In this article, we will be taking a look at the 5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global. To read our analysis of Algert Global’s profile, investment strategy, risk/reward, and 13F holdings, you can go to the 10 Best Tech Stocks to Buy According to Peter Algert’s Algert Global.
5. Fabrinet (NYSE:FN)
Algert Global’s Stake Value: $5,211,000
Percentage of Algert Global’s 13F Portfolio: 0.39%
Number of Hedge Fund Holders: 19
Fabrinet (NYSE:FN) is an advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services provider with a focus on complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. Its manufacturing facilities are located in Thailand, China, United Kingdom, UK, Israel, and Cayman Islands.
Algert Global owns 64,253 shares of Fabrinet (NYSE:FN), making up 0.39% of the investment manger’s 13F portfolio. Its stake increased by 56% in Q2 2022, compared to the previous quarter.
In August, Fabrinet (NYSE:FN) released its financial results for the three months ended June 24, 2022. Its revenue increased by 15% y-o-y to $588 million, while its net income increased by 33% y-o-y to $56 million, for the quarter. It reported a normalized EPS of $1.68 for the quarter, beating the consensus by $0.14.
Following the earnings release, Needham analyst Alex Henderson raised the firm’s price target on Fabrinet (NYSE:FN) shares to $135 from $130 and maintained a ‘Buy’ rating on the shares.
As of Q2 2022, 19 hedge funds held shares in Fabrinet (NYSE:FN), valued at $178 million. Alyeska Investment Group was the largest shareholder on record with ownership of 458,039 shares valued at $37 million.
4. CommVault Systems, Inc. (NASDAQ:CVLT)
Algert Global’s Stake Value: $5,793,000
Percentage of Algert Global’s 13F Portfolio: 0.43%
Number of Hedge Fund Holders: 17
New Jersey-based CommVault Systems, Inc. (NASDAQ:CVLT) is a data protection and information management solutions provider to mid-level and enterprise-level organizations across the globe. Its offerings are classified as data protection, data insights, and data storage solutions allowing customers to use all of their data anywhere and anytime.
Algert Global has increased its stake in CommVault Systems, Inc. (NASDAQ:CVLT) by a whopping 974% in the first half of 2022, from a measly 8,575 shares to 92,092 shares, as of Q2 2022. The stock accounts for 0.43% of the 13F portfolio of the hedge fund.
In July, CommVault Systems, Inc. (NASDAQ:CVLT) released the financial results for the quarter ended June 30, 2022. Its revenue increased by 8% y-o-y to $198 million, while its net income shrunk by 75% y-o-y to $3.5 million, for the quarter. CommVault Systems, Inc. (NASDAQ:CVLT) recorded a normalized EPS of $0.64 for the quarter, beating the consensus by $0.01.
As of Q2 2022, 17 of the 895 hedge funds tracked by Insider Monkey were long CommVault Systems, Inc. (NASDAQ:CVLT), owning shares valued at $439 million. Starboard Value LP was the largest shareholder on record with ownership of 3.8 million shares valued at $239 million.
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.
2. Pure Storage, Inc. (NYSE:PSTG)
Algert Global’s Stake Value: $6,475,000
Percentage of Algert Global’s 13F Portfolio: 0.48%
Number of Hedge Fund Holders: 33
Pure Storage, Inc. (NYSE:PSTG) is a technology company focused on providing data storage technologies, products, and services. Its portfolio of products and services support structured and unstructured data, across any data workloads in hybrid and public cloud environments, and test and development, analytics, disaster recovery (DR), and backup and recovery.
Algert Global owns 251,854 shares of Pure Storage, Inc. (NYSE:PSTG), making up 0.48% of the hedge fund’s 13F Portfolio. Its stake shrunk by 5% in Q2 2022, compared to the previous quarter, and increased by 151% since the beginning of this year.
In the last week of August, Pure Storage, Inc. (NYSE:PSTG), released the financial results for its quarter ended August 7, 2022. It delivered a strong quarterly financial performance with 30% y-o-y revenue increase to $647 million, and a net income of $11 million, for the quarter. It reported a normalized EPS of $0.32, beating the consensus by $0.10.
Following the earnings release, several analysts raised their price targets on Pure Storage, Inc. (NYSE:PSTG), including Morgan Stanley analyst raising target from $33 to $35, Barclays raising target from $39 to $42, and Northland analyst from $44 to $47.
As of Q2 2022, 33 of the hedge funds tracked by Insider Monkey held shares of Pure Storage, Inc. (NYSE:PSTG), valued at $961 million. Its largest shareholder was Two Sigma Advisors with ownership of 5.2 million shares valued at $134 million.
1. Apple Inc. (NASDAQ:AAPL)
Algert Global’s Stake Value: $6,542,000
Percentage of Algert Global’s 13F Portfolio: 0.49%
Number of Hedge Fund Holders: 128
Apple Inc. (NASDAQ:AAPL) is a leading technology company focused on the designing, manufacturing, and marketing of smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services.
Apple Inc. (NASDAQ:AAPL) also ranks as #1 in the list of both 5 and 10 best tech stocks to buy according to Peter Algert’s Algert Global.
Major products of Apple Inc. (NASDAQ:AAPL) include the iPhone, Mac PCs, iPad, and accessories while service offerings include Apple Care, Cloud Services, Digital Content and Payment services. iPhone sales accounted for more than half of its revenue in the last fiscal year. The company launched iPhone 14 in the first week of September which could result in a surge in the company’s revenue.
Algert Global owns 47,847 shares of Apple Inc. (NASDAQ:AAPL), making up 0.49% of the investment manger’s 13F portfolio. Its stake decreased by 5% in Q2 2022, compared to the previous quarter.
In July, Apple Inc. (NASDAQ:AAPL) released its financial results for the quarter ended June 25, 2022. Its net sales increased by 2% y-o-y to $83 billion, while its net income declined by 11% y-o-y to $19.4 billion, for the three months. It reported a normalized EPS of $1.20 for the quarter, beating the consensus by $0.04. Apple Inc. (NASDAQ:AAPL) declared a regular cash dividend of $0.23 per share for the quarter.
Apple Inc. (NASDAQ:AAPL) is among the stocks most widely held by hedge funds according to Insider Monkey data on 895 hedge funds. As of Q2 2022, 128 hedge funds held shares in Apple Inc. (NASDAQ:AAPL), valued at $143 billion. Warren Buffet’s Berkshire Hathaway was the largest shareholder on record with ownership of 895 million shares valued at $122 billion.
You can also take a look at 5 High-Yield Monthly Dividend Stocks to Buy in September and 9 Best Tech Stocks to Buy According to Hedge Funds.
