Billionaire Steve Cohen’s Top Tech Stocks Being Carried By Amazon.com Inc. (AMZN), Facebook Inc. (FB)

Another move made by Cohen’s family office during the most recent quarter was the initiation of a long position in QUALCOMM Incorporated (NASDAQ:QCOM). Point72 acquired a stake of 1.54 million shares in the company that is worth $106.56 million as of March 31. The stock has fallen by 9% since the beginning of the current year amid a period of turbulence for the company in China. Just recently, QUALCOMM announced the appointment of Frank Meng as its chairman for China, the region which generates half of the company’s total revenues. The U.S. chipmaker has been experiencing some turmoil lately in the world’s biggest smartphone market, thus, it is anticipated that the freshly-appointed chairman will assist the company in improving its competitiveness in the Chinese market. Barry Rosenstein’s JANA Partners represents one of the many hedge fund firms that is bullish on QUALCOMM Incorporated (NASDAQ:QCOM), owning 28.54 million shares.

Finally, Point72 Asset Management reported selling a stake of 1.12 million shares in Facebook Inc. (NASDAQ:FB), ending the quarter with 1.22 million share valued at $100.66 million. Facebook’s stock is currently trading at $84.74 per share, an increase of 8.61% year-to-date following a 2.7% gain yesterday thanks to a bullish Piper Jaffray price target of $120 being put on the stock. Analysts see huge potential in Facebook as the company has been catching up to Google’s YouTube when it comes to video advertising. They claim that Facebook has a good understanding of consumer behavior, which is one of the main factors that allows it to gain ground on its rivals as an online advertising channel for companies seeking to market their products through online video. Therefore, it is highly probable that Facebook will manage to boost its revenues from online advertising going forward. From the large pool of hedge funds that we track, Stephen Mandel’s Lone Pine Capital is the largest shareholder of Facebook Inc. (NASDAQ:FB), holding 8.11 million shares.

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