In this article, we discuss 5 tech stocks to buy according to Nathan Przybylo’s L2 Asset Management. If you want our detailed analysis of these stocks, go directly to 10 Tech Stocks to Buy According to Nathan Przybylo’s L2 Asset Management.
5. Cisco Systems, Inc. (NASDAQ:CSCO)
L2 Asset Management’s Stake Value: $1,131,000
Percentage of L2 Asset Management’s 13F Portfolio: 2.85%
Number of Hedge Fund Holders: 63
Cisco Systems, Inc. (NASDAQ:CSCO) is a California-based multinational technology conglomerate manufacturing networking hardware, software, telecommunications equipment, and relevant high-tech products. L2 Asset Management held 20,777 shares of Cisco Systems, Inc. (NASDAQ:CSCO) in Q3 2021, amounting to $1.13 million, accounting for 2.85% of the fund’s 13F portfolio.
On December 13, Cisco Systems, Inc. (NASDAQ:CSCO) declared a quarterly dividend of $0.37 per share, in line with previous. The dividend was paid on January 26, to shareholders of record on January 5.
JPMorgan analyst Samik Chatterjee lowered the price target on Cisco Systems, Inc. (NASDAQ:CSCO) to $69 from $70 and kept an Overweight rating on the shares on January 20. Heading into the Q4 earnings season for networking and hardware, the analyst views the recent pullback in growth companies as offering an attractive entry point. He expects a repeat of the strong 2021 growth in 2022, with potential upside from supply, as opposed to value companies which he believes are “set for a material slowdown in 2022.”
In the third quarter of 2021, 63 hedge funds were bullish on Cisco Systems, Inc. (NASDAQ:CSCO), up from 60 funds in the quarter earlier. David Blood and Al Gore’s Generation Investment Management is one of the largest Cisco Systems, Inc. (NASDAQ:CSCO) stakeholders, with over 15 million shares worth $1.04 billion.
Here is what ClearBridge Large Cap Value Strategy has to say about Cisco Systems, Inc. (NASDAQ:CSCO) in its Q3 2021 investor letter:
“We reinvested a portion of the proceeds into existing holding Cisco Systems, which also has highly valuable technology and an improving secular growth story with its leading position in core networking hardware, as well as in its growing software and services business. Cisco has refocused on winning share in the large and growing hyperscale market and has been investing aggressively in R&D to support growth. We believe Cisco has found new legs after previously ceding some growth opportunities in cloud while maintaining its strong presence in the carrier and enterprise markets. Cisco boasts a strong balance sheet and accelerating multi-year growth while trading at a modest multiple of earnings.”
