4. Palo Alto Networks, Inc. (NYSE: PANW)
Number of Hedge Fund Holders: 69
Palo Alto Networks, Inc. (NYSE: PANW) is a California-based cybersecurity solutions provider. It is placed fourth on our list of 10 best tech stocks to buy according to Stanley Druckenmiller. Duquesne Capital owned 411,015 shares in the firm at the end of June 2021, representing 4.37% of the portfolio. The shares are worth more than $152 million. Druckenmiller has trimmed stake in the company by 2% compared to the first quarter of 2021.
On July 22, investment advisory KeyBanc maintained an Overweight rating on Palo Alto Networks, Inc. (NYSE: PANW) stock and raised the price target to $507 from $469, identifying several growth catalysts for the firm, including consolidated security spend and improved market positioning.
Out of the hedge funds being tracked by Insider Monkey, Connecticut-based firm Viking Global is a leading shareholder in Palo Alto Networks, Inc. (NYSE: PANW) with 2.6 million shares worth more than $979 million.
3. Alphabet Inc. (NASDAQ: GOOG)
Number of Hedge Fund Holders: 155
Alphabet Inc. (NASDAQ: GOOG) is a California-based technology company. It is ranked third on our list of 10 best tech stocks to buy according to Stanley Druckenmiller. Regulatory filings reveal that Duquesne Capital owned 91,009 shares in the firm at the end of the second quarter of 2021. These are worth $222 million and represent 6.37% of the portfolio. Druckenmiller had increased Duquesne Capital’s stake in the company by a whopping 193% compared to the first three months of the year.
On July 28, investment advisory JPMorgan kept an Overweight rating on Alphabet Inc. (NASDAQ: GOOG) stock and raised the price target to $3,250 from $2,875, noting that the company remained one of the top investment picks of the advisory.
Out of the hedge funds being tracked by Insider Monkey, London-based investment firm TCI Fund Management is a leading shareholder in the firm with 2.9 million shares worth more than $7.3 billion.
In its Q1 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ: GOOG) was one of them. Here is what the fund said:
“Large-cap tech companies have been resilient through the pandemic—Alphabet among them. A top contributor, Alphabet’s Play Store and Google Cloud are in demand as businesses accelerate online activity which, along with strong YouTube user growth, is helping stabilize temporarily weaker search ad revenue trends. Through the lens of our disciplined bottom-up research process, we view Alphabet as one of the best businesses in the world, capable of expanding revenues at a rapid rate for years to come, with a bullet proof balance sheet and an average asking price. It’s a name we’ve owned since 2012 and for which we continue to have high hopes regarding future prospects.”
