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest position holder in the company, with more than 9 million shares worth $282 million.

Like Salesforce, Inc. (NYSE:CRM), Snowflake Inc. (NYSE:SNOW), and Datadog, Inc. (NASDAQ:DDOG), Teradata Corporation (NYSE:TDC) is one of the best big data stocks to monitor.

Here is what First Eagle Investment Management has to say about Teradata Corporation (NYSE:TDC) in its Q3 2021 investor letter:

“A longstanding participant in the data warehousing space, Teradata has been transitioning its focus from on-premises database management and analytics to the rapidly growing cloud-computing market. The company has delivered a series of impressive quarterly results, and markets appear to be taking notice of what we see as a sticky, high-margin, high-cash-generating business.”

11. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 35

Palantir Technologies Inc. (NYSE:PLTR) is a Colorado-based company that develops and deploys software platforms for the intelligence community in the United States in order to help with counterterrorism investigations and operations. The company provides Palantir Gotham, a software platform that enables users to identify patterns hidden deep within datasets and allows individual users to integrate and analyze the data they need in one place. Palantir Technologies Inc. (NYSE:PLTR) is one of the best big data stocks to invest in.

On January 10, Palantir Technologies Inc. (NYSE:PLTR) announced a strategic partnership with security company Cloudflare, Inc. (NYSE:NET) to help organizations slash cloud costs, increase control, and improve predictability over multi-cloud workloads. The partnership will allow organizations to rapidly generate significant cost savings from their current cloud bills and transition to a more cost effective cloud infrastructure for the long run.

BofA analyst Mariana Perez Mora on December 22 noted that Palantir Technologies Inc. (NYSE:PLTR)’s SPAC investments strategy “seemed to be poorly timed” and has not met its investment objectives so far, but the selloff which puts the stock down 65% year-to-date has been overdone. The analyst kept a Buy rating and a $14 price target on Palantir Technologies Inc. (NYSE:PLTR) shares.

According to Insider Monkey’s data, 35 hedge funds were long Palantir Technologies Inc. (NYSE:PLTR) at the end of Q3 2022, up from 26 funds in the last quarter. Jim Simons’ Renaissance Technologies is the biggest stakeholder of the company, with 33.13 million shares worth $269.3 million.

Here is what Tao Value has to say about Palantir Technologies Inc. (NYSE:PLTR) in its Q4 2021 investor letter:

“We have no new position this quarter and have made below changes to our portfolio. We also sold Palantir (PLTR) as I identified it subject to high retail bubble risk (using above method) and are not part of our core “Mindful Compounder” holdings.”

10. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 40

International Business Machines Corporation (NYSE:IBM) is a New York-based company that provides integrated technology solutions and services worldwide. The company operates through four business segments – Software, Consulting, Infrastructure, and Financing. International Business Machines Corporation (NYSE:IBM) specializes in data and artificial intelligence solutions, security software and services for threats, data, and identity, and data and analytics, among others. International Business Machines Corporation (NYSE:IBM) is one of the leading big data stocks to invest in.

On December 13, International Business Machines Corporation (NYSE:IBM) entered a partnership to advance logic scaling technology as part of Japan’s initiatives to become a worldwide leader in semiconductor research, development, and manufacturing. Both companies will work on developing International Business Machines Corporation (NYSE:IBM)’s breakthrough 2-nanometer node technology for implementation by Rapidus at its fabrication plant in Japan.

BofA analyst Wamsi Mohan on October 18 maintained a Buy recommendation on International Business Machines Corporation (NYSE:IBM) but trimmed the firm’s price target on the shares to $145 from $155.

According to Insider Monkey’s data, 40 hedge funds were bullish on International Business Machines Corporation (NYSE:IBM) at the end of September 2022, and Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital held the biggest position in the company, with 4.3 million shares worth $515.7 million.

In its Q1 2022 investor letter, St. James Investment Company, an asset management firm, highlighted a few stocks and International Business Machines Corporation (NYSE:IBM) was one of them. Here is what the fund said:

“IBM was not the first company to build computers. The distinction belongs to Sperry-Rand’s subsidiary UNIVAC, which introduced the first commercially successful computers in the early 1950s. In this era, IBM did possess the largest research and development department of the business machines industry and quickly caught up, introducing cost-competitive computers a few years after UNIVAC. By the late 1950s, IBM held the dominant market share in computers. IBM also touted a vastly superior sales organization, which used a sales tactic called “paper machines” (the equivalent of today’s “vaporware”). If a competitor’s product was selling well in a market segment that IBM had yet to penetrate, the company would announce a competing product and start taking orders for the “paper machine” long before it was available. (read more)

9. Splunk Inc. (NASDAQ:SPLK)

Number of Hedge Fund Holders: 46

Splunk Inc. (NASDAQ:SPLK) is a California-based provider of software and cloud solutions that provide operationalized insights from the data generated by digital systems in the United States and internationally. On December 1, Splunk Inc. (NASDAQ:SPLK) announced a five-year extension of its Strategic Collaboration Agreement with Amazon Web Services. It is one of the best big data stocks to buy.

On December 15, Wedbush analyst Taz Koujalgi assumed coverage of Splunk Inc. (NASDAQ:SPLK) with a Neutral rating and an $86 price target. The company has faced execution and demand challenges in recent quarters, and the analyst is worried about competitive challenges, and the likely disruption that management challenges could entail. The valuation seems compelling, but he would like to see some stability in execution after a few quarters of a year-over-year drop in net new ARR.

According to Insider Monkey’s data, 46 hedge funds were bullish on Splunk Inc. (NASDAQ:SPLK) at the end of Q3 2022, compared to 47 funds in the prior quarter. Alex Sacerdote’s Whale Rock Capital Management is the largest stakeholder of the company, with 2.3 million shares worth $176.7 million.

Here is what Carillon Tower Advisers specifically said about Splunk Inc. (NASDAQ:SPLK) in its Q2 2022 investor letter:

“Splunk Inc. (NASDAQ:SPLK), a leader in artificial intelligence solutions for corporate data logs and security, fell in a weak tech group. The company has been transitioning to more of a software-as-a service (SaaS) business model that has, we believe, temporarily depressed earnings and cash flow. We like Splunk’s leadership position in the industry and the company has installed a new CEO and is rolling out new features and products.”

8. New Relic, Inc. (NYSE:NEWR)

Number of Hedge Fund Holders: 48

New Relic, Inc. (NYSE:NEWR) was founded in 2007 and is headquartered in San Francisco, California. It is a software-as-a-service company that deploys a software platform for customers to collect telemetry data and derive insights from that data in a unified front-end application. It is one of the best big data stocks to buy now. For full-year 2022, New Relic, Inc. (NYSE:NEWR) laid out a revenue guidance of between $912 million and $920 million, representing a year-over-year growth of 16.1% and 17.1%, respectively, versus a consensus of $920.52 million.

On December 15, Wedbush analyst Taz Koujalgi initiated coverage of New Relic, Inc. (NYSE:NEWR) with a Neutral rating and a $68 price target. The analyst observed that the company has seen its growth momentum improve, and it has almost moved its entire installed base to a consumption-based pricing model.

According to Insider Monkey’s Q3 data, 48 hedge funds were bullish on New Relic, Inc. (NYSE:NEWR), compared to 41 funds in the prior quarter. Ricky Sandler’s Eminence Capital is the largest position holder in the company, with 5.68 million shares worth over $326 million.

Here is what ClearBridge Investments SMID Cap Growth Strategy has to say about New Relic, Inc. (NYSE:NEWR) in its Q4 2021 investor letter:

“New Relic, which develops observability software including application monitoring, infrastructure and network monitoring capabilities, was another strong contributor. After a long evolution to a consumption-based pricing plan and rejuvenation of its tech platform, New Relic shares were boosted by quarterly results that topped expectations on strength across a number of metrics including consumption and churn.”

7. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 49

Dell Technologies Inc. (NYSE:DELL) designs, develops, manufactures, and supports comprehensive and integrated technology solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally. Dell EMC is helping businesses store, analyze, and protect their data, which allows them to understand customer behavior, optimize operations, manage risk, and enable innovation. Dell Technologies Inc. (NYSE:DELL) is one of the top big data stocks to monitor.

On December 6, Dell Technologies Inc. (NYSE:DELL) declared a $0.33 per share quarterly dividend, in line with previous. The dividend is payable on February 3, to shareholders of record on January 25. The dividend yield on January 16 came in at 3.29%.

Bernstein analyst Toni Sacconaghi on January 9 maintained an Outperform rating on Dell Technologies Inc. (NYSE:DELL) but lowered the firm’s price target on the shares to $60 from $72. Dell Technologies Inc. (NYSE:DELL)’s valuation is “compelling” and fiscal 2024 estimates have been appropriately reset, the analyst told investors in a research note.

According to Insider Monkey’s data, 49 hedge funds were long Dell Technologies Inc. (NYSE:DELL) at the end of September 2022, and Steve Cohen’s Point72 Asset Management is the leading position holder in the company, with over 4 million shares worth $139.30 million.

Third Point Management shared its detailed stance on Dell Technologies (NYSE:DELL) in its Q3 2021 investor letter. Here’s what the fund said:

“Michael Dell has created substantial value for shareholders since re-listing the company several years ago. Earlier this year, Dell Technologies announced that it would be spinning its $50 billion stake in VMWare, which we believe will unlock the under-appreciated value of the Dell server and PC businesses. Dell’s best attribute has been strong free cash flow generation, which the company has used to de-lever and create significant latent value for equity holders. Looking ahead, we believe this core Dell business, which still trades at a discount to its hardware peer group, should instead command a premium multiple thanks to its leading market share, profitability, and impressive execution. There are few large cap companies which possess a nearly 10% FCF yield, 2.5% dividend yield and 1.5x leverage ratio; Dell is one of them.”

6. MongoDB, Inc. (NASDAQ:MDB)

Number of Hedge Fund Holders: 50

MongoDB, Inc. (NASDAQ:MDB) is a New York-based company that provides a general purpose database platform worldwide. It is one of the best big data stocks to invest in. As per its 2023 outlook, MongoDB, Inc. (NASDAQ:MDB) expects a revenue of $1.257 billion to $1.260 billion, versus a consensus of $1.21 billion, and non-GAAP earnings per share $0.29 to $0.31, compared to a Street consensus of a per share loss of $0.31.

On January 9, Truist analyst Miller Jump maintained a Buy recommendation on MongoDB, Inc. (NASDAQ:MDB) but lowered the firm’s price target on the shares to $235 from $300 as part of a broader research note on Infrastructure & Security Software.

According to Insider Monkey’s third quarter database, 50 hedge funds were bullish on MongoDB, Inc. (NASDAQ:MDB), compared to 56 funds in the prior quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is a prominent stakeholder of the company, with 696,998 shares worth $138.3 million.

In addition to Salesforce, Inc. (NYSE:CRM), Snowflake Inc. (NYSE:SNOW), and Datadog, Inc. (NASDAQ:DDOG), elite investors are piling into MongoDB, Inc. (NASDAQ:MDB) to gain exposure to the big data industry.

ClearBridge Investments made the following comment about MongoDB, Inc. (NASDAQ:MDB) in its Q3 2022 investor letter:

“We made limited changes to the portfolio in the third quarter. New buys included embryonic positions in several rapid growers — MongoDB, Inc. (NASDAQ:MDB) and Clear Secure (YOU) — whose valuations have come in quite dramatically. MongoDB is a company we followed for many years before its 2017 IPO. The stock looks very attractive trading at a third of its recent peak in November 2021. The company’s database software is growing rapidly and taking share in a $50 billion plus global market.”

Click to continue reading and see 5 Best Big Data Stocks To Buy Now.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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