In this article, we discuss 5 tech stocks to buy according to Rajiv Jain’s GQG Partners as of the end of the third quarter and assess the performance of these stocks over the past 12 months. If you want our detailed analysis of these stocks, go directly to Was Rajiv Jain’s GQG Partners Right About These 10 Tech Stocks?
5. Infosys Limited (NASDAQ:INFY)
GQG Partners’ Stake Value: $1,285,149,000
Performance of the stock over the past 12 months: -60%
Infosys Limited (NASDAQ:INFY) is an Indian multinational technology company that is engaged in consultancy, IT services, and business outsourcing. Jain owns 57.75 million Infosys Limited (NASDAQ:INFY) shares as of September 2021, worth $1.28 billion, representing 3.51% of his Q3 portfolio.
BMO Capital analyst Keith Bachman raised the price target on Infosys Limited (NASDAQ:INFY) on October 14 to $25 from $23 but kept a Market Perform rating on the shares.
4. Microsoft Corporation (NASDAQ:MSFT)
GQG Partners’ Stake Value: $1,683,915,000
Performance of the stock over the past 12 months: -60%
Rajiv Jain, via GQG Partners, owns 5.97 million Microsoft Corporation (NASDAQ:MSFT) shares, worth $1.68 billion, representing 4.60% of the firm’s total Q3 securities.
SMBC Nikko analyst Steve Koenig on December 21 initiated coverage of Microsoft Corporation (NASDAQ:MSFT) with an Outperform rating and a $410 price target, which represents about 28% upside from current levels.
Here is what ClearBridge Sustainability Leaders Strategy has to say about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2021 investor letter:
“The Strategy modestly outperformed the benchmark; consistent with our fundamental approach that seeks balanced exposure to industries and the growth and value spectrum, performance was driven by companies from diverse sectors. Microsoft, which develops software including the Windows family of products, the Microsoft Office system and the Azure cloud platform, and is a leader in data protection and customer privacy as well as human rights and diversity, contributed strongly as earnings maintained positive sentiment. Microsoft is seeing a number of businesses reach a new, higher level of engagement, adoption and momentum.”
3. Meta Platforms, Inc. (NASDAQ:FB)
GQG Partners’ Stake Value: $1,921,640,000
Performance of the stock over the past 12 months: -67%
Rajiv Jain increased his stake in Meta Platforms, Inc. (NASDAQ:FB) by 24% in the third quarter, holding a total of 5.6 million shares of the company, worth $1.92 billion, representing 5.25% of his Q3 investments.
Loop Capital analyst Alan Gould on December 20 lowered the price target on Meta Platforms, Inc. (NASDAQ:FB) to $380 from $420 but kept a Buy rating on the shares. The analyst slashed his price target owing to Meta Platforms, Inc. (NASDAQ:FB)’s excessive expenditure on building the metaverse.
Here is what Canterbury Tollgate has to say about Meta Platforms, Inc. (NASDAQ:FB) in its Q3 2021 investor letter:
“To say traditional media is anti-Facebook would not be an overstatement. An already intense and multi-year critique of (or attack on) Facebook has ratcheted up in recent weeks. Facebook’s research efforts have been reported on, if often derided, for nearly a decade. Going back to 2014, Slate.com called their research practices “unethical” when FB tried to study the impact social posts had on users. Now those efforts have been turned against them for the kill shot.
My job is to observe, assess, and allocate. Not to commentate on all the whims and wishes of media narrative. However, in the case of Facebook I cannot avoid going into some detail re: the onslaught against them, which I find to be most unwarranted and insincere.
Last month the Wall Street Journal ran a five-piece series titled “The Facebook Files” which allegedly shows how toxic Instagram is for teens. The foundation of their argument was a single slide from an internal presentation claiming, based on FB’s own research, that of teens who had a negative self-image, one-third said Instagram “made them feel worse.”iii Somehow the implication here is that this is not an inescapable aspect of either the human psyche and/or society-at large, but that it is of Facebook’s doing…” (Click here to see the full text)
2. Alphabet Inc. (NASDAQ:GOOG)
GQG Partners’ Stake Value: $2,980,273,000
Performance of the stock over the past 12 months: -32%
GQG Partners owns 1.11 million Alphabet Inc. (NASDAQ:GOOG) shares as of September 2021, worth $2.98 billion, representing 8.15% of the firm’s 13F portfolio.
Tigress Financial analyst Ivan Feinseth raised the price target on Alphabet Inc. (NASDAQ:GOOG) to $3,540 from $3,185 and reiterated a Strong Buy rating on the shares on December 3, as the company’s increasing artificial intelligence-first focus is driving greater product functionality and “significant” growth opportunities.
Here is what Saturna Capital Amana Funds has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2021 investor letter:
“Alphabet was a new addition to the Fund this year, as we believed it important to have exposure to the top online media and advertising company in the world. Some have raised concerns surrounding Alphabet’s exposure to political interference, but we take comfort from the belief that were the company to be broken up, it would quite likely be worth even more than as a single entity.”
1. NVIDIA Corporation (NASDAQ:NVDA)
GQG Partners’ Stake Value: $3,135,357,000
Performance of the stock over the past 12 months: -49%
NVIDIA Corporation (NASDAQ:NVDA) is the largest holding in the portfolio of Rajiv Jain, with his hedge fund increasing its position in NVIDIA Corporation (NASDAQ:NVDA) by 308% in the third quarter. GQG Partners owns more than 15 million shares of the company, worth $3.1 billion, representing 8.58% of the firm’s Q3 investments.
Citi analyst Atif Malik lowered his deal probability to 5% from 30% after the Federal Trade Commission sued to block the proposed acquisition of Arm, a UK chip design provider, by NVIDIA Corporation (NASDAQ:NVDA). He kept a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) shares with a $350 price target if the company can ease the regulatory antitrust concerns.
Here is what Harding Loevner Global Equity Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2021 investor letter:
“The proliferation of devices using chips, whether EVs, “things” in lol, or embedded systems more generally, results in the generation of oceans of data potentially needing to be stored, processed, and analyzed. NVIDIA, the leading chip designer well known for its graphic processing units and its complementary CUDA software ecosystem, is at the forefront of the effort to provide the analytical platform needed to unlock the full potential of such specialist processors.”
You can also take a look at 10 Value Stocks to Buy According to Billionaire Paul Tudor Jones and 10 Healthcare Stocks to Buy According to Tiger Cub Chase Coleman.
