5 Technology Stocks To Buy That Are Too Cheap To Ignore

In this piece, we will take a look at the five technology stocks to buy that are cheap to ignore. If you want to learn about recent trends in the tech industry, then check out 13 Technology Stocks To Buy That Are Too Cheap To Ignore.

5. Cisco Systems, Inc. (NASDAQ:CSCO)

Number of Hedge Fund Investors in Q2 2023: 55

Trailing P/E Ratio: 17.51

Cisco Systems, Inc. (NASDAQ:CSCO) is one of the most well known technology companies in the world known for its connectivity products. The firm has benefited from a growing demand for enterprise computing and data center products as it has beaten analyst EPS estimates in all four of its latest quarters.

During Q2 2023, 55 out of the 910 hedge funds surveyed by Insider Monkey held a stake in Cisco Systems, Inc. (NASDAQ:CSCO). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the biggest investor among these, owning 20 million shares that are worth $1 billion.

4. Lam Research Corporation (NASDAQ:LRCX)

Number of Hedge Fund Investors in Q2 2023: 69

Trailing P/E Ratio: 19.41

Lam Research Corporation (NASDAQ:LRCX) is a backend chip company that sells semiconductor manufacturing equipment. Its shares were upgraded by Needham in October 2023 to Buy from Hold as the firm cited confidence about the demand for its wafer manufacturing products.

By the end of this year’s second quarter, 69 out of the 910 hedge funds polled by Insider Monkey were the firm’s investors. Lam Research Corporation (NASDAQ:LRCX)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management due to its $1.8 billion stake.

3. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Investors in Q2 2023: 72

Trailing P/E Ratio: 18.60

Applied Materials, Inc. (NASDAQ:AMAT) is another semiconductor equipment manufacturer that is one of the firms of its kind in the world. Like Lam Research, its shares were also upgraded to Buy from Hold by Needham in October 2023, with the financial firm projecting up to $90 billion in chip equipment sales.

Insider Monkey took a look at 910 hedge funds for their June quarter of 2023 shareholdings and discovered 72 Applied Materials, Inc. (NASDAQ:AMAT) shareholders. Out of these, David Blood and Al Gore’s Generation Investment Management owns the biggest stake which is worth $1.2 billion.

2. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Investors in Q2 2023: 73

Trailing P/E Ratio: 14.22

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the biggest semiconductor designers in the world whose products are used in most of smartphones all over the globe. The firm is currently facing a lot of cost pressures in a weakening economy which has forced it to cut down jobs.

By the end of this year’s June quarter, 73 out of the 910 hedge funds polled by Insider Monkey were the firm’s investors. QUALCOMM Incorporated (NASDAQ:QCOM)’s biggest investor in our database is Israel Englander’s Millennium Management as it owns $270 million worth of shares.

1. Taiwan Semiconductor Manufacturing Company (NYSE:TSM)

Number of Hedge Fund Investors in Q2 2023: 121

Trailing P/E Ratio: 15.98

The Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the biggest contract chip manufacturing firm in the world. Despite its heft, the firm’s shares are rated Strong Buy on average and analysts have set an average share price target of $111.

121 out of the 910 hedge funds part of Insider Monkey’s database were Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s shareholders as of Q2 2023 end. Out of these, the largest shareholder is Ken Fisher’s Fisher Asset Management as it owns 29.5 million shares that are worth $2.9 billion.

Disclosure: None. You can also take a look at 16 Best Growth Stocks To Buy According To Hedge Funds and 15 Stocks Dumb Money’s Steve Cohen Is Betting On Now.

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