5 Best IoT Stocks to Buy Now

In this article, we discuss 5 best Internet-of-Things (IoT) stocks to buy now. If you want to read about some more IoT stocks, go directly to 12 Best IoT Stocks to Buy Now.

5. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 71  

QUALCOMM Incorporated (NASDAQ:QCOM) engages in the development and commercialization of foundational technologies for the wireless industry. It is one of the best IoT stocks to invest in. On July 28, Wells Fargo analyst Gary Mobley maintained an Equal Weight rating on  QUALCOMM Incorporated (NASDAQ:QCOM) stock and raised the price target to $150 from $135. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Citadel Investment Group is a leading shareholder in QUALCOMM Incorporated (NASDAQ:QCOM), with 5 million shares worth more than $644 million. 

In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and QUALCOMM Incorporated (NASDAQ:QCOM) was one of them. Here is what the fund said:

“Market strength continued in the fourth quarter, with only the communication services sector down in the Russell 1000 Value Index. Portfolio returns benefited from the strong performance of semiconductor maker QUALCOMM Incorporated (NASDAQ:QCOM), which has executed exceptionally well in pursuing the transition to 5G, growing both content and share due to its leadership position in cellular technology. The chipmaker recently outlined a number of peripheral growth opportunities outside of mobile markets, including automotive (where it hopes to leverage its strong presence in the automotive infotainment space into advanced driver assistance systems), Internet of Things (including opportunities in the PC market, VR/AR market, and factory automation) and radio frequency (where mmWave adoption globally, including China, would drive substantial upside).”