In this article, we discuss Billionaire Louis Bacon’s 5 tech stock picks. If you want to read our detailed analysis of the billionaire’s hedge fund, go directly to read the Billionaire Louis Bacon’s 10 Tech Stock Picks.
5. Microsoft Corporation (NASDAQ:MSFT)
Moore Global Investments’ Stake Value: $80,612,000
Percent of Moore Global Investments 13F portfolio: 1.14%
Number of Hedge Fund Holders: 238
Microsoft Corporation (NASDAQ:MSFT) ranks fifth on our list of the billionaire Louis Bacon’s 10 tech stock picks. It is an American multinational technology company that manufactures electronic devices, computer software, personal computers, and also offers related services to its consumers.
In September, both Barclays and Tigress Financial lifted their price targets on Microsoft Corporation (NASDAQ:MSFT) to $345 and $366, respectively.
Of the 873 hedge funds tracked by Insider Monkey, 238 hedge funds have positions in Microsoft Corporation (NASDAQ:MSFT), valued at over $62.4 billion. The number of hedge funds having stakes in the company stood at 251 in the previous quarter.
Baron Opportunity Fund released its second-quarter 2021 investor letter and mentioned Microsoft Corporation (NASDAQ:MSFT) in it. Here is what the firm has to say:
“Shares of Microsoft Corporation, a cloud-software leader and provider of software productivity tools and infrastructure, rose during the quarter following a strong earnings report highlighting solid demand for its broad product stack and continued momentum migrating its business to the cloud. Microsoft was a top contributor in the period because it trades at reasonable free cash flow and earnings valuations, has cloud and digital transformation tailwinds at its back, reported a solid March quarter, and beat Street expectations by a wide margin. Microsoft’s results continued to be strong across the board, with Azure cloud computing revenues up 46% in constantcurrency (“cc”) terms and commercial cloud bookings growth of 38% cc, the best in years. Microsoft also reported robust profitability growth, with operating income expanding 31% and GAAP earnings up 45%. We believe the company is well positioned for continued solid growth and profitability through market share gains as more companies look to transform and digitize their businesses as they move operations to the cloud.”
4. Facebook, Inc. (NASDAQ:FB)
Moore Global Investments’ Stake Value: $96,983,000
Percent of Moore Global Investments 13F portfolio: 1.37%
Number of Hedge Fund Holders: 266
Facebook, Inc. (NASDAQ:FB) is an American multinational technology company that specializes in online social networking and allows users around the globe to connect. The company stands fourth on our list of the billionaire Louis Bacon’s 10 tech stock picks.
In September, RBC Capital initiated its coverage on Facebook, Inc. (NASDAQ:FB) with an ‘Outperform’ rating and a $425 price target. In the same month, Oppenheimer also lifted its price target on FB to $405, while keeping an ‘Outperform’ rating on the shares.
As of Q2 2021, 266 hedge funds tracked by Insider Monkey have positions in Facebook, Inc. (NASDAQ:FB), compared with 257 in the previous quarter. These stakes are valued at over $42.3 billion.
First Eagle Investment Management mentioned Facebook, Inc. (NASDAQ:FB) in its second-quarter 2021 investor letter. Here is what the firm has to say:
“Leading contributors in the First Eagle Global Fund this quarter included Facebook, Inc. Class A. Facebook has continued to post impressive results for both revenue and active users of its traditional platforms. In the meantime, the social media giant continues to make progress on new initiatives—like Facebook Horizon (virtual reality) and Facebook Shops (e-commerce)—and maintains attractive monetization optionality around services like Messenger and WhatsApp.”
3. Affirm Holdings, Inc. (NASDAQ:AFRM)
Moore Global Investments’ Stake Value: $108,927,000
Percent of Moore Global Investments 13F portfolio: 1.54%
Number of Hedge Fund Holders: 25
Affirm Holdings, Inc. (NASDAQ:AFRM) is a financial technology company that provides information technology solutions to its consumers through its next generation platform for digital and mobile-first commerce. The company stands third on our list of the billionaire Louis Bacon’s 10 tech stock picks.
As of Q2 2021, Louis Bacon’s Moore Global Investments owns over 1.6 million shares in Affirm Holdings, Inc. (NASDAQ:AFRM), worth $108.9 million. The hedge fund increased its stake in the company by 10,683% in the second quarter, which now accounts for 1.54% of the fund’s 13F portfolio. Recently, Affirm Holdings, Inc. (NASDAQ:AFRM) announced the development of a feature that will allow customers to buy and sell cryptocurrencies directly from their savings account.
Recently, Morgan Stanley lifted its price target on Affirm Holdings, Inc. (NASDAQ:AFRM) to $140, while keeping an ‘Over Weight’ rating on the shares.
Of the 873 hedge funds tracked by Insider Monkey, 25 hedge funds have positions in Affirm Holdings, Inc. (NASDAQ:AFRM), compared with 32 in the previous quarter. These stakes are valued at $823.6 million.
2. Magna International Inc. (NYSE:MGA)
Moore Global Investments’ Stake Value: $129,242,000
Percent of Moore Global Investments 13F portfolio: 1.83%
Number of Hedge Fund Holders: 39
Magna International Inc. (NYSE:MGA) ranks second on our list of the billionaire Louis Bacon’s 10 tech stock picks. It is a Canadian mobility technology company that supplies its products to the automotive industry. The company deals in Body Exteriors, Seating Systems, and Complete Vehicles.
In Q2 2021, Moore Global Investments holds over 1.3 million shares in Magna International Inc. (NYSE:MGA), worth $129.2 million. The company represents 1.83% of the hedge fund’s 13F portfolio.
As of Q2 2021, 39 hedge funds tracked by Insider Monkey have positions in Magna International Inc. (NYSE:MGA), up from 34 in the previous quarter. These stakes are valued at over $576.2 million.
1. Amazon.com, Inc. (NASDAQ:AMZN)
Moore Global Investments’ Stake Value: $42,234,000
Percent of Moore Global Investments 13F portfolio: 2.06%
Number of Hedge Fund Holders: 271
Amazon.com, Inc. (NASDAQ:AMZN) tops our list of the billionaire Louis Bacon’s 10 tech stock picks. It is an American multinational company that focuses on cloud computing, artificial intelligence, e-commerce, and digital streaming. Amazon.com, Inc. (NASDAQ:AMZN) is one of the biggest companies in the U.S. information technology industry.
In Q2 2021, Louis Bacon’s Moore Global Investments held 42,234 shares in Amazon.com, Inc. (NASDAQ:AMZN), worth over $145.2 million. The hedge fund increased its stake by 8% in the company, which represents 2.06% of the fund’s 13F portfolio.
Recently, RBC Capital initiated its coverage on Amazon.com, Inc. (NASDAQ:AMZN) with an ‘Outperform’ rating and a $4,150 price target, highlighting the company’s importance in the cloud business.
Of the 873 hedge funds tracked by Insider Monkey, 271 hedge funds have positions in Amazon.com, Inc. (NASDAQ:AMZN), worth over $60.4 billion. The number of hedge funds having stakes in the company stood at 243 in the previous quarter.
You can also take a look at 10 Best Biotech Stocks To Buy For 2021 and 10 Best Tech Stocks to Buy According to Billionaire Ken Griffin
