5 Trending Technology Stocks on Reddit

3. Advanced Micro Devices, Inc. (NASDAQ: AMD)

Number of Hedge Fund Holders: 63

Advanced Micro Devices, Inc. (NASDAQ: AMD) is a California-based semiconductor manufacturer. It is ranked third on our list of 10 trending technology stocks on Reddit.

On July 29, investment advisory Argus maintained a Buy rating on Advanced Micro Devices, Inc. (NASDAQ: AMD) stock and raised the price target to $120 from $106, underlining that the stock price did not fully discount margin and revenue growth of the firm. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ: AMD) with 28 million shares worth more than $2.6 billion.

In its Q4 2020 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ: AMD) was one of them. Here is what the fund said:

“We also exited our positions in Advanced Micro Devices. Our investment campaign in Advanced Micro Devices (AMD) began in the second half of 2018, and we have seen a new management team reinvigorate the company’s product portfolio of microprocessors for PCs and servers, graphics processors, and video game consoles. These new, higher-margin products have helped the company partially close its margin gap with peers and capture share from market leader Intel. While we believe there is meaningful runway for further share gains and margin expansion, AMD has appreciated far beyond our mid-cap market cap mandate, and we exited our position.”