In this article, we will be discussing the 5 best stocks to buy according to Josh Resnick’s Jericho Capital Asset Management. If you want to see our detailed analysis of Resnick’s history, investment philosophy, and hedge fund performance, go directly to the 10 Best Stocks To Buy According To Josh Resnick’s Jericho Capital Asset Management.
5. Twilio Inc. (NYSE:TWLO)
Jericho Capital Asset Management’s Stake Value: $213.8 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 5.06%
Number of Hedge Fund Holders: 98
Twilio Inc. (NYSE:TWLO) is a California-based cloud communications platform as a service company that allows software developers to make communications functions using its web service APIs.
Jericho Capital Asset Management currently holds 542,649 shares of Twilio Inc. (NYSE:TWLO), amounting to more than $213.8 million in worth and representing 5.06% of the fund’s total portfolio value. Of the 873 elite funds being tracked by Insider Monkey, 98 held stakes in Twilio Inc. (NYSE:TWLO) at the end of the second quarter of 2021, compared to 99 funds in the preceding quarter.
Out of the hedge funds being tracked by Insider Monkey, Catherine Wood’s ARK Investment Management is the leading shareholder in Twilio Inc. (NYSE:TWLO), with over 3.72 million shares worth more than $1.46 billion.
On November 1, Summit Insights analyst Srini Nandury reiterated a Buy rating on Twilio Inc. (NYSE:TWLO) with a $450 price target following the company’s Q3 results.
Lakehouse Capital, in its Q2 2021 investor letter, mentioned Twilio Inc. (NYSE:TWLO). Here is what the fund said:
“The Fund held 20 positions as of the end of June and exited four during the year (including) Twilio. The companies we exited were sold almost entirely on the basis of their valuations getting stretched well past their norms and to levels where the return profile no longer offered the asymmetric upside that led us to invest in the first place. We dislike selling on valuation as great growth companies are hard to find and letting winners run is an important facet of a winning growth strategy, however, we’re not gluttons for punishment either and in each of those cases we redeployed capital towards other high-quality growth companies with less demanding valuations.”
4. Uber Technologies, Inc. (NYSE:UBER)
Jericho Capital Asset Management’s Stake Value: $220.9 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 5.23%
Number of Hedge Fund Holders: 135
Multinational company Uber Technologies, Inc. (NYSE:UBER) is a mobility as a service provider, offering a range of services, including transportation, food delivery and package delivery. Uber Technologies, Inc (NYSE:UBER), on October 24, said it is launching a new partnership with rental car company Hertz to offer 50,000 Tesla Inc (NASDAQ:TSLA) vehicles as a rental option for its ride-hail drivers by 2023.
On October 15, Evercore ISI analyst Mark Mahaney added Uber Technologies, Inc. (NYSE:UBER) to his “Tactical Outperform List” while keeping an Outperform rating on its shares with a $70 price target.
According to the 13F filings for the second quarter, Josh Resnick’s Jericho Capital Asset Management holds over 4.4 million shares of Uber Technologies, Inc. (NYSE:UBER), worth approximately $220.9 million, accounting for 5.23% of the fund’s portfolio.
Of the 873 elite funds tracked by Insider Monkey, 135 were long Uber Technologies, Inc. (NYSE:UBER) at the end of June, up from 130 in the first quarter of 2021. Brad Gerstner of Altimeter Capital Management is the leading stakeholder of the company.
ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER) in its Q2 2021 investor letter. Here is what the firm has to say:
“The pandemic has also brought attention to the question of gig worker employment status for companies, including ClearBridge holdings Uber and Lyft. In the U.K., Uber proactively classified its drivers as “workers” ahead of final rulings from the British court system. The worker status in the U.K. is a designation between self-employed and employed status that entitles drivers to minimum wage, holiday pay and in some cases a pension.
ClearBridge has engaged with Uber on labor issues since its IPO, and we have given feedback over that time to the CEO, CFO, Chief Legal Officer and Investor Relations on labor relations as well as strategy and communications. Uber’s agreement on this designation is ahead of other competitors in the market and the legal mandate represents a step forward in the company’s thinking about labor. The agreement represents a short-term hit to earnings, yet in some ways it places Uber ahead of the market in its ability to balance labor and shareholder interests. Workers benefit from improved conditions, with new contributions amounting to roughly 3% of a driver’s earnings, while Uber establishes more certainty on costs and visibility into its regulatory environment and operation conditions in the future.”
3. Marvell Technology, Inc. (NASDAQ:MRVL)
Jericho Capital Asset Management’s Stake Value: $274.6 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 6.5%
Number of Hedge Fund Holders: 51
Marvell Technology, Inc. (NASDAQ:MRVL) is a Delaware-based company that develops and produces semiconductors, offering a broad portfolio of data infrastructure semiconductor solutions that spans computing, networking, security and storage.
As of Q2 2021, Josh Resnick’s hedge fund reported holding 4.7 million shares of Marvell Technology, Inc. (NASDAQ:MRVL). These shares are valued at $274.6 million and represent 6.5% of his fund’s investment portfolio. At the end of the second quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Marvell Technology, Inc. (NASDAQ:MRVL), up from 33 in the previous quarter worth $683 million.
On October 7, Needham analyst N. Quinn Bolton raised the price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $75 from $69, and kept a Buy rating on the shares of the company.
In the Q2 2021 investor letter of ClearBridge Investmenst, the fund mentioned Marvell Technology, Inc. (NASDAQ:MRVL). Here is what the fund had to say:
“We also gained shares of Marvell Technology, a fabless designer of analog and digital semiconductors, switches, controllers and storage solutions, following the closure of its acquisition of portfolio holding Inphi. The deal expands Marvell’s reach into the networking, cloud and telecom markets.”
2. DoorDash, Inc. (NYSE:DASH)
Jericho Capital Asset Management’s Stake Value: $279.3 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 6.61%
Number of Hedge Fund Holders: 45
One of the largest online food delivery companies in the United States with over 56% market share, DoorDash, Inc. (NYSE:DASH) operates a delivery platform based in San Francisco, California.
On October 18, JMP Securities analyst Andrew Boone raised his price target on DoorDash, Inc. (NYSE:DASH) to $230 from $210, and maintained an Outperform rating on the shares.
Based on the second quarter securities filings of Jericho Capital Asset Management, the fund held over 1.56 million shares of DoorDash, Inc. (NYSE:DASH), worth more than $279.3 million.
Tiger Global Management LLC is the leading shareholder of DoorDash, Inc. (NYSE:DASH), with shares worth $1.9 billion. Overall, 45 hedge funds tracked by Insider Monkey were bullish on DoorDash, Inc. (NYSE:DASH), up from 38 in the previous quarter.
1. DISH Network Corporation (NASDAQ:DISH)
Jericho Capital Asset Management’s Stake Value: $312.5 million
Percentage of Jericho Capital Asset Management’s 13F Portfolio: 7.4%
Number of Hedge Fund Holders: 51
DISH Network Corporation (NASDAQ:DISH) is a Colorado-based satellite television company that provides satellite television, audio programming and interactive television services.
According to the second quarter 13F filings, Josh Resnick owns more than 7.47 million shares of DISH Network Corporation (NASDAQ:DISH), amounting to approximately $312.5 million and accounting for 7.4% of his hedge fund’s investment portfolio. At the end of the second quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $2.5 billion in DISH Network Corporation (NASDAQ: DISH), the same as in the previous quarter worth $2.2 billion.
On September 17, Pivotal Research analyst Jeffrey Wlodarczak raised his price target on DISH Network Corporation (NASDAQ:DISH) to $65 from $60, and kept a Buy rating on the shares of the company.
In its Q2 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and DISH Network Corporation (NASDAQ:DISH) was one of them. Here is what the fund said:
“Portfolio holdings in the communication services and financials sectors also made strong contributions. Dish Network continues to make progress on the buildout of its greenfield 5G network, with Las Vegas slated to become the first market launched later this year. The company gained credibility, and its stock reacted favorably, after it announced a partnership with Amazon to deploy a 5G cloud-native network using AWS’s cloud infrastructure. While the stock has been volatile in recent quarters, we continue to feel confident in Dish’s long-term prospects, which include competing as a fourth U.S. wireless carrier. Charter Communications has been executing well and benefiting from the growth in residential broadband, which has been accelerated by COVID-19 and should see further support from the Biden Administration’s infrastructure bill, which earmarks $65 billion for broadband buildout. In addition, we expect the company to continue to grow its wireless business, leveraging its mobile virtual network operator (MVNO) relationship with Verizon. The company continues to generate strong and growing free cash flow and deploys it toward consistent and material share buybacks.”
You can also take a peek at 10 Cheap Small-Cap Stocks to Buy and 10 Penny Stocks with Upcoming Growth Catalysts.
