5 Best Tech Stocks to Buy Now According to Totem Point Management

1. NortonLifeLock Inc. (NASDAQ:NLOK)

Totem Point Management’s Stake Value: $15,253,000

Percentage of Totem Point Management’s 13F Portfolio: 9.93%

Number of Hedge Fund Holders: 34

NortonLifeLock Inc. (NASDAQ:NLOK) remained Totem Point’s top stock pick for the seventh straight quarter despite the fund selling off 11% of its NLOK holding during the third quarter. That left it with 602,881 shares worth $15.25 million at the end of Q3. While Totem Point has tremendous conviction in NortonLifeLock, overall hedge fund ownership has declined by 29% since the end of Q1 2019.

NortonLifeLock Inc. (NASDAQ:NLOK), which was formerly known as Symantec, supplies cybersecurity and infrastructure software to 80 million users in more than 150 countries. During Q3 of the company’s 2022 fiscal year, Norton grew revenue and bookings by 12% and 11% respectively, while earnings further outpaced both, coming in at 16%. The company’s Norton 360 platform hit 14 million customers during the quarter, up by more than 1 million since May 2021, while retention rates remained above 85%.

NortonLifeLock Inc. (NASDAQ:NLOK) announced last week that it now anticipates closing its pending merger with antivirus application developer Avast later this month, well ahead of the previously anticipated closing of mid-2022. The deal will add a sizable 435 million customers under Norton’s umbrella of cybersecurity services.

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