5 Best Breakout Stocks to Buy Now

In this piece, we will take a look at five breakout stocks to buy now. If you want to find out what’s happening to the stock market these days, then head on over to 11 Best Breakout Stocks to Buy Now.

5. Deere & Company (NYSE:DE)

Number of Hedge Fund Investors In Q1 2023: 65

Deere & Company (NYSE:DE) is an industrial machinery company that sells farming, construction, and forestry equipment. Out of the six analyst notes covering its shares in July and June, four rate them as Market Perform, Outperform, or Buy.

After digging through 943 hedge fund portfolios for their first quarter of 2023 shareholdings, Insider Monkey discovered that 65 had bought and owned a stake in the firm. Deere & Company (NYSE:DE)’s largest hedge fund investor is Michael Larson’s Bill & Melinda Gates Foundation Trust since it owns 3.9 million shares that are worth $1.6 billion.

4. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Investors In Q1 2023: 66

Shopify Inc. (NYSE:SHOP) is a Canadian electronic commerce firm. Its shares had a great June on the market, as they appreciated 13% in value. However, the average share price target and the current share price target both sit at $61, providing little upside.

Insider Monkey’s March quarter of 2023 survey of 943 hedge funds revealed that 66 had invested in Shopify Inc. (NYSE:SHOP). Out of these, Catherine D. Wood’s ARK Investment Management is the largest shareholder, courtesy of its $670 million investment.

3. Intuitive Surgical, Inc. (NASDAQ:ISRG)

Number of Hedge Fund Investors In Q1 2023: 67

Intuitive Surgical, Inc. (NASDAQ:ISRG) is one of the most consequential robotics companies in the industry. Its da Vinci lineup of robots provides crucial assistance to surgeons for complex procedures. The shares have an average rating of Buy and an average share price target of $330.

For this year’s first quarter, out of the 943 hedge funds part of Insider Monkey’s database, 67 had held a stake in the medical company. Intuitive Surgical, Inc. (NASDAQ:ISRG)’s largest investor among these is Ken Fisher’s Fisher Asset Management since it has a $1.1 billion stake.

2. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Investors In Q1 2023: 86

Intuit Inc. (NASDAQ:INTU) is a software company that provides payroll, payment processing, and other services. Its average share price target and current share price both sit at $451, but a slew of recent coverage has rated the stock Buy, Overweight, or Outperform.

86 out of the 943 hedge funds part of Insider Monkey’s Q1 2023 research had invested in Intuit Inc. (NASDAQ:INTU). The firm’s biggest hedge fund investor is Ken Fisher’s Fisher Asset Management since it owns $1.1 billion worth of shares.

1. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Number of Hedge Fund Investors In Q1 2023: 102

The Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world’s largest contract chip manufacturing firm. Most of the analysts covering its stock have rated it either a Buy or Strong Buy, but ratings in June have hovered around Hold.

As of March 2023, 102 of the 943 hedge funds profiled by Insider Monkey had owned the chipmaker’s shares. Ken Fisher’s Fisher Asset Management is Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s biggest shareholder through a $2.3 billion investment.

Disclosure: None. You can also take a look at 10 A-Rated Stocks Billionaires Are Loading Up On and 10 Most Undervalued Hong Kong Stocks To Buy.

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