Steve Cohen Is Holding These 5 Tech Stocks Despite Selloff

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In this piece, we will take a look at the top five top technology stocks that billionaire Steven Cohen’s hedge fund held on to in the first quarter of this year despite a massive selloff. If you want a detailed introduction to Mr. Cohen, and learn about more stocks, then take a look at Steve Cohen Is Holding These 10 Tech Stocks Despite Selloff.

5. Marvell Technology, Inc. (NASDAQ:MRVL)

Point72 Asset Management’s Holdings: $141 million

Percentage of Point72 Asset Management’s Portfolio: 0.56%

Number of Hedge Fund Holders: 60

Marvell Technology, Inc. (NASDAQ:MRVL) is a semiconductor firm headquartered in Wilmington, Delaware, United States. The company sells a variety of semiconductor products such as signal processors, network adapters, and storage devices.

Point72 Asset Management held a $141 million stake in Marvell Technology, Inc. (NASDAQ:MRVL) by the end of this year’s first quarter. This came in the form of 1.9 million shares and it represented 0.56% of the firm’s investment portfolio. Insider Monkey took a look at 924 hedge fund holdings for the fourth quarter of last year and discovered that 60 had invested in the company.

Marvell Technology, Inc. (NASDAQ:MRVL) reported $1.3 billion in revenue and $0.50 in non-GAAP EPS for its fourth fiscal quarter, posting a strong set of results that beat analyst estimates for both. Oppenheimer reduced the company’s share price target to $90 from $110 in May 2022, as it outlined that the company is in line for posting strong earnings results for its upcoming first fiscal quarter.

Marvell Technology, Inc. (NASDAQ:MRVL)’s largest investor is Alex Sacerdote’s Whale Rock Capital Management which owns  3.8 million shares that are worth $274 million.

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