5 Technology Stocks with Insider Buying

4. Leidos Holdings, Inc. (NYSE:LDOS)

Number of Hedge Fund Holders: 35

Defense, aviation and IT solutions company Leidos Holdings, Inc. (NYSE:LDOS) ranks 4th in our list of tech stocks with insider buying since the company saw insider buying activity worth about $496,503 in May. The transaction was initiated by Thomas Arthur Bell, the CEO of Leidos Holdings, Inc. (NYSE:LDOS), who bought 6,300 shares of the company at $78.81 per share.

Since the transaction Leidos Holdings, Inc. (NYSE:LDOS) has gained about 23%.

As of the end of the first quarter of 2023, 35 hedge funds out of the 943 funds tracked by Insider Monkey reported having stakes in Leidos Holdings, Inc. (NYSE:LDOS). The biggest stakeholder of Leidos Holdings, Inc. (NYSE:LDOS) during this period was Anand Parekh’s Alyeska Investment Group which owns a $95 million stake in Leidos Holdings, Inc. (NYSE:LDOS).

Leidos Holdings, Inc. (NYSE:LDOS) recently posted strong Q2 results. Adjusted EPS in the quarter came in at $1.80, beating estimates by $0.23. Revenue in the quarter jumped about 7% on a YoY basis to reach $3.8 billion, surpassing estimates by $70 million.

Wedgewood SMID Cap Strategy made the following comment about Leidos Holdings, Inc. (NYSE:LDOS) in its Q1 2023 investor letter:

“Top performance detractors for the quarter include First Republic Bank, Texas Pacific Land, Leidos Holdings, Inc. (NYSE:LDOS), Helen of Troy and IAA. Finally, and unfortunately—as we’ve discussed in these letters previously in commentary on Leidos – it appears a new Cold War may be emerging, and we believe this will spur long-term demand for the U.S. military, industrial, and energy industries, as we already have seen on the energy front, especially, with exports to European allies rising significantly since Russia’s invasion of Ukraine.”