5 Tech Stock Picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management

2. Fidelity National Information Services, Inc. (NYSE:FIS)

Immerman and Schiffman’s Stake Value: $314,647,000
Percentage of Andrew Immerman and Jeremy Schiffman’s 13F Portfolio: 6.77%
Number of Hedge Fund Holders: 72

Fidelity National Information Services, Inc. (NYSE:FIS) is a technology company that provides services to merchants, banks, and capital markets businesses. It was founded in 1968 and is placed second on the list of 10 tech stock picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management. Fidelity National Information Services, Inc. (NYSE:FIS) shares have gained about 43.75% over the last 12 months.

On August 17, JPMorgan analyst Tien-Tsin Huang raised his price target on Fidelity National Information Services, Inc. (NYSE:FIS) to $160 from $153 and kept an “Overweight” rating on the shares. On August 4, Fidelity National Information Services, Inc. (NYSE:FIS) announced earnings for the second quarter of 2021. It posted earnings per share of $1.61, beating the market predictions by $0.06. Revenue over the period was $3.48 billion, surpassing the estimates by $90 million. 

The hedge fund managed by Andrew Immerman and Jeremy Schiffman owns 2.22 million shares in Fidelity National Information Services, Inc. (NYSE:FIS), worth $314.65 million, representing 6.77% of their portfolio. Palestra Capital Management has increased its stake in the firm by 4% in the second quarter of 2021. There were 72 hedge funds in our database that held stakes in Fidelity National Information Services, Inc. (NYSE:FIS) in the second quarter of 2021, compared to 74 funds in the previous quarter.

Baron Funds, in its fourth-quarter 2020 investor letter, mentioned Fidelity National Information Services, Inc. (NYSE: FIS). Here is what the fund said:

“Weakness in IT was largely due to share price declines from payment services provider Fidelity National Information Services, Inc. Fidelity National’s stock underperformed because of revenue headwinds from the pandemic as reduced travel and spending activity led to lower payment processing volumes. Management believes these headwinds are temporary and expects growth to accelerate next year.”