5 Most Undervalued Tech Stocks To Buy According To Hedge Funds

In this piece, we will take a look at the five most undervalued technology stocks to buy according to hedge funds. If you want to learn about the recent developments in the industry, then check out 15 Most Undervalued Tech Stocks To Buy According To Hedge Funds.

5. Amkor Technology, Inc. (NASDAQ:AMKR)

Number of Hedge Fund Investors In Q2 2023: 26

Latest P/E Ratio: 10.9

Amkor Technology, Inc. (NASDAQ:AMKR) is a backend semiconductor company that enables chip firms to test and certify their products. The firm’s second quarter earnings might provide a breath of fresh air for the industry moving forward, as its revenue growth shows that backend demand from chip companies is improving, indicating that the glut that has plagued the industry as of late might be resolving.

Insider Monkey’s Q2 2023 survey of 910 hedge funds revealed that 26 had invested in Amkor Technology, Inc. (NASDAQ:AMKR). Stephen White’s SW Investment Management is the firm’s biggest hedge fund shareholder since it owns a $63.9 million stake.

4. Arrow Electronics, Inc. (NYSE:ARW)

Number of Hedge Fund Investors In Q2 2023: 27

Latest P/E Ratio: 6.56

Arrow Electronics, Inc. (NYSE:ARW) provides chips, data analytics, software security, and other related products and services. Its shares are rated Hold on average despite the fact that the firm has beaten analyst EPS estimates for all four of its latest quarters.

As of June 2023, 27 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in the firm. Arrow Electronics, Inc. (NYSE:ARW)’s largest investor in our database is Cliff Asness’ AQR Capital Management since it owns $272 million worth of shares.

3. Concentrix Corporation (NASDAQ:CNXC)

Number of Hedge Fund Investors In Q2 2023: 28

Latest P/E Ratio: 10.19

Concentrix Corporation (NASDAQ:CNXC) is a software company that enables businesses to manage their customer experiences. The firm is currently expanding its global portfolio, by acquiring firms in India and France.

By the end of this year’s second quarter, 28 out of the 910 hedge funds polled by Insider Monkey had invested in Concentrix Corporation (NASDAQ:CNXC). Out of these, Lauren Taylor Wolfe’s Impactive Capital is the biggest shareholder, owning 2.5 million shares that are worth $201 million.

2. Avnet, Inc. (NASDAQ:AVT)

Number of Hedge Fund Investors In Q2 2023: 31

Latest P/E Ratio: 5.92

Avnet, Inc. (NASDAQ:AVT) supplies electrical products in the market and provides supply chain, logistics, product design, and other surfaces to component manufacturers. It is another stock that is rated Hold on average by analysts, despite four consecutive quarterly EPS beats.

Insider Monkey dug through 910 hedge funds for their June quarter of 2023 shareholdings and discovered that 31 had bought the firm’s shares. Richard S. Pzena’s Pzena Investment Management is the company’s largest hedge fund investor since it owns 8.6 million shares that are worth $438 million.

1. Gen Digital Inc. (NASDAQ:GEN)

Number of Hedge Fund Investors In Q2 2023: 36

Latest P/E Ratio: 9.86

Gen Digital Inc. (NASDAQ:GEN) is one of the best known technology firms in the world through its different software products such as Norton and Avast. Barclays kept an Overweight rating on the shares in August, and the stock is rated Buy on average.

36 out of the 910 hedge funds part of Insider Monkey’s Q1 2023 database had invested in Gen Digital Inc. (NASDAQ:GEN). Jeffrey Smith’s Starboard Value LP is the biggest stakeholder among these since it holds a $350 million stake.

Disclosure: None.  You can also take a look at 12 Best Short Squeeze Stocks to Buy Now and Top 25 Countries with the Most Facebook Users.

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