Tech stocks have done much better than expected in the past two years, and if the economy continues to grow and AI hype continues, it is likely that the next two years could also see better-than-expected growth in the technology sector.
Large tech companies have been spearheading the development of data centers and AI and these have delivered the most gains in recent years. This doesn’t seem to be changing as growth has remained solid and more tailwinds could be in play as companies double down on AI.
It is worth looking into which ones have delivered the most gains so far this year, as they could end up being the ones delivering the most gains for the full year.
An engineer offering a demonstration of the ultra-low power FPGA technology.
Methodology
For this article, I screened the top-performing large tech stocks ($10 billion+ market cap) year-to-date. Stocks that I have covered recently will be excluded from this list.
I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds invest in? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
15. GitLab Inc (NASDAQ:GTLB)
Number of Hedge Fund Holders In Q3 2024: 43
GitLab Inc (NASDAQ:GTLB) is an AI-powered DevSecOps platform and it streamlines the entire software development cycle.
The stock is up significantly year-to-date as it has been seeing AI-driven growth after its integration of generative AI into the platform. This drove a 31% year-over-year increase in Q3 FY2025 revenue to $196 million.
KeyBanc named GTLB a top 2025 pick, citing 20%+ growth potential due to AI monetization and market share gains.
Moreover, its Q4 FY2025 revenue guidance of $205 million to $206 million implies 25-26% year-over-year growth. Operating margin also improved to -15%.
The consensus price target of $76.42 implies 9.5% upside.
GTLB stock is up 23.85% year-to-date.
14. Affirm Holdings Inc (NASDAQ:AFRM)
Number of Hedge Fund Holders In Q3 2024: 45
Affirm Holdings Inc (NASDAQ:AFRM) is a fintech company that specializes in buy now, pay later (BNPL) services.
The stock is up significantly so far this year as it posted a second-quarter earnings beat last week. Revenue increased 47% year-over-year to $866 million and surpassed estimates of $807 million.
EPS also came in at $0.23 vs. estimates that expected a loss of $0.16. Gross Merchandise Volume (GMV) is at $10 billion, up 35% year-over-year, and active customers grew 19% to 21 million.
It raised its FY2025 guidance and forecasts revenue of $3.13–$3.19 billion and GMV of $34.7–$35.3 billion.
The consensus price target of $70.24 implies 7.17% downside.
AFRM stock is up 24.24% year-to-date.
13. Okta Inc (NASDAQ:OKTA)
Number of Hedge Fund Holders In Q3 2024: 47
Okta Inc (NASDAQ:OKTA) is an identity and access management (IAM) company with cloud-based solutions.
The stock has surged significantly so far in 2025 after revenue grew 14% year-over-year to $665 million and beat estimates. Current remaining performance obligations (RPO) increased 13% year-over-year to $2.06 billion.
Okta also raised its FY25 guidance with total revenue expected at about $2.6 billion (up 15%) and OCF at $159 million. The FCF margin is projected at 25%.
Furthermore, Morgan Stanley upgraded from “Equal Weight” to “Overweight” with a price target increase from $92 to $97.
The consensus price target of $105.45 implies 7.32% upside.
OKTA stock is up 24.7% year-to-date.
12. MongoDB Inc (NASDAQ:MDB)
Number of Hedge Fund Holders In Q3 2024: 49
MongoDB Inc (NASDAQ:MDB) is a data platform company best known for its NoSQL database solutions.
The stock is up significantly so far this year as MongoDB announced its collaboration with Lombard Odier (announced February 4, 2025) to modernize core banking technology using generative AI.
This follows earlier 2024 partnerships with Microsoft to integrate MongoDB Atlas with Azure AI Foundry.
Moreover, Atlas revenue grew 26% year-over-year in Q3 FY2025 and constitutes 68% of the company’s total revenue. Q3 FY2025 revenue rose 22% year-over-year to $529.4 million and beat estimates, along with full-year FY2025 guidance being raised.
The consensus price target of $361 implies 23.44% upside.
MDB stock is up 25.62% year-to-date.
11. CrowdStrike Holdings Inc (NASDAQ:CRWD)
Number of Hedge Fund Holders In Q3 2024: 74
CrowdStrike Holdings Inc (NASDAQ:CRWD) is a cybersecurity company that offers AI-native threat detection and response through its Falcon platform.
The stock is up significantly so far in 2025 after it became the first pure-play cybersecurity firm to exceed $1 billion in quarterly revenue, which grew 29% year-over-year.
Moreover, non-GAAP net income rose to $234.3 million, up 18% year-over-year. It generated $326 million in operating cash flow, with a free cash flow margin of 51%.
The recent rally is also aided by a recovery from its July 2024 global outage.
The consensus price target of $376 implies 13.49% downside.
CRWD stock is up 27.03% year-to-date.
10. Samsara Inc (NYSE:IOT)
Number of Hedge Fund Holders In Q3 2024: 30
Samsara Inc (NYSE:IOT) is an IoT-powered physical operations tech company. It specializes in the cloud and data sector.
The stock is up significantly so far in 2025 as revenue increased 36% year-over-year to $322 million, along with annual recurring revenue reaching $1.35 billion after growing 35% year-over-year.
Samsara also added 2,303 customers with an ARR of over $100,000. This is a growth of 38% year-over-year.
Plus, analysts are optimistic about its Q4 earnings on March 6, 2025. Revenue is anticipated at $335.5 million, up 21% year-over-year, along with $0.07 in EPS, up 75% year-over-year.
The consensus price target of $51.67 implies 7.31% downside.
IOT stock is up 27.65% year-to-date.
9. Guidewire Software Inc (NYSE:GWRE)
Number of Hedge Fund Holders In Q3 2024: 51
Guidewire Software Inc (NYSE:GWRE) is a cloud-based software solutions company.
The stock is up significantly so far in 2025 after it was included in the S&P MidCap 400 Index in January of this year.
GWRE replaced Arrowhead Pharmaceuticals in the S&P MidCap 400 on January 27, 2025. This triggered institutional buying from index-tracking funds.
This is on top of a strong Q1 FY2025 earnings report in December 2024. Revenue grew 27% year-over-year to $262.9 million and was driven by 33% growth in subscription revenue and nine new cloud contracts.
The company shifted to GAAP profitability with $9.1 million in net income vs. a $27.1 million loss in the year-ago quarter.
FY2025 guidance was raised as well, and it now sees revenue at $1.155 billion to $1.167 billion, which is a growth of around 16% year-over-year.
The consensus price target of $204.5 implies 5.21% downside.
GWRE stock is up 27.93% year-to-date.
8. Super Micro Computer Inc (NASDAQ:SMCI)
Number of Hedge Fund Holders In Q3 2024: 33
Super Micro Computer Inc (NASDAQ:SMCI) is a cloud computing and data center company.
The stock is up significantly so far this year as it confirmed that it would file its overdue SEC reports (10-K and 10-Q) by the February 25 deadline. This would avoid Nasdaq delisting and clear up the bearish sentiment about the company’s books allegedly being cooked.
An independent review has already cleared the company of accounting misconduct allegations from Hindenburg Research.
In addition, Super Micro Computer’s revenue for Q2 fiscal year 2025 (which ended December 31, 2024) is expected to be between $5.6 billion and $5.7 billion. This shows a 54% year-over-year growth.
However, it lowered its full fiscal year 2025 revenue guidance from $26-30 billion down to $23.5-25 billion.
The consensus price target of $60.2 implies 51.71% upside.
SMCI stock is up 30.18% year-to-date.
7. Atlassian Corp (NASDAQ:TEAM)
Number of Hedge Fund Holders In Q3 2024: 44
Atlassian Corp (NASDAQ:TEAM) is a team collaboration and productivity company.
The stock is up significantly so far this year as it posted blockbuster Q2 FY2025 earnings. Revenue grew 21% year-over-year to $1.286 billion and beat estimates of $1.24 billion. Moreover, subscription revenue grew 30% year-over-year to $1.213 billion due to strong cloud adoption.
Non-GAAP EPS came in at $0.96 vs. $0.73 expected by analysts, and the FY2025 guidance was revised upward. Cloud revenue growth was raised to 26.5% year-over-year from the prior guidance of 25%, along with the Q3 revenue outlook at $1.35 billion vs. the $1.31 billion analyst consensus.
The consensus price target of $319.71 implies 0.4% upside.
TEAM stock is up 30.84% year-to-date.
6. Uber Technologies Inc (NYSE:UBER)
Number of Hedge Fund Holders In Q3 2024: 136
Uber Technologies Inc (NYSE:UBER) is a ride-hailing and food/grocery delivery company.
The stock is up significantly year-to-date as it posted solid Q4 2024 results and upgraded its 2025 guidance.
Uber reported $4.56 EPS for FY 2024 and beat estimates by 142%, along with $44 billion in revenue. Analysts raised 2025 EPS forecasts to $2.44 (up from $2.31), with revenue projected to grow 15% year-over-year to $50.5 billion.
Moreover, Uber partnered with NVIDIA to accelerate AI integration into its autonomous vehicle platform. The company also expanded its Uber Eats AI tools and announced a $1.5 billion stock repurchase program in February 2025.
The consensus price target of $90.7 implies 14.16% upside.
UBER stock is up 31.55% year-to-date.
5. Twilio Inc (NYSE:TWLO)
Number of Hedge Fund Holders In Q3 2024: 52
Twilio Inc (NYSE:TWLO) is a cloud-based customer engagement platform.
The stock is up significantly so far in 2025 as it announced a $2 billion share buyback expansion. It plans to allocate 50% of its annual FCF to its shareholders through 2027.
Twilio also raised its Q4 2024 revenue guidance to $1.2 billion and this exceeded prior estimates.
In addition, Twilio outlined non-GAAP operating margins of 21-22% in 2027, along with an FCF target of $825-850 million by 2025.
The consensus price target of $119.25 implies 17.42% downside.
TWLO stock is up 33.78% year-to-date.
4. Confluent Inc (NASDAQ:CFLT)
Number of Hedge Fund Holders In Q3 2024: 39
Confluent Inc (NASDAQ:CFLT) is a data streaming company.
The stock is up significantly so far this year as Confluent reported Q4 revenue of $261.2 million, up 23% year-over-year, and exceeded Wall Street’s $256.9 million forecast. It also reported its cloud revenue growing 38% year-over-year to $138 million, which is now 53% of its total revenue.
The company also raised its 2025 EPS guidance to $0.35 (matching consensus) and projected 21% annual revenue growth.
The consensus price target of $35 implies 7.04% downside.
CFLT stock is up 34.66% year-to-date.
3. Monday.com Ltd (NASDAQ:MNDY)
Number of Hedge Fund Holders In Q3 2024: 49
Monday.com Ltd (NASDAQ:MNDY) is a cloud-based work management platform.
The stock is up significantly so far this year due to blockbuster Q4 2024 results. It posted $268 million in revenue, which grew 32% year-over-year and beat estimates of $261 million. Moreover, its adjusted EPS grew 66% year-over-year to $1.08 vs. the $0.79 consensus.
Monday.com also raised its 2025 guidance. Q1 2025 revenue is forecasted to grow 26-27% year-over-year to $274-276 million and adjusted operating margin is expected to grow to 15-16% from 10% in 2024.
The consensus price target of $353.32 implies 11.2% upside.
MNDY stock is up 34.95% year-to-date.
2. Palantir Technologies Inc (NASDAQ:PLTR)
Number of Hedge Fund Holders In Q3 2024: 43
Palantir Technologies Inc (NASDAQ:PLTR) is an advanced data company with strong links to the government.
The stock has delivered parabolic gains in the past year, and this has continued into 2025. This is mostly due to continuous blockbuster earnings reports. It reported Q4 2024 revenue of $828 million, up 36% year-over-year, and beat estimates of $776 million.
It also reported U.S. commercial revenue growth of 64% year-over-year to $214 million, and U.S. government revenue growth of 45% year-over-year to $343 million.
The 2025 revenue guidance is at $3.74-3.76 billion, up 31% year-over-year. This also exceeded the $3.52 billion estimate. Likewise, operating income guidance of $1.56 billion surprised analysts.
The consensus price target of $69.44 implies 40.84% downside.
PLTR stock is up 55.22% year-to-date.
1. Cloudflare Inc (NYSE:NET)
Number of Hedge Fund Holders In Q3 2024: 44
Cloudflare Inc (NYSE:NET) is a global connectivity cloud company that specializes in web cybersecurity.
The stock has delivered stellar returns so far in 2025 as it posted solid Q4 2024 earnings and guidance. It posted 27% year-over-year revenue growth to $459.9 million and it added 55 new $1 million+ annual customers in 2024.
Plus, the guidance of 25%+ revenue growth in 2025 made analysts quite optimistic that it can keep up the growth.
Earlier in the year, Goldman Sachs upgraded Cloudflare from Sell to Buy and raised its price target due to AI-driven edge computing and its sales productivity improvements.
The consensus price target of $135.28 implies 21.7% downside.
NET stock is up 60.5% year-to-date.
While we acknowledge the potential of NET as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NET but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published at Insider Monkey.
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