In this article, we will take a look at the 5 technology stocks with insider buying. To see more such companies, go directly to 10 Technology Stocks with Insider Buying.
5. Gen Digital Inc. (NASDAQ:GEN)
Number of Hedge Fund Holders: 32
Headquartered in Arizona, Gen Digital Inc. (NASDAQ:GEN) ranks 5th in our list of the technology stocks with heavy insider buying activity in 2023. Gen Digital Inc. (NASDAQ:GEN)’s president Ondrej Vlcek in May bought 300,000 shares of the firm at $15.79 per share.
As of the end of the first quarter of 2023, 32 hedge funds tracked by Insider Monkey reported owning stakes in Gen Digital Inc. (NASDAQ:GEN). The most significant stakeholder of Gen Digital Inc. (NASDAQ:GEN) during this period was Jeffrey Smith’s Starboard Value LP which had a $325 million stake in the company.
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.”
3. Super Micro Computer, Inc. (NASDAQ:SMCI)
Number of Hedge Fund Holders: 36
IT company Super Micro Computer, Inc. (NASDAQ:SMCI)’s director Shiu Leung Chan in May 2023 bought about 3,000 shares of the company at $133.88 per share. Super Micro Computer, Inc. (NASDAQ:SMCI) has gained about 160% since the transaction.
As of the end of the first quarter of 2023, 36 hedge funds in Insider Monkey’s database of 943 funds reported having stakes in Super Micro Computer, Inc. (NASDAQ:SMCI). The biggest stakeholder of Super Micro Computer, Inc. (NASDAQ:SMCI) was Alex Sacerdote’s Whale Rock Capital Management which had an $84 million stake in the company.
2. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders: 43
Mark D Mclaughlin, a director at Snowflake Inc. (NYSE:SNOW), bought 1,831 shares of the company in May. The shares were bought at $163.80. Snowflake Inc. (NYSE:SNOW) has fallen about 4.5% since the transaction.
As of the end of the first quarter of 2023, 63 hedge funds in Insider Monkey’s database of 943 funds reported owning stakes in Snowflake Inc. (NYSE:SNOW). The biggest stakeholder of Snowflake Inc. (NYSE:SNOW) during this period was Brad Gerstner’s Altimeter Capital Management which owns a $2.4 billion stake in the company.
Baron Opportunity Fund made the following comment about Snowflake Inc. (NYSE:SNOW) in its second quarter 2023 investor letter:
“Our sale of Snowflake Inc. (NYSE:SNOW), a leading data management software vender, was a position-size trim, and we used the proceeds to fund purchases of other software names like ZoomInfo and Cloudflare. We remain confident in Snowflake’s management team, technology, and long-term growth opportunity.”
1. Toast, Inc. (NYSE:TOST)
Number of Hedge Fund Holders: 48
Cloud-based restaurant management software company Toast, Inc. (NYSE:TOST) tops our list of technology stocks with insider buying. In May, Toast, Inc. (NYSE:TOST)’s director, David Yuan bought 635,000 shares of the company at an average price of $19.74. The transaction’s total worth reached about $12.5 million. Since the transaction Toast, Inc. (NYSE:TOST) has gained about 2.4%.
As of the end of the first quarter of 2023, 48 hedge funds tracked by Insider Monkey reported owning stakes in Toast, Inc. (NYSE:TOST).
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