In this article, we discuss 5 tech stocks that analysts are increasing the price targets of. If you want to see some more tech stocks that were favored by market experts recently, click Analysts Are Increasing Prices Targets of These 10 Tech Stocks.
5. Booking Holdings Inc. (NASDAQ:BKNG)
Number of Hedge Fund Holders: 92
Booking Holdings Inc. (NASDAQ:BKNG) is a Connecticut-based travel technology company that offers lodging and travel fare aggregators, with platforms including Booking.com, Priceline.com, Agoda.com, Kayak.com, Cheapflights, and Rentalcars.com.
Tigress Financial analyst Ivan Feinseth on April 19 raised the firm’s price target on Booking Holdings Inc. (NASDAQ:BKNG) to $3,210 from $3,150 and reiterated a Strong Buy rating on the shares, citing the “massive recovery” in global travel. The significant recovery, particularly in Europe, is advantageous for Booking Holdings Inc. (NASDAQ:BKNG) as it remains the company’s most profitable region, the analyst told investors.
Booking Holdings Inc. (NASDAQ:BKNG)’s financial results for Q4 2021 were posted on February 23. The company announced earnings per share of $15.83, exceeding analysts’ estimates by $2.31. Revenue over the period jumped roughly 141% year-over-year to $2.98 billion, outperforming market consensus by $128.20 million.
According to Insider Monkey’s fourth quarter database, 92 hedge funds placed long calls on Booking Holdings Inc. (NASDAQ:BKNG), compared to 96 funds in the previous quarter. The total stakes owned in Q4 2021 amounted to $7.72 billion. Harris Associates is the biggest position holder in the company, with 668,851 shares worth $1.60 million.
Here is what ClearBridge Investments Large Cap Value Strategy has to say about Booking Holdings Inc. (NASDAQ:BKNG) in its Q4 2021 investor letter:
“The pandemic created opportunities for us to be more aggressive in a variety of areas of the market. We were opportunistic throughout the year, for example, in positioning the portfolio to benefit from a flush consumer eager to return to spending and traveling. New positions included Booking Holdings, an online travel agency with industry-leading margins and a dominant footprint in Europe.”
4. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 158
Alphabet Inc. (NASDAQ:GOOG) is a multinational American tech firm that serves as the parent company for Google and Google subsidiaries. On April 20, Alphabet Inc. (NASDAQ:GOOG) received a request from the U.S. Department of Justice for more information regarding its planned $5.4 billion acquisition of the cybersecurity company, Mandiant, Inc. (NASDAQ:MNDT).
In the fourth quarter of 2021, 158 elite hedge funds reported owning stakes worth $36.6 billion in Alphabet Inc. (NASDAQ:GOOG), compared to 156 funds in the earlier quarter, holding stakes in the company valued at $34.9 billion. Chris Hohn’s TCI Fund Management held the leading position in Alphabet Inc. (NASDAQ:GOOG), with 2.95 million shares worth $8.5 billion.
Citi analyst Ronald Josey upgraded Alphabet Inc. (NASDAQ:GOOG) to Buy from Neutral with a price target of $3,500, up from $2,965, after assuming coverage of the internet sector. He views the broader sector as “healthy” and projects further sustainable growth, since digital consumer footprint continues to increase.
Here is what ClearBridge Investments Large Cap Value Strategy has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2022 investor letter:
“Additionally, we added to our position in Alphabet (NASDAQ:GOOG), whose valuation we found attractive amid the market selloff early in the quarter, particularly given its dominant position in search, its scaling opportunities in cloud services, and its relative insulation from Apple (NASDAQ:AAPL)’s privacy initiatives, which do not affect Alphabet’s core search business the way they do other large tech platforms.”
3. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 33
Palantir Technologies Inc. (NYSE:PLTR) develops software platforms and algorithms to assist the US government in counterterrorism investigations and operations. In the fourth quarter of 2021, 33 hedge funds were bullish on Palantir Technologies Inc. (NYSE:PLTR), compared to 35 funds in the prior quarter.
RBC Capital analyst Rishi Jaluria on April 19 upgraded Palantir Technologies Inc. (NYSE:PLTR) to Sector Perform from Underperform with a price target of $12, up from $9. The analyst told investors that he remains cautious on the company over the long-term, but in the near-term, he sees potential upside from increased government spending and the end of SPAC investment.
On April 1, Palantir Technologies Inc. (NYSE:PLTR) announced a partnership with Carahsoft Technology, an IT solutions company, to expand its reach in the U.S. market. This partnership will result in Palantir Technologies Inc. (NYSE:PLTR)’s solutions reaching a broader range of public agencies and departments.
Among the hedge funds tracked by Insider Monkey, Cathie Wood’s ARK Investment Management is the largest shareholder of Palantir Technologies Inc. (NYSE:PLTR) as of Q4 2021, with 35.2 million shares worth $642.5 million.
Here is what Tao Value has to say about Palantir Technologies Inc. (NYSE:PLTR) in its Q4 2021 investor letter:
“We have no new position this quarter and have made below changes to our portfolio. We also sold Palantir (PLTR) as I identified it subject to high retail bubble risk (using above method) and are not part of our core “Mindful Compounder” holdings.”
2. Casa Systems, Inc. (NASDAQ:CASA)
Number of Hedge Fund Holders: 10
Casa Systems, Inc. (NASDAQ:CASA) was incorporated in 2003 and is headquartered in Andover, Massachusetts. It operates as a communications technology company, offering physical and cloud infrastructure for cable broadband, fixed-line broadband, and wireless networks in North America, Latin America, the Asia Pacific, Europe, the Middle East, and Africa.
On April 19, Barclays analyst Tim Long raised the firm’s price target on Casa Systems, Inc. (NASDAQ:CASA) to $9 from $7 and kept an Overweight rating on the shares. The analyst cited the company’s “big strategic win”, referring to its purchase agreement terms with Verizon Communications Inc. (NYSE:VZ). Verizon has agreed to invest $40 million in Casa Systems, Inc. (NASDAQ:CASA)’s common stock, resulting in a 9.9% ownership stake, the analyst told investors.
Among the hedge funds tracked by Insider Monkey in Q4 2021, 10 funds reported owning stakes in Casa Systems, Inc. (NASDAQ:CASA), worth $6.8 million, compared to 11 funds in the prior quarter, holding stakes in Casa Systems, Inc. (NASDAQ:CASA) valued at $9.1 million. Jim Simons’ Renaissance Technologies held the leading position in the company, with 351,696 shares worth approximately $2 million.
1. LegalZoom.com, Inc. (NASDAQ:LZ)
Number of Hedge Fund Holders: 18
LegalZoom.com, Inc. (NASDAQ:LZ) is an online legal tech company that assists users with preparing documents, effectively eliminating the need for lawyers. Legal technology assistance includes wills, business formation papers, copyrights, patents, and trademark applications.
Citi analyst Ronald Josey upgraded LegalZoom.com, Inc. (NASDAQ:LZ) on April 19 to Buy from Neutral with a price target of $20, up from $19, after assuming coverage of the internet sector. The analyst remains bullish on internet stocks and sees room for growth.
LegalZoom.com, Inc. (NASDAQ:LZ) posted its Q4 results on March 10, reporting earnings per share of $0.02, beating consensus estimates by $0.02. However, the $142.14 million revenue fell short of analysts’ predictions by $1.56 million.
Insider Monkey’s Q4 database suggests that LegalZoom.com, Inc. (NASDAQ:LZ) was found in the portfolios of 18 hedge funds, who collectively held stakes in the company worth $225.2 million. William Royan, Khai Ha, and Alex Migon’s GPI Capital is the biggest position holder in the company, with 9.5 million shares worth $153.3 million.
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