In this article, we discuss Chase Coleman and his top 5 stock picks. If you want to read about some more stocks in the Coleman portfolio, go directly to Chase Coleman Stock Portfolio: 10 Top Stock Picks.
5. Workday, Inc. (NASDAQ:WDAY)
Number of Hedge Fund Holders: 71
Workday, Inc. (NASDAQ:WDAY) markets enterprise cloud applications and is headquartered in California. 13F filings reveal that Tiger Global Management owned over 2.8 million shares of Workday, Inc. (NASDAQ:WDAY) at the end of the third quarter of 2023 worth $606 million, representing 4.47% of the portfolio.
On November 20, investment advisory Bank of America maintained a Buy rating on Workday, Inc. (NASDAQ:WDAY) stock and raised the price target to $270 from $260, noting fourth quarter guidance numbers were achievable for the firm.
At the end of the second quarter of 2023, 71 hedge funds in the database of Insider Monkey held stakes worth $5.06 billion in Workday, Inc. (NASDAQ:WDAY), compared to 86 in the previous quarter worth $5.02 billion.
In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Workday, Inc. (NASDAQ:WDAY) was one of them. Here is what the fund said:
“Despite near-term macro uncertainty, it’s important to frame that we find ourselves in the early innings of both the AI investment cycle and overall cloud penetration. We estimate cloud penetration to be between 25% and 30% versus the likely 70% to 75% level over time, if not even higher. AI deployments are literally just getting off the ground.Infrastructure and development platforms for securely storing and curating data, training and fine-tuning large-language and other AI models, and developing and delivering AI applications. Beneficiaries include Microsoft Azure and Amazon Web Services. Integration of generative AI capabilities, such as AI agents and copilots, directly into existing product offerings and customer workflows. Software vendors capitalizing on this opportunity includes Workday, Inc.“
4. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 152
Alphabet Inc. (NASDAQ:GOOG) is a California-based technology firm. Regulatory filings reveal that Tiger Global Management owned over 5.3 million shares of Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter of 2023 worth $698 million, representing 5.14% of the portfolio.
Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG) with 43 million shares worth more than $5.7 billion.
In its Q3 2023 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:
“As for other quarterly contributors, Alphabet Inc. (NASDAQ:GOOG) and Meta Platforms, Inc., (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.”
3. Take-Two Interactive Software, Inc. (NASDAQ:TTWO)
Number of Hedge Fund Holders: 58
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) develops and publishes interactive entertainment content. Latest 13F filings show that Tiger Global Management owned over 5.2 million shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) at the end of September 2023 worth $737 million, representing 5.44% of the portfolio.
On November 14, investment advisory Deutsche Bank upgraded Take-Two Interactive Software, Inc. (NASDAQ:TTWO) stock to Buy from Hold and raised the price target to $175 from $155, noting the release of a new GTA game would drive positive investor sentiment in the firm.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Alyeska Investment Group is a leading shareholder in Take-Two Interactive Software, Inc. (NASDAQ:TTWO) with 885,780 shares worth more than $214 million.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 300
Microsoft Corporation (NASDAQ:MSFT) is a Washington-based technology company. Latest 13F filings show that Tiger Global Management owned over 6.1 million shares of Microsoft Corporation (NASDAQ:MSFT) at the end of September 2023 worth $1.9 billion, representing 14.27% of the portfolio.
On November 16, investment advisory Jefferies maintained a Buy rating on Microsoft Corporation (NASDAQ:MSFT) stock with a price target of $400.
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.”
1. Meta Platforms, Inc. (NASDAQ:META)
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 Tiger Global Management owned 8.8 million shares of Meta Platforms, Inc. (NASDAQ:META) at the end of September 2023 worth $2.6 billion, representing 19.69% of the portfolio of the fund.
On November 1, Loop Capital analyst Rob Sanderson maintained a Buy rating on Meta Platforms, Inc. (NASDAQ:META) stock with a price target of $375.
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.”
You can also take a peek at 10 Companies that Benefit From Crypto Mining and 12 Best Artificial Intelligence Stocks To Invest In Right Now.
