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In this article, we discuss 10 tech stocks to buy based on Jim Simmons’ Renaissance Technologies. You can skip our detailed analysis of Renaissance Technologies’ strategy and performance and go straight to it. Buy 5 tech stocks according to billionaire Jim Simmons Renaissance Technologies.
In the year Founded in 1982 by billionaire Jim Simmons, Renaissance Technologies is one of the world’s most successful quant funds. Quant funds determine investments based on mathematical models and algorithmic strategies. Renaissance Technologies As of Q2 2022, they have total assets under management (AUM) of $12.1 billion. The last reported 13F filing for Q2 2022 included $8.4 billion in managed 13F securities and 10.97% of the top 10 holdings.
Although the firm has had a tough time navigating the increased market volatility brought on by the tough macro environment this year, the fund has a solid track record of delivering high returns to investors over the years. The firm’s flagship hedge fund, Medallion, has been so successful that the fund kicked out outside investors in 2005 and now manages only the firm’s employee funds.
Renaissance Technology’s investments are mostly focused on the healthcare, information technology, communications and energy sectors, including technology companies Microsoft Corporation (NASDAQ: MSFT ) and Meta Platforms, Inc. ( NASDAQ:META ) holds two of the three 13F filings. Funding from Q2 2022.
Tech stocks have been under pressure from a difficult macro-environment this year. The Nasdaq Composite Index is down 23.50% this year, reflecting a sharp decline in technology stocks as investors shed riskier assets amid a rising interest rate environment and deteriorating consumer sentiment. The latest sell-off since mid-August has rebounded in the S&P 500 on optimism two months ago that tech companies in the S&P 500 were slowing inflation and the Fed was nearing the East. The interest rate will increase. However, on August 26, Fed Chairman Jerome Powell dampened market excitement by dismissing the idea that the Fed would change course anytime soon. If the market declines, the share price of tech companies could fall even more, many of which are still unprofitable growth stocks.
Escalating tensions between the US and China pose a structural risk to many of the largest technology companies in the US, which depend on China for revenue contributions in manufacturing and key geographic regions. One example of a tech company at risk is Apple, Inc., as China accounts for 19% of the company’s revenue and is a key region when it comes to manufacturing. (NASDAQ:AAPL) is.
Although the outlook for tech stocks looks bleak, bear markets offer long-term investors a good opportunity to pick stocks with strong business models and fair prices. Tech stocks have high betas, and suffer more in bear markets than the broader market, but when the next economic cycle begins, and the bear market comes to an end, it’s fair to say that tech stocks will lead the rally.
Jim Simon of Renaissance Technologies
Our method
For this list, we selected technology stocks from Renaissance Technologies’ 13F portfolio through Q2 2022. The stocks are ranked by price from #10 to #1 in Renaissance Technologies shares.
10 Tech Stocks to Buy According to Billionaire Jim Simon’s Renaissance Technologies
10. Activision Blizzard, Inc. (NASDAQ:ATVI)
Renaissance Technologies Stock Value: $418,661,000
Activision Blizzard, Inc. (NASDAQ:ATVI) was founded in It was formed in 2008 through the merger of Activision, one of the world’s leading console video game publishers, and Blizzard, one of the world’s largest PC video game publishers. Activision’s impressive brand portfolio includes World of Warcraft, which has generated more than $8 billion in total lifetime sales, and Call of Duty, which has sold more than 175 million copies over the past 12 years.
Activision Blizzard, Inc. ( NASDAQ:ATVI ) reported Q2 2022 net income of $1.64 billion, down 28% from the same period last year. The bulk of Activision’s net income came from game purchases and subscriptions ($1.34 billion), while product sales brought in $304 million for the company. The company missed the consensus estimate of $0.47 for regular EPS for the quarter by $0.01.
Renaissance Technologies stock price in Activision Blizzard, Inc. (NASDAQ: ATVI ) stood at $418,661,000 at the end of Q2 2022, placing the company in 10th place.Th On our list of 10 tech stocks to buy based on billionaire Jim Simon’s Renaissance Technologies.
At the beginning of the year, Microsoft Corporation (NASDAQ: MSFT ) Activision Blizzard, Inc. (NASDAQ: ATVI) agreed to buy it, but the deal didn’t close.
From Apple, Inc. (NASDAQ: AAPL ), Meta Platforms Inc. (NASDAQ: META ) and Microsoft Corporation (NASDAQ: MSFT ), Activision Blizzard, Inc. (NASDAQ: ATVI) is the main holding of Renaissance Technologies in Q2.
9. Shopify, Inc. (NASDAQ: SHOP )
Renaissance Technologies Share Price: $438,508,000
Shopify, Inc. (NASDAQ: SHOP) provides an e-commerce platform for small and medium-sized enterprises. The company is divided into two divisions: subscription solutions and merchant solutions.
Shopify, Inc. (NASDAQ: SHOP ) grew revenue by 16% YoY last quarter to $1.3 billion, driven by significant growth in the Merchant Solutions segment of the business. The company reported a regular loss of $0.03 per share for the quarter, as a slowdown in consumer spending weighed on the company’s results.
Barron’s Fintech Fund on Shopify Inc. (NYSE:SHOP) in its Q2 2022 investor letter:
“Shopify Inc. is a cloud-based software provider that provides an operating system for multi-channel commerce. Due to the continued normalization of e-commerce as economies reopen, concerns about competition following Amazon’s Shop with Prime as well as broad sales in growth stocks. Shopify’s strong competitive position, innovative culture And with a long growth runway that currently accounts for less than 1 percent of global business spending, we became shareholders.
Renaissance Technologies stock price in Shopify, Inc. (NASDAQ: SHOP ) stood at $438,508,000 at the end of Q2 2022, ranking the company 9Th On our list of 10 tech stocks to buy based on billionaire Jim Simon’s Renaissance Technologies.
8. Atlassian Corporation PLC (NASDAQ:TEAM)
Renaissance Technologies stock price: $457,934,000
Atlassian Corporation Plc (NASDAQ:TEAM) develops software that enables teams to collaborate more effectively. The firm provides project management software, communications tools and IT help desk services. The company is located in Sydney, and was founded in 2002.
Atlassian Corporation Pvt. The company reported regular EPS of $0.27 for the quarter.
Renaissance Technologies share price in Atlassian Corporation Pvt. (NASDAQ:TEAM) stood at $457,934,000 at the end of Q2 2022, the company ranked 8.Th On our list of 10 tech stocks to buy based on billionaire Jim Simon’s Renaissance Technologies.
7. Airbnb, Inc. (NASDAQ:ABNB)
Renaissance Technologies Stock Value: $499,255,000
Airbnb, Inc. (NASDAQ:ABNB) operates an online marketplace for vacation information and reservations. Through its websites and mobile applications, the company offers hotel, homestay and tourist services. Airbnb services customers worldwide.
Airbnb, Inc. reported regular EPS of $0.65, beating the consensus estimate of $0.14 on the back of strong bookings for the quarter.
In its Q2 2022 investor letter, Airbnb, Inc. Here’s what ClearBridge Investments had to say when discussing (NASDAQ:ABNB) prospects:
“Airbnb is the world’s leading online platform for alternative accommodation. We believe the company is well-positioned to take advantage of the large and growing market for travel and experiences. Growth in e-travel is likely to be high post-pandemic. The demand for flexibility from anywhere and increased work AirBnB is highly profitable today, although we see room for further margin expansion in the future. Additionally, global support for growth, a more flexible cost structure, and a strong balance sheet should help the company drive better off-cycle performance compared to its consumer-focused peers.
Renaissance Technologies Share Price in Airbnb, Inc. (NASDAQ:ABNB) stood at $499,255,000 at the end of Q2 2022. The company ranked 7.Th On our list of 10 tech stocks to buy based on billionaire Jim Simon’s Renaissance Technologies.
6. Tesla Inc (NASDAQ:TSLA)
Renaissance Technologies Share Price: $504,038,000
Tesla Inc (NASDAQ:TSLA), founded in 2003 and headquartered in Palo Alto, California, is a vertically integrated sustainable energy company that also manufactures electric automobiles and aims to transform the world into electric transportation. Tesla’s fleet includes luxury and mid-size cars as well as crossover SUVs. The business intends to produce more affordable cars and small SUVs.
Tesla Inc (NASDAQ:TSLA) reported strong results for Q2 2022 at $16.9 billion, up 42.01% YoY. The company reported $0.76 adjusted EPS for the quarter, beating the consensus estimate of $0.16.
Renaissance Technologies’ share price in Tesla Inc (NASDAQ:TSLA) stood at $504,038,000 at the end of Q2 2022, the company ranked 6.Th On our list of 10 tech stocks to buy based on billionaire Jim Simon’s Renaissance Technologies.
In addition to Tesla Inc. (NASDAQ: TSLA ), Apple, Inc. (NASDAQ:AAPL ), Meta Platforms Inc. By the end of Q2 2022.
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Disclosure: None 10 Tech Stocks to Buy According to Billionaire Jim Simon’s Renaissance Technologies Originally published on Insider Monkey.
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