In this article, we discuss the 5 stocks that Israel Englander has PUT positions on. If you want to read about some more stocks that Englander has PUT positions on, go directly to Billionaire Englander’s Biggest PUT Positions.
5. Meta Platforms, Inc. (NASDAQ:META) PUT
Number of Hedge Fund Holders: 225
Meta Platforms, Inc. (NASDAQ:META) is a tech firm that owns and runs social media platforms. Latest 13F filings show that Millennium Management owned PUT options on 6.3 million shares of Meta Platforms, Inc. (NASDAQ:META) at the end of September 2023 worth $1.8 billion, representing 0.95% of the portfolio of the fund.
On October 31, investment advisory Citi maintained a Buy rating on Meta Platforms, Inc. (NASDAQ:META) stock with a price target of $425.
At the end of the second quarter of 2023, 225 hedge funds in the database of Insider Monkey held stakes worth $30 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 220 in the preceding quarter worth $25 billion.
In its Q3 2023 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:
“As for other quarterly contributors, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”
4. Amazon.com, Inc. (NASDAQ:AMZN) PUT
Number of Hedge Fund Holders: 278
Amazon.com, Inc. (NASDAQ:AMZN) is a diversified technology firm with core interests in ecommerce. Securities filings show that Millennium Management owned PUT options on over 16 million shares of Amazon.com, Inc. (NASDAQ:AMZN) at the end of September 2023 worth $2 billion, representing 1.04% of the portfolio.
On November 6, investment advisory maintained a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $180 from $178, noting the firm reported a solid quarter led by strong margin improvement in retail and AWS segments.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Amazon.com, Inc. (NASDAQ:AMZN) with 34 million shares worth more than $4.3 billion.
In its Q3 2023 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said:
“Amazon continues to showcase it’s place as one of the most competitively advantaged companies in the world. The company has made significant progress in managing costs and better leveraging existing capacity, driving a strong recovery in its profitability. We think there’s additional room for improvement.
AWS growth seems to be stabilizing even while management continues to work with clients to optimize their infrastructure spend. Roughly 90% of global IT spending remains on premise. We believe this will eventually flip, with most IT spending ultimately moving to the cloud over time. We think AWS will be a significant beneficiary of this transition.
Further, our investment case on company profitability driven by AWS and advertising continues to unfold, delivering nearly $8 billion in free cash flow over the trailing twelve months and a net margin of 5%. We expect both to move higher with the mix shift of more profitable businesses growing fastest continuing to take effect.
At Amazon’s current price, we believe the company is well positioned to deliver a mid-teens or higher total shareholder return for our clients over the next five plus years without a Herculean effort from the business. It simply needs to continue executing on current businesses and growing into the capacity it built during and immediately after the pandemic.”
3. Microsoft Corporation (NASDAQ:MSFT) PUT
Number of Hedge Fund Holders: 300
Microsoft Corporation (NASDAQ:MSFT) is a Washington-based technology company. Latest 13F filings show that Millennium Management owned PUT options on 7.5 million shares of Microsoft Corporation (NASDAQ:MSFT) at the end of September 2023 worth $2.3 billion, representing 1.20% of the portfolio.
On November 16, Wedbush analyst Daniel Ives maintained an Outperform rating on Microsoft Corporation (NASDAQ:MSFT) stock and raised the price target to $425 from $400, noting the expansion of the firm in the AI space.
Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Microsoft Corporation (NASDAQ:MSFT) with 24 million shares worth more than $7.8 billion.
In its Q3 2023 investor letter, Jackson Peak Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:
“The Microsoft Corporation (NASDAQ:MSFT)/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.”
2. Apple Inc. (NASDAQ:AAPL) PUT
Number of Hedge Fund Holders: 135
Apple Inc. (NASDAQ:AAPL) is a consumer electronics firm. Latest 13F filings show that Millennium Management owned PUT options on 15.2 million shares of Apple Inc. (NASDAQ:AAPL) at the end of September 2023 worth $2.6 billion, representing 1.31% of the portfolio of the fund.
On November 14, investment advisory Bernstein maintained a Market Perform rating on Apple Inc. (NASDAQ:AAPL) stock with a price target of $195, backing the firm to improve margins in the coming months.
At the end of the second quarter of 2023, 135 hedge funds in the database of Insider Monkey held stakes worth $194 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $165 billion.
In its Q3 2023 investor letter, Baron Funds highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“After a strong start to the year, shares of Apple Inc. partially retraced their gains this quarter. Mixed second calendar quarter financial results, with iPhone, iPad, and Wearables revenue coming in just shy of consensus expectations, coupled with elevated investor concerns about the macro economy and potential weakness in consumer spending later this year, pressured shares. Despite these quarterly fluctuations in product sales, we are encouraged by several long-term trends, including: (1) revenue from higher-margin services like the App Store, iCloud, and Apple Pay, which are growing faster than the overall business, driving better revenue visibility and higher free-cash-flow (FCF) margins; (2) continued gains in global market share in smartphones, wearables, and other hardware categories; and (3) consistent returns of capital to shareholders via share repurchases and dividends. On top of these trends in the core business, Apple is thoughtfully investing in new categories like augmented reality, search, financial services, and streaming media content. We took advantage of weakness in the quarter to add to our position in Apple.”
1. Tesla, Inc. (NASDAQ:TSLA) PUT
Number of Hedge Fund Holders: 79
Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company. Latest filings show that the hedge fund overseen by Englander owned PUT options on over 10 million shares of Tesla, Inc. (NASDAQ:TSLA) at the end of the third quarter of 2023 worth $2.6 billion, representing 1.34% of the portfolio.
On November 6, investment advisory Morgan Stanley maintained an Overweight rating on Tesla, Inc. (NASDAQ:TSLA) stock with a price target of $380, noting the firm was one of the most vertically integrated manufacturers in the world.
At the end of the second quarter of 2023, 79 hedge funds in the database of Insider Monkey held stakes worth $6.5 billion in Tesla, Inc. (NASDAQ:TSLA), compared to 82 in the previous quarter worth $6.4 billion.
Here is what Baron Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:
“Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.
We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…” (Click here to read the full text)
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