In this piece, we will take a look at the 5 best breakout stocks to buy right now. If you want to know which stocks have been breaking out recently, then read 12 Best Breakout Stocks To Buy Right Now.
5. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Investors In Q4 2023: 103
JPMorgan Chase & Co. (NYSE:JPM) is the world’s biggest private bank in terms of total assets. Despite its heft, the bank is entering 2024 on a strong note as it shared in February 2024 that it plans to open hundreds of new branches to further expand its operational footprint.
Insider Monkey scoured through 933 hedge fund holdings for 2023’s fourth quarter and discovered 103 JPMorgan Chase & Co. (NYSE:JPM) shareholders. Ken Fisher’s Fisher Asset Management owned the biggest stake which was worth $2 billion.
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Follow Jpmorgan Chase & Co (NYSE:JPM)
4. Adobe Inc. (NASDAQ:ADBE)
Number of Hedge Fund Investors In Q4 2023: 105
Adobe Inc. (NASDAQ:ADBE) is a technology company that sells software products for productivity use cases. The shares are rated Strong Buy on average and the average analyst share price target is $652.57.
After digging through 933 hedge fund portfolios for 2023’s December quarter, Insider Monkey found that 105 had held a stake in Adobe Inc. (NASDAQ:ADBE). Ken Fisher’s Fisher Asset Management was the biggest investor, owning 4.5 million shares that are worth $2.7 billion.
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Follow Adobe Inc. (NASDAQ:ADBE)
3. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Investors In Q4 2023: 120
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor designer that sells CPUs and GPUs. The firm was eager to beef up its artificial intelligence portfolio in February 2024 when it revealed that it had teamed up with a Japanese bullet train company to provide A.I. based track inspection.
During last year’s fourth quarter, 120 out of the 933 hedge funds profiled by Insider Monkey had bought the firm’s shares. The largest Advanced Micro Devices, Inc. (NASDAQ:AMD) shareholder in our database is Ken Fisher’s Fisher Asset Management due to its $41 billion investment.
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2. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Investors In Q4 2023: 131
Salesforce, Inc. (NYSE:CRM) is another technology company. Its products enable businesses to engage and manage their customers. More than 80% of its shares are owned by institutional investors, leaving the stock vulnerable to sudden downswings, but also lending it credibility.
During 2023’s fourth quarter, out of the 933 hedge funds covered by Insider Monkey’s research, 131 were the firm’s shareholders. Salesforce, Inc. (NYSE:CRM)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management through its $3.9 billion investment.
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1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Investors In Q4 2023: 173
NVIDIA Corporation (NASDAQ:NVDA) is the best known and most valuable semiconductor company in the world due to its GPUs. The firm had a unique product announcement in store for February 2024, when it revealed an A.I. chat bot for its users powered by its products.
After sifting through 933 hedge fund portfolios, Insider Monkey discovered 173 NVIDIA Corporation (NASDAQ:NVDA) investors as of Q4 2023 end. Rajiv Jain’s GQG Partners owned the biggest stake which was worth $6.8 billion.
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Disclosure: None. You can also take a look at Warren Buffett and Billionaires Are Crazy About These 15 Stocks and Ken Griffin’s Wellington Fund Delivers Mind-Numbing Returns: Here are Its Top 15 Stocks.
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