In this piece, we will take a look at the five best affordable technology stocks to buy now. If you want to take a deeper look at the technology industry, then check out 12 Best Affordable Tech Stocks To Buy Now.
5. Concentrix Corporation (NASDAQ:CNXC)
Number of Hedge Fund Investors In Q2 2023: 28
Latest P/E Ratio: 10.28
Concentrix Corporation (NASDAQ:CNXC) is a large information technology company with more than three hundred thousand employees. The firm’s EPS has missed analyst EPS estimates in all four of its latest quarters and it is currently seeking a business combination with another IT company.
By the end of Q2 2023, 28 hedge funds out of the 910 that were part of Insider Monkey’s database had held a stake in Concentrix Corporation (NASDAQ:CNXC). Out of these, the firm’s biggest shareholder is Lauren Taylor Wolfe’s Impactive Capital since it owns 2.5 million shares that are worth $201 million.
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4. Avnet, Inc. (NASDAQ:AVT)
Number of Hedge Fund Investors In Q2 2023: 31
Latest P/E Ratio: 5.84
Avnet, Inc. (NASDAQ:AVT) is a chip firm that offers different products and design services. The firm increased its dividend to 31 cents a share in early September but its stock is still rated Hold on average.
Insider Monkey dug through 910 hedge funds for their June quarter of 2023 investments and found that 31 had invested in the firm. Avnet, Inc. (NASDAQ:AVT)’s largest hedge fund investor is Richard S. Pzena’s Pzena Investment Management due to its $438 million investment.
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3. Gen Digital Inc. (NASDAQ:GEN)
Number of Hedge Fund Investors In Q2 2023: 36
Latest P/E Ratio: 9.01
Gen Digital Inc. (NASDAQ:GEN) is a small American firm that provides cybersecurity products. The firm has both grown its EPS and beat analyst estimates for the metric in all four of its latest quarters. It also pays a 25 cent dividend.
By the end of this year’s second quarter, 36 out of the 910 hedge funds part of Insider Monkey’s database had bought Gen Digital Inc. (NASDAQ:GEN)’s shares. Jeffrey Smith’s Starboard Value LP is the company’s biggest investor among these through a stake worth $350 million.
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2. Tower Semiconductor Ltd. (NASDAQ:TSEM)
Number of Hedge Fund Investors In Q2 2023: 38
Latest P/E Ratio: 11.45
Tower Semiconductor Ltd. (NASDAQ:TSEM) is an Israeli semiconductor company that made the news earlier this year after chip giant Intel Corporation scrapped a deal that would have seen it bought the firm. Intel is currently having to tighten its belt as the chip sector slows down, and Tower Semiconductor Ltd. (NASDAQ:TSEM)’s shares are rated Buy on average.
During 2023’s June quarter, 48 hedge funds among the 910 tracked by Insider Monkey were the firm’s investors. Tower Semiconductor Ltd. (NASDAQ:TSEM)’s largest hedge fund shareholder is Richard Mashaal’s Rima Senvest Management since it owns $95 million worth of shares.
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1. Silicon Motion Technology Corporation (NASDAQ:SIMO)
Number of Hedge Fund Investors In Q2 2023: 40
Latest P/E Ratio: 19.37
Silicon Motion Technology Corporation (NASDAQ:SIMO) is a Hong Kong based chip company that sells products for memory and storage devices. The firm is currently battling an American chip company for a multi billion dollar payment after a scrapped acquisition deal.
As Q2 2023 ended, 40 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in Silicon Motion Technology Corporation (NASDAQ:SIMO). Out of these, the company’s biggest stakeholder is Israel Englander’s Millennium Management due to its $96.1 million stake.
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Disclosure: None. You can also take a look at 10 Stocks That Could 10X Over the Next 10 Years and Dow 30 Stocks List: Ranked By Hedge Fund Bullishness Index.
