5 Best Performing Growth Stocks in January 2024

In this piece, we will take a look at the five best performing growth stocks in January 2024. If you want to find out what’s hot in the stock market as 2024 starts then you can check out, 10 Best Performing Growth Stocks in January 2024.

5. Meta Platforms, Inc. (NASDAQ:META)

Year To Date Share Price Gain: 13.82%

Number of Hedge Fund Investors In Q3 2023: 234

Meta Platforms, Inc. (NASDAQ:META) is one of the biggest technology companies in the world. The firm’s CEO, Mark Zuckerberg, made a big announcement in January 2024 when he shared that Meta Platforms, Inc. (NASDAQ:META) will buy more than half a million GPUs for A.I. use this year.

As of Q3 2023 end, 234 out of the 910 hedge funds part of Insider Monkey’s database had bought and owned Meta Platforms, Inc. (NASDAQ:META)’s shares. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the largest shareholder due to its $3.4 billion stake.

4. Palo Alto Networks, Inc. (NASDAQ:PANW)

Year To Date Share Price Gain: 18.52%

Number of Hedge Fund Investors In Q3 2023: 79

Palo Alto Networks, Inc. (NASDAQ:PANW) is a software company that enables customers to protect their devices against digital threats. Another highly rated stock, its shares are rated Strong Buy on average and the average analyst share price target is $321.74 – significantly lower than the current share price.

During 2023’s September quarter, 79 out of the 910 hedge funds profiled by Insider Monkey were the firm’s shareholders. Palo Alto Networks, Inc. (NASDAQ:PANW)’s biggest investor among these is Ken Griffin’s Citadel Investment Group as it owns $563 worth of shares.

3. Netflix, Inc. (NASDAQ:NFLX)

Year To Date Share Price Gain: 21.75%

Number of Hedge Fund Investors In Q3 2023: 102

Netflix, Inc. (NASDAQ:NFLX) is a media and entertainment company that streams its own content and that from others on its proprietary platform. It started 2024 on a strong note as the shares soared after its fourth quarter saw Netflix, Inc. (NASDAQ:NFLX) beat analyst estimates of subscriber growth.

By the end of last year’s third quarter, 102 out of the 910 hedge funds covered by Insider Monkey had invested in Netflix, Inc. (NASDAQ:NFLX). Ken Fisher’s Fisher Asset Management was the largest shareholder courtesy of its $1.5 billion investment.

2. NVIDIA Corporation (NASDAQ:NVDA)

Year To Date Share Price Gain: 26.70%

Number of Hedge Fund Investors In Q3 2023: 180

NVIDIA Corporation (NASDAQ:NVDA) is in no mood to stop its share price gains this year. Its CEO Jensen Huang reiterated optimism about the A.I. industry in January 2024, when he characterized the technology as the “rebirth” of the semiconductor sector.

Insider Monkey scoured through 910 hedge fund portfolios for their September quarter of 2023 shareholdings to discover that 180 were the firm’s investors. NVIDIA Corporation (NASDAQ:NVDA)’s biggest hedge fund stakeholder is Rajiv Jain’s GQG Partners as it owns a $6.1 billion stake.

1. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Year To Date Share Price Gain: 27.90%

Number of Hedge Fund Investors In Q3 2023: 110

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a chip designer that is the only one capable of competing at scale with Intel and NVIDIA in the CPU and GPU markets, respectively. Unsurprisingly its shares are rated Strong Buy on average, and analysts have set an average share price target of $177.

110 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database had bought and owned Advanced Micro Devices, Inc. (NASDAQ:AMD)’s shares. Ken Fisher’s Fisher Asset Management was the largest investor since it held $2.8 billion worth of shares.

Disclosure: None. You can also take a look at 15 Countries with the Highest Exports to China and 11 High Growth Low Debt Stocks to Buy.

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