In this article we will take a look at the some of notable stocks that moved today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Moving on Tuesday.
Stocks that moved on Tuesday include Franklin Resources, Inc. (NYSE:BEN), Rockwell Automation, Inc. (NYSE:ROK), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), Arista Networks, Inc. (NYSE:ANET), IPG Photonics Corporation (NASDAQ:IPGP), and Zebra Technologies Corporation (NASDAQ:ZBRA). Let’s find out why each stock moved and how elite funds were positioned among them.
Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Pixabay/Public Domain
10. Microsoft Corporation (NASDAQ:MSFT) rose 1.14% after the company said it will add personalized avatars and immersive spaces to its Microsoft Teams product as an entry into the metaverse. Microsoft Corporation (NASDAQ:MSFT) CEO Satya Nadella added the company is also focused on creative gaming experiences for the metaverse with the Xbox. Yacktman Asset Management was long more than 2.04 million shares of Microsoft Corporation (NASDAQ:MSFT) at the end of September.
9. Alphabet Inc. (NASDAQ:GOOGL) increased 1.35% after Brian Nowak of Morgan Stanley upgraded the stock to $3,200 from $3,000. Nowak believes Alphabet Inc. (NASDAQ:GOOGL)’s scaling gross profit base could deliver outsized free cash flow. Nowak also increased his free cash flow per share estimate after Alphabet’s earnings results. Alphabet Inc. (NASDAQ:GOOGL) was one of the most widely held stocks among the smart money funds in our database at the end of Q2.
8. Arista Networks, Inc. (NYSE:ANET) surged over 20.3% today after the company reported adjusted EPS of $2.96 on revenue of $748.7 million for the third quarter, beating the average estimates of $2.73 and $737.94 million. The company sees Q4 sales of $775-$795 million versus the consensus of $754.06 million. Steve Cohen’s Point72 Asset Management owned 282,000 shares of Arista Networks, Inc. (NYSE:ANET) at the end of June.
7. IPG Photonics Corporation (NASDAQ:IPGP) rose 8.62% after the company reported EPS of $1.4 for the third quarter, versus the consensus of $1.27. Sales were $379.2 million, versus the average estimate of $368.26 million. For Q4, IPG Photonics Corporation (NASDAQ:IPGP) sees EPS of $1 to $1.3 versus the consensus of $1.3. Royce & Associates owned 179,443 shares of IPG Photonics Corporation (NASDAQ:IPGP) at the end of Q2.
6. Zebra Technologies Corporation (NASDAQ:ZBRA) surged by 7.92% after the company reported adjusted Q3 EPS of $4.55, or $0.5 per share ahead of the consensus. Sales for the period rose 27.4% year over year to $1.44 billion. For Q4, Zebra Technologies Corporation (NASDAQ:ZBRA) sees adjusted EPS of $4.20-$4.50, versus the consensus of $4.17. AQR Capital Management was among the elite fund holders of Zebra Technologies Corporation (NASDAQ:ZBRA) at the end of June.
Like Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL), Arista Networks, Inc. (NYSE:ANET), IPG Photonics Corporation (NASDAQ:IPGP), and Zebra Technologies Corporation (NASDAQ:ZBRA), Franklin Resources, Inc. (NYSE:BEN) and Rockwell Automation, Inc. (NYSE:ROK) moved on Tuesday.
Click to continue reading and see Why These 5 Stocks Are Moving on Tuesday.
Suggested articles
10 Stocks With Over 30 Years of Dividend Hikes
Charlie Munger Stock Portfolio: 10 Biggest Positions
Obama Stock Portfolio: 10 Stocks to Consider
Disclosure: None. Why These 10 Stocks Are Moving on Tuesday is originally published on Insider Monkey.
