In this article, we discuss 5 tech stocks to buy according to billionaire David Harding. If you want our detailed analysis of these stocks, go directly to 10 Tech Stocks to Buy According to Billionaire David Harding.
5. Meta Platforms, Inc. (NASDAQ:FB)
Winton Capital Management’s Stake Value: $7,845,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.43%
Number of Hedge Fund Holders: 248
Mark Zuckerberg’s Meta Platforms, Inc. (NASDAQ:FB) is one of the best tech stocks to buy according to David Harding, with the billionaire elevating his stake in the tech giant by 24% in the third quarter. Winton Capital Management owns 23,115 Meta Platforms, Inc. (NASDAQ:FB) shares as of Q3 2021, worth $7.8 million, accounting for 0.43% of the firm’s total 13F securities.
On October 25, Meta Platforms, Inc. (NASDAQ:FB) announced earnings for the third quarter, posting an EPS of $3.22, exceeding estimates by $0.04. Meta Platforms, Inc. (NASDAQ:FB)is planning on integrating blockchain and cryptocurrency technologies into its platforms in the near future.
Loop Capital analyst Alan Gould on December 20 lowered the price target on Meta Platforms, Inc. (NASDAQ:FB) to $380 from $420 but kept a Buy rating on the shares.
Among the hedge funds being tracked by Insider Monkey, 248 funds were long Meta Platforms, Inc. (NASDAQ:FB), down from 266 funds in the prior quarter. One of the biggest Meta Platforms, Inc. (NASDAQ:FB) stakeholders is Eagle Capital Management, with 7.1 million shares worth $2.4 billion.
Here is what Canterbury Tollgate has to say about Meta Platforms, Inc. (NASDAQ:FB) in its Q3 2021 investor letter:
“To say traditional media is anti-Facebook would not be an overstatement. An already intense and multi-year critique of (or attack on) Facebook has ratcheted up in recent weeks. Facebook’s research efforts have been reported on, if often derided, for nearly a decade. Going back to 2014, Slate.com called their research practices “unethical” when FB tried to study the impact social posts had on users. Now those efforts have been turned against them for the kill shot.
My job is to observe, assess, and allocate. Not to commentate on all the whims and wishes of media narrative. However, in the case of Facebook I cannot avoid going into some detail re: the onslaught against them, which I find to be most unwarranted and insincere.
Last month the Wall Street Journal ran a five-piece series titled “The Facebook Files” which allegedly shows how toxic Instagram is for teens. The foundation of their argument was a single slide from an internal presentation claiming, based on FB’s own research, that of teens who had a negative self-image, one-third said Instagram “made them feel worse.”iii Somehow the implication here is that this is not an inescapable aspect of either the human psyche and/or society-at large, but that it is of Facebook’s doing…” (Click here to see the full text)
4. Alphabet Inc. (NASDAQ:GOOG)
Winton Capital Management’s Stake Value: $8,617,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.48%
Number of Hedge Fund Holders: 156
On December 3, Tigress Financial analyst Ivan Feinseth raised the price target on Alphabet Inc. (NASDAQ:GOOG) to $3,540 from $3,185 and reiterated a Strong Buy rating on the shares. Alphabet Inc. (NASDAQ:GOOG)’s increasing artificial intelligence-first focus is driving greater product functionality and “significant” growth opportunities, according to the analyst.
TCI Fund Management is the biggest Alphabet Inc. (NASDAQ:GOOG) stakeholder, out of the 156 hedge funds that were bullish on the stock in the third quarter.
Alphabet Inc. (NASDAQ:GOOG) and Verizon Communications Inc. (NYSE:VZ) announced on December 16 that they are collaborating to “bring the power of the cloud closer to mobile and connected devices at the edge of Verizon’s network”.
Here is what Saturna Capital Amana Funds has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2021 investor letter:
“Alphabet was a new addition to the Fund this year, as we believed it important to have exposure to the top online media and advertising company in the world. Some have raised concerns surrounding Alphabet’s exposure to political interference, but we take comfort from the belief that were the company to be broken up, it would quite likely be worth even more than as a single entity.”
3. International Business Machines Corporation (NYSE:IBM)
Winton Capital Management’s Stake Value: $8,716,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.48%
Number of Hedge Fund Holders: 41
International Business Machines Corporation (NYSE:IBM) is a multinational technology corporation offering cloud services, computer hardware and software, nanotechnology, hosting, and IT consulting services. David Harding boosted his stake in International Business Machines Corporation (NYSE:IBM) by 17% in the third quarter, holding a total of 62,736 shares of the company worth $8.71 billion. The stock accounts for 0.48% of the billionaire’s total Q3 investments.
In the third quarter earnings reported on October 20, International Business Machines Corporation (NYSE:IBM) posted an EPS of $2.52, exceeding estimates by $0.01.
On December 7, Credit Suisse analyst Sami Badri assumed coverage of International Business Machines Corporation (NYSE:IBM) with an Outperform rating and an unchanged price target of $164.29.
Arrowstreet Capital is one of the leading International Business Machines Corporation (NYSE:IBM) stakeholders, with 2.8 million shares worth $398.1 million. Overall, 41 hedge funds were bullish on the stock as of September 2021.
2. Cisco Systems, Inc. (NASDAQ:CSCO)
Winton Capital Management’s Stake Value: $10,394,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.58%
Number of Hedge Fund Holders: 63
Winton Capital Management increased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 18% in Q3 2021.
On November 17, Cisco Systems, Inc. (NASDAQ:CSCO) posted its Q3 results, announcing earnings per share of $0.82, exceeding estimates by $0.02. The $12.90 billion revenue missed estimates by $81.63 million.
Citi analyst Jim Suva raised the price target on Cisco Systems, Inc. (NASDAQ:CSCO) on December 22 to $65 from $55 and kept a Neutral rating on the shares. The analyst stated that he was less confident about Cisco Systems, Inc. (NASDAQ:CSCO)’s ability to gain market share and return to prior growth rates with the company’s sales “on the decline.”
Of the 63 hedge funds that were long Cisco Systems, Inc. (NASDAQ:CSCO) as of September 2021, billionaire Ken Fisher’s Fisher Asset Management is the largest company stakeholder, holding 22.8 million shares worth $1.24 billion.
Here is what ClearBridge Investments has to say about Cisco Systems, Inc. (NASDAQ:CSCO) in its Q1 2021 investor letter:
“Also in IT, we added Cisco Systems, which provides IT and networking services in the form of network security, software development and cloud computing. Cisco continues to derive over 50% of its sales from on-premise deployments of its products of enterprise and small and midsize customers, while recurring revenues from software are becoming a larger part of the mix. Return-to-office enterprise spending should offer upside to its core campus business. Cisco was an early technology leader in sustainability over two decades ago, through its Internet-connecting capabilities which supported live concerts in partnership with the United Nations Development Program to raise awareness and funds to fight poverty. Cisco has very strong environmental standards (including driving lower energy consumption in IT departments through new product innovations and a longstanding goal to reduce emissions and reliance on non-renewable energy sources). Its data privacy and supply chain management policies are best in class.”
1. NVIDIA Corporation (NASDAQ:NVDA)
Winton Capital Management’s Stake Value: $15,034,000
Percentage of Winton Capital Management’s 13F Portfolio: 0.84%
Number of Hedge Fund Holders: 83
NVIDIA Corporation (NASDAQ:NVDA) is the top tech stock in David Harding’s third quarter portfolio, with the billionaire elevating his stake in the company by 310%, holding 72,572 shares worth over $15 million. NVIDIA Corporation (NASDAQ:NVDA) is a multinational tech company specializing in graphics processing units, central processing units, chipsets, drivers, and other related technology products.
In the third quarter earnings report published on November 17 by NVIDIA Corporation (NASDAQ:NVDA), the company posted an EPS of $1.17, exceeding estimates by $0.06. Revenue over the period jumped 50.30% year-over-year to $7.10 billion, outperforming estimates by approximately $290 million.
GQG Partners, the largest NVIDIA Corporation (NASDAQ:NVDA) stakeholder, extended its position in the company by 308% in the third quarter, holding over 15 million shares worth $3.1 billion. Overall, 83 hedge funds tracked by Insider Monkey were long NVIDIA Corporation (NASDAQ:NVDA) in Q3 2021, down from 86 funds in the preceding quarter.
Here is what Harding Loevner Global Equity Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2021 investor letter:
“The proliferation of devices using chips, whether EVs, “things” in lol, or embedded systems more generally, results in the generation of oceans of data potentially needing to be stored, processed, and analyzed. NVIDIA, the leading chip designer well known for its graphic processing units and its complementary CUDA software ecosystem, is at the forefront of the effort to provide the analytical platform needed to unlock the full potential of such specialist processors.”
You can also take a look at Top 10 Stock Picks of Barry Rosenstein’s JANA Partners and 10 Best High Dividend Stocks in Canada for 2022.
