In this article, we talk about the 5 tech stocks to buy now according to billionaire Steve Cohen. In order to read our detailed analysis of Cohen’s hedge fund history and investment strategy, as well as the risk/reward and methodology of this list, go directly to 10 Tech Stocks To Buy Now According To Billionaire Steve Cohen.
5. Broadcom Inc. (NASDAQ:AVGO)
Stake Value in Point72 Asset Management’s 13F Portfolio: $162.02 million
Percentage of Point72 Asset Management’s 13F Portfolio: 0.68%
Number of Hedge Funds: 66
Broadcom Inc. (NASDAQ:AVGO) designs, develops, manufactures, and distributes a variety of semiconductor and infrastructure software products worldwide.
The company has a strong dividend history. Broadcom Inc. (NASDAQ:AVGO) has consistently paid dividends to its shareholders for the last ten years and early in September, the company also announced its regular quarterly dividend of $4.10 per share with a forward yield of 3.34%.
Broadcom Inc. (NASDAQ:AVGO) has also strong profits. In the second quarter, Broadcom Inc. (NASDAQ:AVGO) delivered adjusted EPS of $9.73 and revenue of $8.46 billion, beating estimates by $0.18 and $57.49 million respectively.
As of the end of Q2 2022, 66 of the hedge funds tracked by Insider Monkey owned stakes in Broadcom Inc. (NASDAQ:AVGO). Those stakes held a collective value of over $4.03 billion.
Among the hedge funds tracked by Insider Monkey, Fisher Asset Management is a leading shareholder in Broadcom Inc. (NASDAQ:AVGO), with 1 million shares worth more than $716.29 million.
4. Meta Platforms, Inc. (NASDAQ:META)
Stake Value in Point72 Asset Management’s 13F Portfolio: $164.61 million
Percentage of Point72 Asset Management’s 13F Portfolio: 0.69%
Number of Hedge Funds: 184
Based in California, USA Meta Platforms, Inc. (NASDAQ:META) is a tech conglomerate which focuses on developing goods and services that enable connections and communication between individuals. The company is ranked 4 in our list of our list of 10 tech stocks to buy now according to billionaire Steve Cohen. As of August 2022, Steve Cohen’s Point72 Asset Management had stakes worth $164.61 million in Meta Platforms, Inc. (NASDAQ:META).
Meta Platforms, Inc. (NASDAQ:META) recently acquired German firm Lofelt, whose technology aims to imitate the illusion of touch in virtual reality. In Q2 2022, Meta Platforms, Inc. (NASDAQ:META) also reported revenue of $28.82 billion and an adjusted EPS of $246.
184 hedge funds tracked by Insider Monkey reported having bullish bets on Meta Platforms, Inc. (NASDAQ:META) as of the end of the second quarter of 2022, with an aggregate stake value of $18.19 billion. Citadel Investment Group, with a position worth $3.35 billion, was one of the largest hedge fund holders of Meta Platforms, Inc. (NASDAQ:META).
3. Arista Networks, Inc. (NYSE:ANET)
Stake Value in Point72 Asset Management’s 13F Portfolio: $177.27 million
Percentage of Point72 Asset Management’s 13F Portfolio: 0.74%
Number of Hedge Funds: 48
Based in California, USA Arista Networks, Inc. (NYSE:ANET) is a computer networking company specializing in network operating systems and network switches.
Despite the headwinds on the supply chain front, at the end of Q2 2022, Arista Networks, Inc. (NYSE:ANET) reported an adjusted EPS of $1.08, beating estimates by $0.16. Analysts continue to rate the stock positively, Amit Daryanani of Evercore ISI increased the company’s price target from $135 to $145 while maintaining an Outperform rating on the shares.
Among the hedge funds tracked by Insider Monkey, 48 funds were bullish on Arista Networks, Inc. (NYSE:ANET) at the end of Q2 2022.
As of Q2 2022, Steve Cohen’s Point72 Asset Management owned 1.89 million shares in Arista Networks, Inc. (NYSE:ANET). The hedge fund’s total stake in the company stood at over $177.27 million, which accounted for 0.74% of its 13F portfolio.
2. ServiceNow, Inc. (NYSE:NOW)
Stake Value in Point72 Asset Management’s 13F Portfolio: $179.71 million
Percentage of Point72 Asset Management’s 13F Portfolio: 0.75%
Number of Hedge Funds: 99
ServiceNow, Inc. (NYSE:NOW) creates a cloud-based platform to assist businesses in managing their digital workflows for business operations.
Analysts are optimistic about the company’s growth. John DiFucci analyst at Guggenheim maintained a neutral rating on the company stock and set a $510 price target.
Among the hedge funds tracked by Insider Monkey, 99 funds were bullish on ServiceNow, Inc. (NYSE:NOW) at the end of Q2 2022. Fisher Asset Management held shares worth $693.89 million in ServiceNow, Inc. (NYSE:NOW).
Here is what Ensemble Capital said about ServiceNow, Inc. (NYSE:NOW) in its Q2 2022 investor letter:
ServiceNow is an enterprise software company that helps their corporate customers integrate all of their various software products into a unified platform. Their products are a key element of driving the digital transformation nearly every large company is undergoing. At the recent JP Morgan investor day, CEO Jamie Dimon explained that while the company could reduce expenses if needed should the economy slow, that their spending on digital transformation would continue as this spending was critical to the company managing costs and maximizing revenue over time. As an example of this type of spending, Dimon specifically pointed to ServiceNow, calling out that the company’s products now oversaw the single largest collection of JP Morgan data and highlighted that working with them had saved JP Morgan $50 million over the past few years.
While we have high expectations for ServiceNow’s long-term growth rate, at the company’s investor day in late May they offered an increased growth outlook for the next five years as they target even higher levels of growth than we have been expecting.
1. Take-Two Interactive Software, Inc. (NASDAQ:TTWO)
Stake Value in Point72 Asset Management’s 13F Portfolio: $189.10 million
Percentage of Point72 Asset Management’s 13F Portfolio: 0.79%
Number of Hedge Funds: 66
Ranked 1 in our list of 10 tech stocks to buy now according to billionaire Steve Cohen is Take-Two Interactive Software, Inc. (NASDAQ:TTWO), a video game company based in the USA. Steve Cohen’s Point72 Asset Management had shares worth $189.10 million in Take-Two Interactive Software, Inc. (NASDAQ:TTWO).
In 2022, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) successfully closed on its acquisition of Zynga, which could help growth. In Q2, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) also reported $1.00 billion revenue and adjusted EPS of $0.074.
As of Q2 2022, 66 of the 895 hedge funds tracked by Insider Monkey were bullish on Take-Two Interactive Software, Inc. (NASDAQ:TTWO), holding shares worth $2 billion. Simon Sadler’s Segantii Capital was the largest shareholder with ownership of 23,500 shares valued at $287.94 million.
You can also take a look at Simon Sadler’s Segantii Capital is Bullish on These 10 Stocks and 10 Best Stocks to Buy Now According to Billionaire Andreas Halvorsen.
