Below are the 5 stocks that helped Amish Mehta’s SQN Investors Return 46% in 2020. For a comprehensive list see 10 Stocks That Helped Amish Mehta’s SQN Investors Return 46%.
5. Five9, Inc. (NASDAQ: FIVN)
The software application provider for contact centers Five9, Inc. (NASDAQ: FIVN) is among the stocks that helped Amish Mehta’s SQN to outperform the market trends. Five9 currently accounts for 7.22% of the overall portfolio. The hedge fund has been holding a Five9 stake since the beginning of this year.
Five9 stock price rallied more than 160% in the last twelve months on the back of strong revenue growth trends.
Hedge funds are bullish about Five9. It was in 47 hedge funds’ portfolios at the end of September compared to the previous all-time high of 44. Wasatch Core Growth Fund, which returned 6.61% for the third quarter, commented about a few stocks including Five9 in an investor’s letter. Here is what Wasatch Core Growth Fund stated:
“One of the tech companies we like is Five9, Inc. (FIVN), which provides contact-center software that’s managed and hosted from the cloud. The company offers real-time and historical reporting, quality monitoring, and workforce and customer relationship-management integrations. The stock has benefited from the superiority of cloud-based software over on-premises/legacy software, which has become especially evident during the coronavirus pandemic. Five9’s robust software has enabled customers to quickly shift employees from large contact centers to work-from-home environments with limited disruption.”
4. ServiceNow, Inc. (NYSE: NOW)
The systems software provider ServiceNow, Inc. (NYSE: NOW) is the fourth largest stock holding of Amish Mehta’s 13F stock portfolio. The hedge fund has raised its stake by 8% in the software company during the September quarter after initiating a position at the beginning of 2020.
ServiceNow stock price generated massive returns for investors throughout fiscal 2020. Shares of ServiceNow are up 94% in the last twelve months. Its September quarter revenue of $1.14 billion grew 27% year over year while the company expects ful year revenue in the range of $4.2 billion.
3. Zoom Video Communications ( NASDAQ: ZM)
The pandemic darling Zoom Video Communications ( NASDAQ: ZM) is among the stocks that helped Amish Mehta’s SQN Investors to generate robust gains in 2020. The video calling company is the third-largest stock holding of SQN Investors. The hedge fund initiated a position in Zoom during the second quarter and reduced its stake by 22% in the third quarter.
Shares of Zoom Video rallied 400% in fiscal 2020. Other hedge funds are also seeing growth prospects for Zoom. Alger Mid Cap Focus Fund recently presented a bullish outlook for Zoom in an investor’s letter. Here is what Alger Mid Cap Focus Fund stated:
“Zoom Video Communications provides a cloud-native, video-first communications platform that transforms how people communicate, interact and work together. It offers a better experience with easy onboarding and use, and it addresses enterprise needs around scalability, cost and minimal IT involvement. The company is a leader and household name in video communication and is benefiting from the explosive growth of remote working and learning from home resulting from Covid¬19 social distancing. Shares of Zoom outperformed after the company said its fiscal second quarter exceeded consensus expectations and raised its fiscal-year 2021 guidance for revenues and profitability. We believe Zoom is currently well positioned to benefit from the ongoing high levels of remote working and learning at home. Additionally, it is continuing to capture market share and its launch of Zoom Phone and Zoom Rooms has expanded its market. The company is also increasing its penetration within enterprises and is expanding internationally.”
2. MongoDB, Inc. (NASDAQ: MDB)
The database platform MongoDB, Inc. (NASDAQ: MDB) is the second-largest stock holding of SQN investors portfolio. The hedge fund has been holding a stake in MongoDB since the third quarter of 2018.
Shares of MongoDB appreciated 172% in the last twelve months, driven by revenue growth trends. Its September quarter subscription revenue of $144.1 million jumped 39% from the year-ago quarter and the company generated 41% growth in Q2.
1. RingCentral, Inc. (NYSE: RNG)
RingCentral, Inc. (NYSE: RNG) is the most favorite stock of SQN Investors and it is among the stocks that helped the hedge fund to generate robust returns in fiscal 2020. SQN is holding 485,053 shares of RNG valued at $133 million.
Shares of RingCentral appreciated almost 124% in the past twelve months. RingCentral management looks optimistic over future fundamentals. Vlad Shmunis, RingCentral’s founder, chairman, and CEO said, “We are excited to add Alcatel-Lucent Enterprise and expand our relationship with BT as we further expand and deepen our unique global distribution network. We believe our customers and partners are embracing RingCentral’s differentiated Message Video Phone (MVP) cloud platform as a go forward staple of their digital transformation journeys.”
Please also see 14 Best Internet of Things Stocks To Buy Now and Billionaire David Abrams’ Top 10 Stock Picks
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