In this article, we discuss billionaire Steve Cohen’s top 5 technology stocks. If you want to see more of billionaire Steve Cohen’s top technology stocks, go directly to Billionaire Steve Cohen’s Top 10 Technology Stocks.
5. Palo Alto Networks, Inc. (NASDAQ:PANW)
Point72 Asset Management’s Stake Value as of 9/30: $231,590,000
Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 0.92%
Point72 Asset Management basically established a new position in cybersecurity company Palo Alto Networks, Inc. (NASDAQ:PANW) given the fund raised its share count in the stock by 537% in Q3. As a result of the new purchases, Steve Cohen’s fund ended September with a stake value of over $231 million in Palo Alto Networks, Inc. (NASDAQ:PANW). For Q1, Palo Alto Networks, Inc. (NASDAQ:PANW) reported adjusted EPS of $0.83 on revenue of $1.6 billion versus the consensus of $0.69 on revenue of $1.55 billion. For FY23, the company sees adjusted EPS of $3.37-$3.44 versus the consensus of $3.17.
4. Fidelity National Information Services, Inc. (NYSE:FIS)
Point72 Asset Management’s Stake Value as of 9/30: $251,727,000
Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 1%
Fidelity National Information Services, Inc. (NYSE:FIS) ranks #4 on our list of Billionaire Steve Cohen’s Top 10 Technology Stocks given Point72 Asset Management’s stake value of over $251 million in the fintech company at the end of Q3. Like some other stocks, Fidelity National Information Services, Inc. (NYSE:FIS) is facing some headwinds in 2022 with shares down almost 44% year to date. In November, Andrew Jeffrey of Truist cut his price target on Fidelity National Information Services, Inc. (NYSE:FIS) to $70 from $80 and kept a ‘Hold’ rating after the company’s Q3 earnings miss and its underwhelming guidance.
3. Meta Platforms, Inc. (NASDAQ:META)
Point72 Asset Management’s Stake Value as of 9/30: $262,144,000
Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 1.04%
Meta Platforms, Inc. (NASDAQ:META) is Point72 Asset Management’s third largest 13F tech position at the end of Q3 given the fund’s stake of over $262 million in the company. Steve Cohen’s fund raised its share count in Meta Platforms, Inc. (NASDAQ:META) by 90% in the period despite the company’s slowing growth. Given its forward P/E ratio of 14.34, Meta Platforms, Inc. (NASDAQ:META) is arguably a value stock.
ClearBridge Investments commented on Meta Platforms, Inc. (NASDAQ:META) in a Q3 2022 investor letter,
“We initiated a new position in Meta Platforms, Inc. (NASDAQ:META), in the communication services sector, which operates the Facebook and Instagram social media platforms and is a leading digital advertising provider. We have been carefully watching the company over the last few quarters and believe headwinds from lower monetizing in Facebook and Instagram Reels and pressures from consumer privacy measures are poised to lessen. We believe the company has begun to fully acclimate to this new environment, will achieve greater effectiveness in Reels monetization and find ways to adapt to new privacy standards which will rebound advertising efficiency. Combined with a greater focus on cost control, we believe these initiatives will help contribute to further margin expansion and leave the company well-positioned moving forward.”
2. Alibaba Group Holding Limited (NYSE:BABA)
Point72 Asset Management’s Stake Value as of 9/30: $282,450,000
Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 1.12%
Point72 Asset Management increased its share count in Chinese e-commerce giant Alibaba Group Holding Limited (NYSE:BABA) by 490% in Q3 to end the period with a stake value of over $282 million. Given geopolitical tensions between the United States and China and potential delisting concerns, Alibaba Group Holding Limited (NYSE:BABA) shares have declined substantially in 2022. Nevertheless, Alibaba Group Holding Limited (NYSE:BABA) accounts for 1.12% of Cohen’s 13F portfolio as of September 30.
1. T-Mobile US, Inc. (NASDAQ:TMUS)
Point72 Asset Management’s Stake Value as of 9/30: $306,422,000
Percentage of Point72 Asset Management’s 13F Portfolio as of 9/30: 1.22%
With a stake value of over $306 million at the end of September, T-Mobile US, Inc. (NASDAQ:TMUS) ranks #1 on our list of Billionaire Steve Cohen’s Top 10 Technology Stocks. Although Cohen’s fund trimmed his share count in T-Mobile US, Inc. (NASDAQ:TMUS) by 21% in the third quarter, the telecom giant still accounted for 1.22% of Point72 Asset Management’s 13F equity portfolio.
Despite the broader market weakness, T-Mobile US, Inc. (NASDAQ:TMUS) shares have surged 30% year to date as the company continues to add new subscribers. In Q3, T-Mobile US, Inc. (NASDAQ:TMUS) added 854,000 monthly bill paying phone subscribers, versus the 708,000 postpaid phone subscriber adds by AT&T.
CEO of T-Mobile Mike Sievert said, “On the heels of our highest ever postpaid account net additions and industry-leading postpaid and broadband customer growth, we are raising guidance for the third time this year. Our Un-carrier playbook continues to win in this ever-changing competitive and macro-economic climate and our momentum is only getting stronger.”
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