Steve Cohen Is Holding These 5 Tech Stocks Despite Selloff

3. Broadcom Inc. (NASDAQ:AVGO)

Point72 Asset Management’s Holdings: $167 million

Percentage of Point72 Asset Management’s Portfolio: 0.66%

Number of Hedge Fund Holders: 62

Broadcom Inc. (NASDAQ:AVGO) is an American semiconductor firm that is headquartered in San Jose, California. The company provides a wide variety of technology products such as wireless routers, modems, switches, and power amplifiers.

Point72 Asset Management had invested $167 million in Broadcom Inc. (NASDAQ:AVGO) during this year’s first quarter by holding 266,239 shares of the chip firm. Similarly, 62 of the 924 hedge funds targeted by Insider Monkey’s research during 2021’s December quarter had also bought the company’s shares.

Broadcom Inc. (NASDAQ:AVGO) posted $7.7 billion in revenue and $8.39 in non-GAAP EPS as its first fiscal came to an end. This enabled the company to beat Wall Street analyst estimates for both metrics. Truist lowered its share price target to $657 from $686 in April 2022, as it shared that the semiconductor sector as a whole is in for some tough love this year.

Broadcom Inc. (NASDAQ:AVGO)’s largest investor is Ken Fisher’s Fisher Asset Management. It owns 1.4 million shares that are worth $894 million.