In this post, we will look at the top five technology stocks to buy according to billionaire Louis Bacon. If you want to discover more stocks, then take a look at Top 10 Tech Stocks to Buy According to Billionaire Louis Bacon.
5. Fortinet, Inc. (NASDAQ:FTNT)
Moore Capital Investment’s Stake Value: $8.4 million
Percentage of Moore Capital Investment’s 13F Portfolio: 0.22%
Number of Hedge Fund Holders: 43
Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity solutions provider that allows companies to secure their networks and computers through a variety of services such as firewalls, malware detection, and web filtering. The firm is headquartered in Sunnyvale, California, the United States.
Moore Capital owned 150,000 Fortinet, Inc. (NASDAQ:FTNT) shares during this year’s second quarter for an $8.4 million stake which represented 0.22% of its investment portfolio. Insider Monkey’s Q2 2022 survey of 895 hedge funds outlined that 43 had also invested in the company.
Fortinet, Inc. (NASDAQ:FTNT) operates the world’s largest firewall solution, which commands a dominating 37% of the total market. The firm builds on the firewall by providing a host of other subscription based services as well, which provide it with steady, recurring revenue.
Fortinet, Inc. (NASDAQ:FTNT)’s largest investor in our database of 895 hedge funds is Jim Simons’s Renaissance Technologies which owns 4.8 million shares that are worth $272 million.
4. Twitter, Inc. (NYSE:TWTR)
Moore Capital Investment’s Stake Value: $9.3 million
Percentage of Moore Capital Investment’s 13F Portfolio: 0.24%
Number of Hedge Fund Holders: 69
Twitter, Inc. (NYSE:TWTR) is a social media company that allows its users to communicate with each other through brief posts called tweets. The firm is headquartered in San Francisco, California.
Twitter, Inc. (NYSE:TWTR) is currently in the midst of a takeover attempt by the electric vehicle billionaire Elon Musk. Mr. Musk is also facing a legal battle over his deal and has requested the court to delay the proceedings until his latest offer of buying the company is finalized. Twitter, Inc. (NYSE:TWTR) is looking forward to completing the buyout by October 28, according to Bloomberg.
Mr. Bacon’s hedge fund owned 250,000 Twitter, Inc. (NYSE:TWTR) shares that let it hold a $9.3 million stake in the company during this year’s second quarter. This stake constituted a small 0.24% of the firm’s multi-billion dollar investment portfolio. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 69 had also bought Twitter, Inc. (NYSE:TWTR)’s shares.
Matthew Halbower’s Pentwater Capital Management is Twitter, Inc. (NYSE:TWTR)’s largest investor through a $676 million stake that comes via 18 million shares.
RGAIA Investment Advisors mentioned the company in its Q2 2022 investor letter. Here is what the fund said:
“Early in the second quarter, we sold our Twitter (NYSE:TWTR) shares on the official announcement that Elon Musk would acquire the company at $54.20 per share. Although we typically would wait for what was then a large 7% merger/arb spread to close, we figured in this market environment it would be beneficial to move aside in the event future drama might ensue while building cash in order to opportunistically deploy into better opportunities. During the quarter, we saw the chance to do so and bought shares in four companies.”
3. ServiceNow, Inc. (NYSE:NOW)
Moore Capital Investment’s Stake Value: $17.8 million
Percentage of Moore Capital Investment’s 13F Portfolio: 0.47%
Number of Hedge Fund Holders: 99
ServiceNow, Inc. (NYSE:NOW) is a cloud services provider that offers its customers a host of technologies such as artificial intelligence, machine learning, workflow management, and encryption. The firm is headquartered in Santa Clara, California, the United States.
Moore Capital Investment held a $17.8 million stake in ServiceNow, Inc. (NYSE:NOW) as part of its June quarter of 2022 investment portfolio. During the same time period, 99 of the 895 hedge funds profiled by Insider Monkey had invested in the company.
ServiceNow, Inc. (NYSE:NOW)’s Information Technology Service Management (ITSM) platform is a leader in the market, as it holds a remarkable share that is greater than 50%. Additionally, the company is building deeper relationships with its older customers, and its 2010 cohort has an annual contract growth rate of 176%.
ServiceNow, Inc. (NYSE:NOW)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 1.4 million shares that are worth $693 million.
2. Fisker Inc. (NYSE:FSR)
Moore Capital Investment’s Stake Value: $72 million
Percentage of Moore Capital Investment’s 13F Portfolio: 1.9%
Number of Hedge Fund Holders: 11
Fisker Inc. (NYSE:FSR) is an American electric vehicle manufacturer that develops, leases, and sells its products. The company is involved in an asset light automotive business and it also offers a design platform for electric vehicles.
Fisker Inc. (NYSE:FSR) is slated to kick off production of its first electric vehicle, Ocean, in November 2022. In a strong signal for electric vehicle demand, the firm has already sold out the U.S. production allotment for Ocean. It also estimates to earn $1.98 billion and $5.4 billion in revenue for 2023 and 2024.
Mr. Bacon’s investment firm owned 8.4 million Fisker Inc. (NYSE:FSR) shares as part of its June quarter of 2022 investments. These let it own a $72 million stake in the company which represented 1.9% of its investment portfolio. Insider Monkey’s Q2 2022 hedge fund survey saw 11 investors in the company.
1. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Moore Capital Investment’s Stake Value: $77 million
Percentage of Moore Capital Investment’s 13F Portfolio: 2.04%
Number of Hedge Fund Holders: 77
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a cloud security firm that offers its customers products such as threat intelligence, threat hunting, and identity protection. It is headquartered in Austin, Texas.
As this year’s second quarter ended, Moore Capital Investment had owned a $77 million stake in CrowdStrike Holdings, Inc. (NASDAQ:CRWD) which represented 2.04% of its portfolio holdings. For the same time period, 77 out of the 895 hedge funds part of Insider Monkey’s poll had also owned CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s shares.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s fiscal year 2022 saw the company bring in $1.5 billion in revenue which represented a strong 77% annual growth rate. It continued this growth in its current fiscal year, with the first half revenue standing in at $2.1 billion to mark 59% annual growth.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s largest investor in our database of 895 hedge funds is Chase Coleman and Feroz Dewan’s Tiger Global Management LLC which owns 6.5 million shares that are worth $1.1 billion.
Carillon Tower Advisers mentioned the company in its Q2 2022 investor letter. Here is what the fund said:
“CrowdStrike Holdings, Inc. (NASDAQ:CRWD), a security software platform for protecting information technology assets and cloud workloads, delivered strong earnings results, with solid recurring revenue, customer growth, and profitability. Some investors, however, hoped for bigger numbers on the annual recurring revenue metric. Additionally, CrowdStrike has shown a desire to continue to hire to fuel growth, and so the expected increase in future profitability will be held back somewhat in the near term. We remain positive on the company’s prospects, as current geopolitical tensions make cyber security mission-critical.”
Disclosure: None. You can also take a look at 10 Best Ethanol Stocks To Buy Now and 10 Best Cheap Technology Stocks To Buy.
