Cathie Wood is Doubling Down on These 5 Stocks

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1. Splunk Inc. (NASDAQ: SPLK)

Number of Hedge Fund Holders: 47     

Percentage Increase in Stake in Q2: 4,772%

Splunk Inc. (NASDAQ: SPLK) is ranked first on our list of 10 stocks Cathie Wood is doubling down on. The company provides software and cloud platform solutions. It is headquartered in California. ARK Investment Management owned 429,357 shares in the company at the end of June 2021, representing 0.11% of the portfolio. The shares are worth more than $62 million and Wood has increased ARK’s stake in the firm by 4,772% compared to the filings for the first quarter of the year. 

On August 11, investment advisory UBS upgraded Splunk Inc. (NASDAQ: SPLK) stock to Buy from Neutral and raised the price target to $175 from $137, underlining the potential for upside in the security-related demand as a growth catalyst for the firm. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Splunk Inc. (NASDAQ: SPLK) with 1.9 million shares worth more than $283 million.  

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Splunk Inc. (NASDAQ: SPLK) was one of them. Here is what the fund said:

“In addition to the new issue market, we have been tactically adding growth exposure. To make room for these new names with more attractive outlooks related to the reopening, we sold out of companies where the thesis is not playing out at the pace we expected including Splunk.”

You can also take a peek at 10 Best Stocks to Buy According to Warren Buffett and 11 Biotech Stocks Popular On Reddit.

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