In this article, we discuss 5 stocks trending on Robinhood. If you want to check out some more stocks in this selection, click 10 Stocks Trending on Robinhood.
5. Exxon Mobil Corporation (NYSE:XOM)
Number of Hedge Fund Holders: 71
Exxon Mobil Corporation (NYSE:XOM), the American oil and gas multinational company, was one of the stocks trending on Robinhood as of late. On March 25, KBR, Inc. (NYSE:KBR) and Exxon Mobil Corporation (NYSE:XOM) announced plans to collaborate, bringing notable advancements to propane dehydrogenation technology.
On March 9, Barclays analyst Jeanine Wai lifted the price target on Exxon Mobil Corporation (NYSE:XOM) to $98 from $91 and reiterated an Overweight rating on the shares. The analyst updated his model to account for the current gas prices and latest Permian production and capex assumptions.
Among the hedge funds monitored by Insider Monkey as of Q4 2021, 71 funds were long Exxon Mobil Corporation (NYSE:XOM), compared to 64 funds in the last quarter. Rajiv Jain’s GQG Partners is the biggest shareholder of the company, with 32.3 million shares worth roughly $2 billion.
Here is what First Eagle Investment Management has to say about Exxon Mobil Corporation (NYSE:XOM) in its Q2 2021 investor letter:
“Leading contributors in the First Eagle Global Fund this quarter included Exxon Mobil Corporation. The continued recovery in oil prices as economies reopen helped fuel another strong performance across the energy complex, including shares of Exxon Mobil. Exxon Mobil recently lost a proxy fight with an activist investor that took three of the company’s 12 board seats. While the press was focused on the investor’s concerns over Exxon Mobil’s long term energy transformation strategy, other factors fundamental to shareholder returns—like capital discipline and balance sheet management—were also at play.”
4. Intuit Inc. (NASDAQ:INTU)
Number of Hedge Fund Holders: 82
Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) is a provider of financial management and compliance products and services for small businesses in the United States, Canada, and international markets.
Intuit Inc. (NASDAQ:INTU) declared on March 3 a $0.68 per share quarterly dividend, in line with previous. The dividend will be distributed on April 18, to shareholders of record on April 11.
On March 21, Stifel analyst Brad Reback maintained a Buy recommendation on Intuit Inc. (NASDAQ:INTU), but reduced the price target to $580 from $600. The analyst cited the enterprise software sector reflecting increasing headwinds to new business activity given the Russia/Ukraine war, accelerating supply chain challenges, and the widespread effect of higher energy prices on consumer spending for the slashed price objective.
According to the Q4 database of Insider Monkey, 82 hedge funds placed long bets on Intuit Inc. (NASDAQ:INTU), up from 64 funds in the last quarter. Terry Smith’s Fundsmith LLP is the largest shareholder of Intuit Inc. (NASDAQ:INTU), with 3.7 million shares worth $2.40 billion.
Here is what Baron FinTech Fund has to say about Intuit Inc. (NASDAQ:INTU) in its Q4 2021 investor letter:
“Intuit Inc. is the leading provider of accounting and tax preparation software. Shares increased after the company reported quarterly results that beat Street estimates, with 22% revenue growth in the Small Business segment and record-high revenue from Credit Karma. The company closed the acquisition of MailChimp, which expands its product offering and is accretive to EPS. Management increased full-year guidance to reflect better organic growth and the contribution from MailChimp. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities. We have several investments in software companies that help businesses manage their financial processes and operations. Intuit Inc. provides accounting and payroll solutions for small businesses as well as tax preparation software for consumers and tax professionals.”
3. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders: 84
Snowflake Inc. (NYSE:SNOW) is one of the hottest stocks on Robinhood lately. Snowflake Inc. (NYSE:SNOW) provides a cloud-based platform that allows data management and business insights to be analyzed.
On March 2, Snowflake Inc. (NYSE:SNOW) reported its Q4 earnings, posting an EPS of $0.12, topping estimates by $0.09. Revenue over the period gained 101.49% from the prior-year quarter, reaching approximately $384 million, outperforming market consensus by $10.90 million.
Truist analyst Joel Fishbein on March 24 maintained a Buy rating on Snowflake Inc. (NYSE:SNOW) but lowered the price target to $350 from $400, citing valuations in the Infrastructure and Security software sectors.
Among the hedge funds tracked by Insider Monkey, 84 hedge funds were bullish on Snowflake Inc. (NYSE:SNOW) at the end of Q4 2021, compared to 73 funds in the previous quarter. Brad Gerstner’s Altimeter Capital Management owns the largest stake in the company, with more than 17 million shares worth $5.75 billion.
Here is what Guardian Capital Management has to say about Snowflake Inc. (NYSE:SNOW) in its Q4 2021 investor letter:
“When we read the quarterly earnings updates, we continue to be impressed by the magnitude of the reallocation of resources within society. For instance, cloud spending is expected to nearly triple by 2025. The migration to the public cloud is a massive opportunity for Snowflake, as well as dozens of companies that are still small private ventures today. The markets for digital commerce, payments, advertising, streaming of content, and information intelligence, are likely to keep compounding at double digit growth rates for the foreseeable future.
No wonder there is much excitement and people feel increasing pressure to participate in wealth creation that is taking place in those fields. While many intelligent capital allocators understand the value that is to be found in investing in internet-enabled businesses, the fear of timing and valuation has been high for years. The shift in thinking and the new mental models required to transition from linearly growing companies to some of the most scalable business models is hard. It becomes even harder when having to do the homework in an echo chamber of worried market observers constantly pointing at rising stock prices combined with the ‘I told you so’ crowd that are flourishing nowadays.
All in all, we are convinced that the podium on which we are focused – the data-driven, cloudnative, founder-led, businesses that enable people to play and work digitally – is where the magic happens for a long time to come. What matters to us is whether the businesses are worth at least double in 2025. We think that when we will be looking back at today’s prices in 2030, they will likely look like bargains for several businesses.”
2. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 110
NVIDIA Corporation (NASDAQ:NVDA) is one of the most talked about stocks on Robinhood. NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing, and networking solutions across the United States and international markets.
NVIDIA Corporation (NASDAQ:NVDA) posted above consensus earnings and revenue for the fourth quarter of 2021 on February 16. The EPS came in at $1.32 and the revenue climbed almost 53% from the prior-year quarter to $7.64 billion.
On March 29, Tigress Financial analyst Ivan Feinseth raised the price target on NVIDIA Corporation (NASDAQ:NVDA) to $410 from $400 and kept a Buy rating on the shares. The company recently highlighted new products and its ongoing advancement in artificial intelligence, autonomous technology, and the Omniverse, the analyst told investors. Feinseth noted that NVIDIA Corporation (NASDAQ:NVDA) is rapidly becoming “the world’s leading AI processing provider”, and it is “positioned to be the world’s most transformative technology”.
Elite hedge funds were largely bullish on NVIDIA Corporation (NASDAQ:NVDA). Among the hedge funds tracked by Insider Monkey, 110 funds placed long calls on NVIDIA Corporation (NASDAQ:NVDA) at the end of December 2021, up from 83 funds in the prior quarter. Billionaire Israel Englander’s Millennium Management held a prominent position in the company, with 3.8 million shares worth $1.14 billion.
Here is what Vulcan Value Partners Large Cap Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2021 investor letter:
“NVIDIA Corp. was a material contributor during the quarter. We have discussed NVIDIA at length in previous quarters. Its products are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and now, the Metaverse. The company continues to outperform expectations, growing its revenue and free cash flow significantly throughout 2021, and in turn, its value is compounding quickly.”
1. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 158
Alphabet Inc. (NASDAQ:GOOG) is a multinational technology conglomerate that is positioned as one of the Big Five US technology firms. Alphabet Inc. (NASDAQ:GOOG) is one of the trending stocks on Robinhood lately.
Tigress Financial analyst Ivan Feinseth on March 18 raised the price target on Alphabet Inc. (NASDAQ:GOOG) to $3,670 from $3,540 and reiterated a Strong Buy rating, stating that his updated target represents a potential return of 37% from current levels. The analyst observed Alphabet Inc. (NASDAQ:GOOG)’s “extremely strong” Q4 results and that its ongoing investment in AI “continues to drive increasingly focused and helpful experiences for users and businesses”.
As of the fourth quarter of 2021, Chris Hohn’s TCI Fund Management is the largest stakeholder of Alphabet Inc. (NASDAQ:GOOG), with 2.95 million shares worth $8.5 billion. Overall, 158 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG) at the end of December 2021.
Here is what Vulcan Value Partners has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2021 investor letter:
“In contrast, we made a different kind of mistake about a decade ago. Google, now Alphabet, performed very well for us while we owned it. The company kept outperforming our assumptions and we kept lowering them to be conservative. “Trees do not grow to the sky.” The stock kept going up and our value grew but did not keep pace with the stock. It hit our estimate of fair value and we sold it with a nice gain, patting ourselves on the back. We kept following the company and what they actually did over the next several years was roughly double the assumptions we used to value it. Therefore, our value was too conservative, and we sold it too cheaply, missing many years of compounding. Fortunately, we experienced some volatility several years ago that allowed us to purchase Alphabet (Google) again with a margin of safety.”
You can also take a look at 10 Best Undervalued Stocks According to Hedge Funds and 10 Gold Stocks to Buy Amid Russian Attack on Ukraine.
