In this piece we’ll take a look at the top five best tech stocks to buy according to billionaire Jim Simons’ Renaissance Technologies. For more stocks, the methodology and risk/reward of this list, head on to 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
5. Verisign, Inc. (NASDAQ:VRSN)
Renaissance Technologies Stake Value: $662,106,000
Verisign, Inc. (NASDAQ:VRSN) is the sole authorized registry for several generic top-level domains, including the widely utilized .com and .net top-level domains. The company operates critical Internet infrastructure to support the domain name system. In 2018, the company sold its Security Services unit signalling a renewed focus on the core registry business.
During Q2 2022 Verisign, Inc. (NASDAQ:VRSN) the company generated revenue of $352 million, up 6.8% from the same quarter last year. The company reported diluted earnings per share of $1.54 for the second quarter of 2022, compared to $1.31 for the same quarter of 2021.
Renaissance Technologies Stake Value in Verisign, Inc. (NASDAQ:VRSN) at the end of Q2 2022 stood at $662,106,000, making the company rank 5th on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
4. Zoom Video Communications, Inc. (NASDAQ:ZM)
Renaissance Technologies Stake Value: $694,140,000
Zoom Video Communications, Inc. (NASDAQ:ZM) is a provider of communications technologies. The company provides a user-friendly communication platform and solutions for video meetings, phone conversations, whiteboarding, and annotation, allowing users to interact with anyone, anywhere.
For the second quarter of 2022, Zoom Video Communications, Inc. (NASDAQ:ZM) grew revenue by 8% YoY to $1.0 billion. The company also reported diluted earnings per share of $1.05, beating the consensus estimate by $0.12 as the company improved operating margins significantly during the quarter.
Renaissance Technologies Stake Value in Zoom Video Communications, Inc. (NASDAQ:ZM) at the end of Q2 2022 stood at $694,140,000, making the company rank 4th on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
3. Apple, Inc. (NASDAQ:AAPL)
Renaissance Technologies Stake Value: $844,883,000
Apple, Inc. (NASDAQ:AAPL) develops a number of consumer electronic products, such as smartphones (iPhone), tablets (iPad), personal computers (Mac), smartwatches (Apple Watch), AirPods, and television set-top boxes (Apple T.V.), among others. The iPhone remains the primary source of income for Apple.
Apple reported another record June quarter with revenue of $82.9 billion, up 1.8% YoY, which was better than the company expected as the it faced supply chain constraints and a deteriorating macro environment during the quarter.
Wedgewood Partners mentioned Apple Inc. (NASDAQ:AAPL) in its second-quarter 2022 investor letter, Here is what the firm said:
“Apple Inc. (NASDAQ:AAPL) grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple Inc. (NASDAQ:AAPL) is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and software continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”
Renaissance Technologies Stake Value in Apple, Inc. (NASDAQ:AAPL) at the end of Q2 2022 stood at $844,883,000, making the company rank 3rd on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
2. Meta Platforms Inc. (NASDAQ:META)
Renaissance Technologies Stake Value: $884,482,000
With 2.5 billion monthly active members, Meta Platforms Inc. (NASDAQ:META) is the biggest online social network in the world. The company’s ecosystem primarily consists of the Facebook app, Instagram, Messenger, and WhatsApp, as well as numerous features surrounding these products. More than 90% of the company’s total income comes from advertising, with 50% coming from the United States and Canada and 25% from Europe.
During Q2 2022 Meta Platforms Inc. (NASDAQ:META) the company generated revenue of $28.8 billion, down 0.85% from the same quarter last year. The company reported diluted earnings per share of $2.46, missing the consensus estimate by $0.09.
Renaissance Technologies Stake Value in Meta Platforms Inc. (NASDAQ:META) at the end of Q2 2022 stood at $884,482,000, making the company rank 2nd on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
1. Microsoft Corporation (NASDAQ:MSFT)
Renaissance Technologies Stake Value: $981,125,000
Microsoft Corporation (NASDAQ:MSFT) is a software corporation. The business provides apps, additional cloud storage, and innovative security solutions servicing clients globally
Microsoft Corporation (NASDAQ:MSFT) reported strong result for Q4 2022 reporting revenue of $51.9 billion, up 12% over the same period last year and normalized EPS of $2.23 for the quarter.
Renaissance Technologies Stake Value in Microsoft Corporation (NASDAQ:MSFT) at the end of Q2 2022 stood at $981,125,000 making the company rank 1st on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.
You can also take a look at 10 Best Dogs of the Dow to Invest In and 10 Electric Car Stocks to Buy for 2022.
