5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global

3. Avnet, Inc. (NYSE:AVT)

Algert Global’s Stake Value: $6,366,000

Percentage of Algert Global’s 13F Portfolio: 0.47%

Number of Hedge Fund Holders: 27

Avnet, Inc. (NYSE:AVT) is a global electronic components distributor based in Phoenix, Arizona, with extensive design, product, marketing and supply chain expertise for customers and suppliers at every stage of the product lifecycle.

Peter Algert’s Algert Global owns 148,456 shares of Avnet, Inc. (NYSE:AVT), accounting for a 0.47% weightage in the hedge fund’s 13F portfolio. Algert Global’s stake increased by 22% in Q2 2022, as compared to the previous quarter.

In August, Avnet, Inc. (NYSE:AVT) released its financial results for the quarter ended July 2, 2022. Its revenue increased by 22% y-o-y to $6.4 billion, while net income increased by 189% y-o-y to $247 million, for the quarter. Normalized EPS for the quarter was recorded at $2.07, beating the consensus by $0.08. The company also announced a quarterly cash dividend of $0.29 per share.

Following the earnings release, JPMorgan analyst Joseph Cardoso initiated coverage of Avnet, Inc. (NYSE:AVT) with a price target of $46 per share and an ‘Underweight’ rating.

As of Q2 2022, 27 of the 895 hedge funds tracked by Insider Monkey were long Avnet, Inc. (NYSE:AVT) shares, for a total value of $766 million. Pzena Investment Management was the largest shareholder with ownership of 10.7 million shares valued at $461 million.