In this article we discuss the 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
Chase Coleman is a force to reckon with in the investment world. The billionaire investor has made a name for himself as the founder and partner of Tiger Global Management LLC. The New York-based investment firm invests in public and private internet, software, consumer, and financial technology companies.
Since its inception in the early 2000s, Tiger Global has grown into a highly successful investment firm with about $43 billion in portfolio. Coleman serves as the portfolio manager for the private and public equity businesses. He has previously worked for legendary investor Julian Robertson of Tiger Management. He has also worked with Lee Fixel, who oversaw Tiger Global’s venture funds, before stepping down in 2019.
While overseeing Tiger Global’s public equity segment, Coleman deploys fundamentally long and short-term investment strategies focusing on high-quality companies that benefit from secular growth. Tiger Global also invests in small-cap stocks and technology start-ups, with tremendous opportunities for growth.
As of the first quarter of 2021, Tiger Global Management LLC has a significant holding in Alibaba Group Holding Limited (NYSE: BABA), commonly referred to as China’s Amazon. The hedge fund run by Chase Coleman owns 4.48 million shares in the company worth over $1.02 billion, representing 2.33% of their investment portfolio. On May 13, Alibaba Group Holding Limited (NYSE: BABA) declared a 64% YoY increase in its Q1 2021 revenue.
The tiger cub also has a $4.5 billion stake in Chinese internet giant JD.com, Inc. (NASDAQ: JD). Tiger Global Management is a leading shareholder of JD.com, with 51 million shares worth more than $4 billion. JD.com, Inc. (NASDAQ: JD), China’s leading technology-driven e-commerce company, announced its Q1 2021 results on May 19. Net revenues were RMB203.2 billion, an increase of 39.0% from Q1 2020.
Another technology stock in Coleman’s portfolio is Amazon.com, Inc. (NASDAQ: AMZN). Tiger Global Management LLC holds 613,095 shares in the company worth over $1.90 billion, representing 4.36% of their portfolio. On April 5, Evercore ISI analyst Mark Mahaney upgraded Amazon.com, Inc. (NASDAQ: AMZN) to “Overweight” and set a price target of $4,000.00. At the end of the first quarter of 2021, 243 hedge funds in the database of Insider Monkey held stakes worth $50 billion in Amazon.com, Inc., down from 273 the preceding quarter worth $52 billion. Based on our calculations, Amazon ranks 3rd in our list of the 30 Most Popular Stocks Among Hedge Funds.
The demand for dividend stocks has also been gaining traction as more people look for consistent revenue sources now that there is so much market uncertainty. Finding the best dividend stocks is not exactly a walk in the park, and it requires a lot of research. Even the hedge funds are struggling at finding valuable stocks amid the increasing financial volatility. The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, 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 124 percentage points since March 2017. Between March 2017 and February 26, 2021, our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017, and they lost 13% through November 16. That’s why we believe hedge fund sentiment is a handy indicator that investors should consider. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
With this background in mind, let’s start our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. We used Coleman’s 13F portfolio for the first quarter of 2021 for this analysis and included some of the best dividend and tech stocks in his portfolio.
Best Tech and Dividend Stocks to Buy According to Billionaire Chase Coleman
10. Mastercard Incorporated (NASDAQ: MA)
Coleman’s Stake Value: $257,780,000
Percentage of Chase Coleman’s 13F Portfolio: 0.59%
Dividend Yield: 0.48%
Number of Hedge Fund Holders: 151
Mastercard Incorporated (NASDAQ: MA) is an American multinational tech firm, which provides global payments processing network to consumers, financial institutions, merchants, governments, and businesses. It was founded in 1966 and is placed tenth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. The company stock has returned more than 17.92% to investors over the course of the past twelve months.
On April 27, cryptocurrency exchange and custodian Gemini collaborated with Mastercard Incorporated for a crypto rewards credit card. On May 18, Mastercard Incorporated was upgraded to “Outperform” from “Neutral” at Daiwa Securities, with a price target of $402.00.
The hedge fund run by Chase Coleman owns 724,000 shares in the company worth over $257 million. At the end of the first quarter of 2021, 151 hedge funds in the database of Insider Monkey held stakes worth $17.09 billion in Mastercard Incorporated, down 154 from the preceding quarter worth $17.98 billion.
In its Q4 2020 investor letter, Bretton Fund, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE: MA) was one of them. Here is what the fund said:
“While consumers resumed much of their spending by summer, what and how they used their Visas and Mastercards changed. For obvious reasons, people shifted to contactless payments—one of the Covid-era changes we think is permanent—and replaced travel purchases with online shopping and food delivery. Consumers spent more on their debit cards and less on their credit cards; Visa and Mastercard Incorporated make more per transaction on the latter. They also make more on cross-border transactions that come mostly from international travel, which ground to a halt early in the pandemic. Visa’s and Mastercard’s earnings per share fell by 7% and 16%, respectively, compared to their usual mid-teens growth. We’re not too worried, and we think they’ll catch up nicely in the post-vaccine world. Visa’s stock returned 17.1% and Mastercard’s 20.2%.”
9. Visa Inc. (NYSE: V)
Coleman’s Stake Value: $34,512,000
Percentage of Chase Coleman’s 13F Portfolio: 0.07%
Dividend Yield: 0.56%
Number of Hedge Fund Holders: 164
Visa Inc. (NYSE: V) is a payment tech company, which smoothens digital payments among customers, businesses, financial institutions, and government agencies. It was founded in 1958 and is placed ninth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. The company stock has offered investors returns exceeding 15% in the past year.
On June 7, Visa Inc. was upgraded to “Overweight” from “Neutral” at Piper Sandler where the was set at $285. On April 28, Visa declared a quarterly dividend of $0.32 per share, in line with the previous. Like Microsoft Corporation (NASDAQ: MSFT), Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., Visa Inc. is one of the best stocks to buy according to billionaire Chase Coleman.
Tiger Global Management LLC holds 163,000 shares in the company worth over $34 million. Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Akre Capital Management is a leading shareholder in Visa Inc. with 5.87 million shares worth more than $2 billion. Based on our calculations, Visa ranks 5th in our list of the 30 Most Popular Stocks Among Hedge Funds.
In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Visa Inc. was one of them. Here is what the fund said:
“To make room for these new names with more attractive outlooks related to the reopening, we sold out of companies where the thesis is not playing out at the pace we expected including Visa.”
8. Intuit Inc. (NASDAQ: INTU)
Coleman’s Stake Value: $84,747,000
Percentage of Chase Coleman’s 13F Portfolio: 0.19%
Dividend Yield: 0.51%
Number of Hedge Fund Holders: 68
Intuit Inc. (NASDAQ: INTU) is an American company, which provides financial administration for its customers, micro-enterprises, and bookkeeping professionals globally. It was founded in 1983 and is placed eighth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. Intuit Inc. has returned more than 57% to investors over the past year.
On May 25, Intuit declared a quarterly dividend of $0.59 per share, in line with the previous. On May 27, Exane BNP Paribas analyst Stefan Slowinski upgraded Intuit Inc. from “Underperform” to “Neutral.” He set a price target of $470.00.
The hedge fund run by Chase Coleman owns 221,237 shares in the company worth over $84 million, representing 0.19% of their investment portfolio. Out of the hedge funds being tracked by Insider Monkey, Fundsmith LLP is a leading shareholder in Intuit Inc., with 4.6 million shares worth more than $1.7 billion.
Just like Microsoft Corporation, Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., Intuit Inc. is one of the best stocks to buy according to billionaire Chase Coleman.
In its Q3 2020 investor letter, L1 Capital International Fund highlighted a few stocks and Intuit Inc. (NASDAQ: INTU) is one of them. Here is what L1 Capital International Fund said:
“Intuit epitomises the consistency, predictability and longevity of growth we seek in high quality businesses.
Intuit currently operates through 2 main divisions:
Software for financial and business management as well as integrated payroll solutions, merchant payment processing solutions, and financing for small businesses in the US and key global markets; and
Do-it-yourself and assisted income tax preparation software products and services sold in the U.S. and Canada.
Intuit also provides personal financial software and services through its Mint and Turbo products and has announced the acquisition of Credit Karma for US$7.1 billion which will significantly expand its personal finance capabilities, creating a third leg to Intuit’s growth stool.
Intuit’s tax capabilities also include software and services for professional accountants in the United States and Canada.
Intuit has made 5 “big bets” which extend across its divisions and drive its operating strategy and growth profile:
Utilisation of Artificial Intelligence (AI) and customer insight (based on unique data) to make products simpler and to increase the speed of product enhancements – many of Intuit’s products are “do it for myself” applications and AI can facilitate self-help and ease of use.
Connecting people to experts – QuickBooks Live, TurboTax Live and Mint Live enable customers to speak to independent experts to solve their issues, increasing the number of customers, engagement levels, and revenue per customer.
Facilitating “smart money decisions” by connecting customers with financial offerings that save them money – there are now 22 million registered users of Turbo and this division will be significantly expanded through Credit Karma’s over 100 million members (37 million monthly active users) once the acquisition completes.
Becoming “the source of truth for a business”, not just “the source of truth for your books” – Intuit aims to assist small business customers get paid fast, manage capital, pay employees and grow in an omnichannel world. Intuit has unique capabilities through the integrated QuickBooks software, Payroll, Payments and QuickBooks Cash bank account, facilitating payments ($65 billion charge volume) and optimising cashflow management.
Disrupt the market for accounting software for businesses with 10 to 100 employees – QuickBooks’ traditional strength lies with smaller businesses but QuickBooks Advanced expands the product’s capabilities to fully service larger businesses at a very competitive price point, albeit multiples of the standard QuickBooks price.
These “big bets” support consistent, predictable growth in all of Intuit’s key businesses:[Read the complete letter here]
7. Farmland Partners Inc. (NYSE: FPI)
Coleman’s Stake Value: $499,000
Percentage of Chase Coleman’s 13F Portfolio: 0.001%
Dividend Yield: 1.52%
Number of Hedge Fund Holders: 5
Farmland Partners Inc. (NYSE: FPI) is a real estate company, which procures high-yielding North-American farmlands, and provides loans to the farmers. Farmland Partners Inc. has returned more than 83% to investors during the course of the past twelve months. It was founded in 2013 and is ranked seventh on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
Last week, Farmland Partners Inc. acquired high-quality Louisiana-based farmland, for $26.8 million, with a plan to lease it for the coming years. On May 14, Farmland Partners Inc. declared a quarterly dividend of $0.05 per share in line with previous. Last month, the company reported Q1 2021 revenue of $11.58 million, down 0.6% YoY, beating estimates by $1.35 million. Just like Microsoft Corporation, Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., Farmland Partners is one of the best stocks to buy according to billionaire Chase Coleman.
The hedge fund run by Chase Coleman owns 44,502 shares in the real estate company worth over $499,000. At the end of the first quarter of 2021, 5 hedge funds in the database of Insider Monkey held stakes worth $2 million in Farmland Partners Inc., down from 8 the preceding quarter worth $3.7 million.
6. Microsoft Corporation (NASDAQ: MSFT)
Coleman’s Stake Value: $3,235,409,000
Percentage of Chase Coleman’s 13F Portfolio: 7.44%
Dividend Yield: 0.89%
Number of Hedge Fund Holders: 251
Microsoft Corporation is a tech company, which provides, permits, and aids software, gadgets, and services globally. Microsoft Corporation has offered investors returns exceeding 34% in the past year. It was founded in 1975 and is placed sixth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
Last week, Morgan Stanley and Microsoft Corporation collaborated to refurbish the bank’s IT conditions. Together, they will develop and co-launch the latest application infrastructure to meet the essential needs for financial services. On April 27, the company reported Q3 2021 revenue of $41.71 billion, up 19.1% YoY, beating the estimates by $860 million.
Tiger Global Management LLC holds more than 13 million shares in the firm, worth over $3 billion. This represents 7.44% of their portfolio. Its activity on Microsoft stock increased by 16% in the past few months, the latest data reveals. Based on our calculations, Microsoft Corporation ranks 4th in our list of the 30 Most Popular Stocks Among Hedge Funds.
In its Q1 2021 investor letter, Polen Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ: MSFT) was one of them. Here is what the fund said:
“We have written extensively about Microsoft in recent commentaries. It was our leading contributor last year and one of our largest weightings within the Portfolio. It continues to experience business momentum through several dominant, essential, and competitively advantaged businesses, like Office 365 and Azure. The markets it competes for are enormous, which gives the company the ability to compound at scale. In the past quarter alone, the company generated over $40 billion in revenue, representing a 17% growth rate. The inherent operating leverage in Microsoft’s business model continues and led to 34% earnings growth this past quarter. Despite the broad rotation we saw in the first quarter and Microsoft’s robust performance in 2020, we think its business fundamentals continue to exhibit strength, and the stock continues to reflect the fundamentals.”
Just like Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., Farmland Partners is one of the best stocks to buy according to billionaire Chase Coleman.
5. Apollo Global Management, Inc. (NYSE: APO)
Coleman’s Stake Value: $1,641,284,000
Percentage of Chase Coleman’s 13F Portfolio: 3.77%
Dividend Yield: 3.66%
Number of Hedge Fund Holders: 44
Apollo Global Management, Inc. (NYSE: APO) has returned more than 9% to investors over the past year. It was founded in 1990 and stands fifth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
On May 4, the company announced a quarterly dividend of $0.50 per share, in line with the previous. On April 14, the stock was upgraded to ‘Outperform’ from ‘Perform’ by Oppenheimer, with a price target of $59.00.
Tiger Global Management LLC holds more than 34 million shares in the company, worth over $1.64 billion, representing 3.77% of their portfolio. At the end of the first quarter of 2021, 44 hedge funds in the database of Insider Monkey held stakes worth $2.36 billion in Apollo Global Management, Inc., up from 30 the preceding quarter worth $2.05 billion.
In its Q3 2020 investor letter, RiverPark Advisors, LLC, an asset management firm, highlighted a few stocks and Apollo Global Management, Inc. (NYSE: APO) was one of them. Here is what the fund said:
“Blackstone & Apollo: Our alternative asset managers BX and APO were top detractors for the quarter as their results were affected by the COVID shutdowns, which have delayed the selling of assets and the realization of performance fees. Both companies (as well as our third alternative asset manager KKR) continue to generate consistently strong fee-related earnings (BX’s and APO’s fee-related earnings increased 28% and 9%, respectively, in the second quarter) and grow their assets under management (AUM) at impressive rates (BX’s and APO’s fee-generating AUM increased 12% and 45%, respectively, year over year).
While both face a temporary slowdown in investment realizations and near-term mark-to-market headwinds from the current crisis, most of their capital is long-dated or even permanent, most of their fees, which are high-margin and recurring, are not sensitive to the market, and both have billions of dollars of capital available to invest ($156 billion and $47 billion at the end of 2Q for Blackstone and Apollo, respectively). We continue to view BX and APO as two of the better risk-reward holdings in our portfolio, offering substantially better-than-average growth and cash flow fundamentals, and world class management teams, as well as dividend yields of 2.8% and 4.2%, respectively.”
4. PayPal Holdings, Inc. (NASDAQ: PYPL)
Coleman’s Stake Value: $217,585,000
Percentage of Chase Coleman’s 13F Portfolio: 0.50%
Number of Hedge Fund Holders: 143
PayPal Holdings, Inc. (NASDAQ: PYPL) has returned more than 66% to investors during the course of the past twelve months. The company was founded in 1998 and is ranked fourth on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. Just like Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., PayPal is one of the best stocks to buy according to billionaire Chase Coleman.
On May 13, PayPal partnered with Google Cloud to scale and guard its infrastructure for the future. PayPal has become a payment method for Google Ads and Google Workspace. On May 05, the company reported Q1 2021 revenue of $6.03 billion, up 30.5% YoY, beating the estimates by $130 million. On February 4, Atlantic Equities analyst Kunaal Malde initiated a coverage on the stock, rating it as “Overweight,” with a price target of $315.00.
Polen Capital Management mentioned PayPal Holdings, Inc. in its Q4 2020 investor letter:
“For the full year 2020, one of the top performers was PayPal, which we purchased in 2019, the company continues to take market share in digital payments and has seen an acceleration in user adoption and engagement, especially within their “silver tech” or older user demographic. We expect many more years of ongoing double-digit growth from their various business segments and new initiatives.”
3. Salesforce.com, inc. (NYSE: CRM)
Coleman’s Stake Value: $484,907,000
Percentage of Chase Coleman’s 13F Portfolio: 1.11%
Number of Hedge Fund Holders: 91
salesforce.com, inc. (NYSE: CRM) is an American cloud-based software company, which provides customer relationship management platform. The company stock has offered investors more than 36% in returns over the course of the past twelve months. It was founded in 1999 and stands third on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
Salesforce posted earnings for the first quarter of 2021 on May 27, reporting earnings per share of $1.21, beating market predictions by $0.33. The revenue for the first three months of 2021 was $5.96 billion, up 22.57% YoY, beating the estimates by $73.32 million. In May, the stock was rated as “Overweight” at Morgan Stanley, where the price target was set at $270.00.
ClearBridge Investments, in its Q1 2021 investor letter, mentioned salesforce. Here is what Polen Global Growth Fund has to say about salesforce in its letter:
“We added to our software-as-a-service (SaaS) exposure with the initiation of SaaS leader salesforce.com, which develops software for customer relationship management (we added Workday, which enterprise resource planning applications, last quarter). Saleforce.com is well-positioned in the most attractive end markets in software and will benefit from secular drivers such as remote work and the digital transformation. Salesforce.com is a sustainability leader as well, with a commitment to carbon-neutral cloud, toward which it has set a goal of 100% renewable energy for global operations by fiscal year 2022. The company has a strong focus on equality, in terms of equal rights, pay, education and opportunity. As a data company it has been leading on workforce disclosures and seeks to have 50% of its U.S. workforce made up of underrepresented groups by 2024.”
2. Shopify Inc. (NYSE: SHOP)
Coleman’s Stake Value: $572,669,000
Percentage of Chase Coleman’s 13F Portfolio: 1.31%
Number of Hedge Fund Holders: 91
Shopify Inc. (NYSE: SHOP) is a business company that provides a global business platform and assistance. Shopify stock has returned more than 65% to investors over the course of the past twelve months. It was founded in 2006 and is ranked second on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman. Just like Alibaba Group Holding Limited, JD.com, Inc. and Amazon.com, Inc., Shopify is one of the best stocks to buy according to billionaire Chase Coleman.
In the first quarter of 2021, Shopify posted adjusted EPS of $2.01, which beat the market estimates by $1.26. The revenue over the period was $988.6 million, up 110.3% YoY, beating the estimates by $129.7 million. Last month, Loop Capital’s analyst Anthony Chukumba initiated a coverage on the stock, rating it as “Buy,” with a price target of $1,400.00.
Tiger Global Management LLC holds 517,550 shares in the company worth over $572 million, representing 1.31% of their portfolio. Tiger Global activity on Shopify stock increased by 168% in the past few months, the latest data reveals. At the end of the first quarter of 2021, 91 hedge funds in the database of Insider Monkey held stakes worth $9.98 billion in Shopify Inc., down from 90 the preceding quarter worth $8.72 billion.
In its Q4 2020 investor letter, RGA Investment Advisors, an asset management firm, highlighted a few stocks and Shopify Inc. (NYSE: SHOP) was one of them. Here is what the fund said:
“While we are pleased with the results of these specific purchases, we made a huge mistake of omission at that time. This mistake will likely be one of the biggest we ever make in our careers. Specifically, we did deep work on Shopify and loved everything about the business qualitatively. Unfortunately, we ultimately found ourselves unable to get comfortable with the numbers.
We built our model up from the key performance indicators (KPIs) that drive revenues. Our last save of the model dated 8/3/2016 looked as follows: (Page 2). These numbers seemed right from everything we understood about the company. While we tend not to rely on sell-side consensus estimates before finishing our own workup of the business, we do give them a look once we feel comfortable with how we have approached our analysis as it is often helpful to get a sense of what the average participant in the market expects the business to do. With Shopify, the sell-side consensus was so far from where our numbers were shaking out, it seemed almost impossible that we were basing our analysis on the same underlying information. Our natural next step was thus to take the sell-side consensus data and work backwards to figure out the implied expectations on each of the key revenue drivers. Here is what the sell-side consensus looked like as at the time: (Page 2).
Shopify’s actual revenues for 2016-2018 ended up being $389m, $673m and $1,073m. In other words, not only were we justifiably far more optimistic than the consensus estimate, but we also were far too conservative in terms of how the company actually performed.
The nature of our job as securities analysts is to take calculated risks, in an uncertain world where the “true” answer is inherently unknowable before the fact. We operate in what many call an “efficient market” and subscribe to the belief that for the most part, markets are generally pretty efficient and it requires differentiated analysis to find a return above what the market can offer. So why did we pass on Shopify despite 1) deeply believing in the qualitative elements of the business; and, 2) seeing a meaningful gap between what we expected and the consensus expected? The answer is unfortunate but simple: we lacked confidence in ourselves. It was the first time we truly experienced such a stark divergence between our expectation and the consensus and the result was the inclination was to pound ourselves over the head with how dumb we must be, rather than the other way around. We also learned that the truly great companies use their strong business advantages, smart management and execution to raise the bar every step along the way. Obviously this is a cycle which cannot continue ad infinitum, but especially in instances where our qualitative work identifies the inherent strengths in the business and the numbers shake out to be quite fair, the consistent “raising of the bar” can be a potent driver for the stock.
Please do not judge us too harshly for our mistake on Shopify, for we have from the very beginning made one commitment above all else to both our clients and ourselves: that we will be better today than we were yesterday, and better tomorrow than we are today. While this mistake was quite costly, it ended up being a key confidence and process builder.”
1. Zoom Video Communications, Inc. (NASDAQ: ZM)
Coleman’s Stake Value: $787,226,000
Percentage of Chase Coleman’s 13F Portfolio: 1.81%
Number of Hedge Fund Holders: 54
Zoom Video Communications, Inc. (NASDAQ: ZM) is an American tech company providing video-conferencing and online-chat facility to its customers. Zoom stock has returned more than 66% to investors over the past year. The company was incorporated in 2011 and stands first on our list of 10 best tech and dividend stocks to buy according to billionaire Chase Coleman.
Last month SRAX, Inc., a financial technology company, united with Zoom Video to combine Zoom with the Sequire Audience feature in the Sequire platform. This collaboration will enable Sequire clients to host their meetings, webinars, or shows. On May 27, investment advisory UBS initiated coverage on Zoom stock with a “Neutral” rating and a price target of $325.00.
The hedge fund run by Chase Coleman owns more than 2.45 million shares in the tech company worth over $787 million, representing 1.81% of their investment portfolio. Tiger Global Management LLC has increased activity on Zoom stock by 70% in the past few months. Out of the hedge funds being tracked by Insider Monkey, ARK Investment Management is a leading shareholder in Zoom Video Communications, Inc., with 3 million shares worth more than $964 million.
Artisan Partners, in their Q1 2021 investor letter, mentioned Zoom. Here is what the fund said:
“We concluded our campaigns in Zoom Video Communications. We have been paring our position in Zoom for several quarters, anticipating the reduced need for video conferencing as vaccination rates climb and people return to their workplaces. That said, we believe there is a strong case to be made that the pandemic has prompted a permanent inflection in videoconferencing’s importance—sustainably higher remote work arrangements, more online learning and less business travel. Furthermore, the company’s dramatically expanded user base (up 485% YoY in Q3) positions it well to cross sell additional services, Zoom Phone in particular. The long-term future remains bright, but we decided to end our successful investment campaign in favor of opportunities in our pipeline with more attractive near-term growth prospects.”
You can also take a peek at 10 Best Tech Stocks To Buy Now According To Billionaire Laffont and 10 Best Tech Stocks to Buy According to Billionaire Ken Griffin.
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This article is originally published at Insider Monkey.
