5 Tech Stocks to Buy According to Select Equity Group

3. Fidelity National Information Services, Inc. (NYSE:FIS)

Select Equity Group’s Stake Value: $1,105,814,000

Percentage of Select Equity Group’s 13F Portfolio: 3.71%

Number of Hedge Fund Holders: 69

Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology company from Florida, specializing in merchant solutions, banking, and capital market solutions. Select Equity Group boosted its stake in Fidelity National Information Services, Inc. (NYSE:FIS) by 40% in Q3 2021, holding over 9 million shares of the company, worth $1.10 billion. The stock accounts for 3.71% of the fund’s 13F portfolio. 

Fidelity National Information Services, Inc. (NYSE:FIS) announced a quarterly per share dividend of $0.39 on October 21. The dividend was paid on December 27 to shareholders of record on December 13. 

In the third quarter earnings report, published on November 4, Fidelity National Information Services, Inc. (NYSE:FIS) announced an EPS of $1.73, beating estimates by $0.05. 

Wedbush analyst Moshe Katri lowered the price target on Fidelity National Information Services, Inc. (NYSE:FIS) to $130 from $182 and kept an Outperform rating on the shares. The analyst observed continued indications of choppy consumer spending, as well as likely reduced spending on non-discretionary items given the inflation levels. 

Andreas Halvorsen’s Viking Global is one of the leading stakeholders of Fidelity National Information Services, Inc. (NYSE:FIS) as of September 2021, with more than 7 million shares worth $872.6 million. Overall, 69 hedge funds tracked by Insider Monkey in the third quarter were long Fidelity National Information Services, Inc. (NYSE:FIS). 

Here is what Baron FinTech Fund has to say about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q3 2021 investor letter:

“Fidelity National Information Services, Inc. provides software to financial institutions and enables merchants to accept electronic payments. The company reported solid quarterly financial results that exceeded expectations and raised annual guidance for revenue and earnings. However, the stock fell due to concerns that Fidelity National’s legacy technology is losing market share to newer competitors with more modern technology. We believe these concerns are overblown and that Fidelity National remains well positioned to grow revenues organically at a high single-digit rate and earnings at a double-digit rate over time.”