5 Best Tech Stocks to Buy According to Stanley Druckenmiller

In this article, we discuss the 5 best tech stocks to buy according to Stanley Druckenmiller. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Tech Stocks to Buy According to Stanley Druckenmiller.

5. Palantir Technologies Inc. (NYSE: PLTR)

Number of Hedge Fund Holders: 26

Palantir Technologies Inc. (NYSE: PLTR) is ranked fifth on our list of 10 best tech stocks to buy according to Stanley Druckenmiller. The company is run from Colorado and operates as a software firm working in the data analytics business. Druckenmiller, through Duquesne Capital, owned more than 4 million shares in the company at the end of the second quarter of 2021, representing over 3% of the portfolio of the fund. The shares are valued at close to $106 million. Duquesne Capital has reduced stake in the company by 33% when compared to the first three months of the year. 

On August 13, investment advisory Wolfe Research maintained a Peer Perform rating on Palantir Technologies Inc. (NYSE: PLTR) stock and raised the price target to $25 from $20, appreciating the solid revenue reported by the firm in the earnings report for the second quarter.

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc. (NYSE: PLTR), down from 32 in the preceding quarter worth $1.1 billion. 

In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks andPalantir Technologies Inc. (NYSE: PLTR) was one of them. Here is what the fund said:

“In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside. Palantir is operating a software platform that functions as the digital infrastructure for data-driven operations and decision making. The software helps to structure and capture context in data of large corporations. Governments are increasingly realizing that they have to deal with serious data challenges and cyber risk. As most governments cannot attract the most talented software engineers, they need private enterprises such as Palantir to help them build solid infrastructure. Foundry, Palantir’s software for enterprises, is used by companiesto make safer cars and airplanes or to accelerate cancer research. The speed to bring new clients on board is improving and revenues will grow faster than expenses. Palantir has a long runway of growth ahead.”