In this piece, we will take a look at the top five top technology stocks that billionaire Steven Cohen’s hedge fund held on to in the first quarter of this year despite a massive selloff. If you want a detailed introduction to Mr. Cohen, and learn about more stocks, then take a look at Steve Cohen Is Holding These 10 Tech Stocks Despite Selloff.
5. Marvell Technology, Inc. (NASDAQ:MRVL)
Point72 Asset Management’s Holdings: $141 million
Percentage of Point72 Asset Management’s Portfolio: 0.56%
Number of Hedge Fund Holders: 60
Marvell Technology, Inc. (NASDAQ:MRVL) is a semiconductor firm headquartered in Wilmington, Delaware, United States. The company sells a variety of semiconductor products such as signal processors, network adapters, and storage devices.
Point72 Asset Management held a $141 million stake in Marvell Technology, Inc. (NASDAQ:MRVL) by the end of this year’s first quarter. This came in the form of 1.9 million shares and it represented 0.56% of the firm’s investment portfolio. Insider Monkey took a look at 924 hedge fund holdings for the fourth quarter of last year and discovered that 60 had invested in the company.
Marvell Technology, Inc. (NASDAQ:MRVL) reported $1.3 billion in revenue and $0.50 in non-GAAP EPS for its fourth fiscal quarter, posting a strong set of results that beat analyst estimates for both. Oppenheimer reduced the company’s share price target to $90 from $110 in May 2022, as it outlined that the company is in line for posting strong earnings results for its upcoming first fiscal quarter.
Marvell Technology, Inc. (NASDAQ:MRVL)’s largest investor is Alex Sacerdote’s Whale Rock Capital Management which owns 3.8 million shares that are worth $274 million.
4. Uber Technologies, Inc. (NYSE:UBER)
Point72 Asset Management’s Holdings: $150 million
Percentage of Point72 Asset Management’s Portfolio: 0.59%
Number of Hedge Fund Holders: 153
Uber Technologies, Inc. (NYSE:UBER) is a ridesharing platform service provider that is widely regarded as having disrupted the transportation industry. The company provides a software application that lets riders connect with drivers, and it has diversified its product portfolio to also include delivery services.
As its fiscal first quarter came to an end, Uber Technologies, Inc. (NYSE:UBER) had raked in $6.9 billion in revenue and -$3.04 in EPS, beating analyst revenue estimates. Oppenheimer reduced its price target to $40 from $45 in May 2022, outlining that the company has a strong portfolio that increases incentives for drivers to sign up with it.
Mr. Cohen’s investment firm owned 4.2 million Uber Technologies, Inc. (NYSE:UBER) shares by the end of Q1 2022, allowing it to hold a $150 million stake in the company. 153 of the 924 hedge funds part of Insider Monkey’s Q4 2021 survey had invested in the firm.
Ken Fisher’s Fisher Asset Management is Uber Technologies, Inc. (NYSE:UBER)’s largest investor. It holds an $849 million stake that comes through 23 million shares.
3. Broadcom Inc. (NASDAQ:AVGO)
Point72 Asset Management’s Holdings: $167 million
Percentage of Point72 Asset Management’s Portfolio: 0.66%
Number of Hedge Fund Holders: 62
Broadcom Inc. (NASDAQ:AVGO) is an American semiconductor firm that is headquartered in San Jose, California. The company provides a wide variety of technology products such as wireless routers, modems, switches, and power amplifiers.
Point72 Asset Management had invested $167 million in Broadcom Inc. (NASDAQ:AVGO) during this year’s first quarter by holding 266,239 shares of the chip firm. Similarly, 62 of the 924 hedge funds targeted by Insider Monkey’s research during 2021’s December quarter had also bought the company’s shares.
Broadcom Inc. (NASDAQ:AVGO) posted $7.7 billion in revenue and $8.39 in non-GAAP EPS as its first fiscal came to an end. This enabled the company to beat Wall Street analyst estimates for both metrics. Truist lowered its share price target to $657 from $686 in April 2022, as it shared that the semiconductor sector as a whole is in for some tough love this year.
Broadcom Inc. (NASDAQ:AVGO)’s largest investor is Ken Fisher’s Fisher Asset Management. It owns 1.4 million shares that are worth $894 million.
2. Visa Inc. (NYSE:V)
Point72 Asset Management’s Holdings: $205 million
Percentage of Point72 Asset Management’s Portfolio: 0.81%
Number of Hedge Fund Holders: 142
Visa Inc. (NYSE:V) is a payments technology based in the United States. The firm provides banks with cards and merchants with terminals that allow those with its cards to effortlessly make payments.
For its fiscal Q2, Visa Inc. (NYSE:V) earned $7 billion in revenue and $1.79 in non-GAAP EPS, in a strong set of results that saw it beat analyst estimates for both. Goldman Sachs set a $282 price target for the company in May 2022, justifying the decision by claiming that the company is a global leader in the payments industry.
As this year’s first quarter came to an end, Point72 Asset Management held 927,069 Visa Inc. (NYSE:V) shares which were worth $205 million and represented 0.81% of its investment portfolio. As Q4 2021 ended, 142 of the 924 hedge funds studied by Insider had held a stake in the company.
For the first quarter of this year, Marcio Appel’s Adam Capital was Visa Inc. (NYSE:V) largest investor, holding 89,934 shares that were worth $19.9 billion.
1. Amazon.com, Inc. (NASDAQ:AMZN)
Point72 Asset Management’s Holdings: $285 million
Percentage of Point72 Asset Management’s Portfolio: 1.13%
Number of Hedge Fund Holders: 279
Amazon.com, Inc. (NASDAQ:AMZN) is an online platform provider that allows merchants from all over the world to target customers willing to buy their products. Additionally, it also provides cloud computing services and consumer electronics.
Mr. Cohen’s hedge fund had owned a $285 million stake in Amazon.com, Inc. (NASDAQ:AMZN) during Q1 2022, by holding 87,505 shares of the company. Insider Monkey scanned 924 hedge fund holdings for 2021’s December quarter to discover that 279 had also invested in the firm.
Amazon.com, Inc. (NASDAQ:AMZN) managed to rake in $116 billion in revenue and -$7.56 in GAAP EPS for its fiscal Q1. This revealed that the company could do more in both areas as it missed analyst EPS estimates and met them for revenue. Citi kept a $4,100 share price target for the company in May 2022, as it shared optimism about its capabilities to do better in the second half of 2022.
Amazon.com, Inc. (NASDAQ:AMZN)’s largest investor is Marcio Appel’s Adam Capital which owns 15,875 shares that are worth $51 billion.
Disclosure: None. You can also take a look at 12 Best Semiconductor Stocks To Invest In Right Now and 10 Cheap Dividend Kings with Over 2% Yield.
