Robert Pitts spent several years at Tiger Management before founding the New York-based hedge fund Steadfast Capital in . The hedge fund began accepting outside investors in . Steadfast Capital advises the funds on discretionary investments and has extensive and flexible investment jurisdiction. Robert Pitts Steadfast Capital F public stock portfolio was valued at $ billion in the fourth quarter of , mainly investing in the consumer discretionary, energy, finance, information technology, utility and telecommunications, and communications sectors.
Robert Pitts likes to diversify his portfolio. His hedge fund invests in small and large businesses with strong possibilities for future growth. Some of these companies include Microsoft Corporation NASDAQ:MSFT, Fidelity National Information Services, . NYSE:FIS and Block, . NYSE:SQ.
Steadfast Capital owns . million shares of the tech giant Microsoft Corporation NASDAQ:MSFT. On April , Microsoft Corporation NASDAQ:MSFT purchased Minit, a process mining technology provider based in Bratislava, Slovakia, for an undisclosed sum.
Another technology stock in Steadfast Capital’s portfolio is Fidelity National Information Services, . NYSE:FIS. On April , Fidelity National Information Services, . NYSE:FIS was assigned an Overweight rating by Stephens analyst Charles Nabhan and a $ price target.
Robert Pitts Steadfast Capital also has a significant holding in Block, . NYSE:SQ. On April , Stephens analyst Charles Nabhan initiated coverage of Block, . NYSE:SQ, giving the stock an Overweight rating with a price objective of $.
With this context in mind, here is our list of the tech stocks to buy now according to Robert Pitts Steadfast Capital. The tech stocks were chosen from Pitts fourth-quarter regulatory filings.
StoneCo Ltd. NASDAQ:STNE is a company that specializes in financial technology. The firm provides a comprehensive cloud-based technology platform for electronic commerce in shops, on the web, and on mobile devices. On April , Cantor Fitzgerald analyst Josh Siegler initiated coverage of StoneCo Ltd. NASDAQ:STNE, rating the stock as Overweight and setting the price target at $.
Steadfast Capital elevated its position in StoneCo Ltd. NASDAQ:STNE by % in Q , holding . million shares worth over $. million. The stock accounts for .% of the fund’s total F portfolio. As of the conclusion of the fourth quarter, Berkshire Hathaway was the largest shareholder in StoneCo Ltd. NASDAQ:STNE out of the hedge funds tracked by Insider Monkey.
At the end of the fourth quarter of , hedge funds in the database of Insider Monkey held stakes worth $. million in StoneCo Ltd. NASDAQ:STNE, down from the preceding quarter worth $. billion.
Along with StoneCo Ltd. NASDAQ:STNE, Microsoft Corporation NASDAQ:MSFT, Fidelity National Information Services, . NYSE:FIS and Block, . NYSE:SQ are some of Robert Pitts Steadfast Capital s significant-tech holdings in Q .
ClearBridge Investments, in its fourth quarter investor letter, mentioned StoneCo Ltd. NASDAQ:STNE. Here is what the fund said:
“We also sold and trimmed several names in the emerging market and emerging growth areas, to manage risk and pursue growth companies with a better long-term risk reward. These included Brazilian payments provider StoneCo. Having expected a rebound in their performance post a profit warning earlier in the year, rising interest rates in Brazil and investments in newly acquired companies increased operating costs and depressed earnings.”
Marqeta, . NASDAQ:MQ is a company that develops digital payment technologies. It has solutions for commerce disruptors, digital banks, IT behemoths, and financial institutions, among other industries. Marqeta, . NASDAQ:MQ had roughly clients as of December , .
On April , Barclays analyst Ramsey El-Assal boosted his price objective on Marqeta, . NASDAQ:MQ from $ to $ and assigned the stock an Overweight rating. Marqeta was singled out by the analyst as a high-quality, undervalued asset poised for strong outperformance amid the larger fintech slump.
Robert Pitts Steadfast Capital is the third-largest stakeholder of Marqeta, . NASDAQ:MQ. Pitts added more than . million shares to his holdings in the fourth quarter of . Steadfast Capital owned more than . million shares in the firm, valued at over $. million, representing .% of the hedge fund portfolio. Mick Hellman’s HMI Capital is the leading shareholder of Marqeta, . NASDAQ:MQ, with a $. million stake in the company.
Overall, hedge funds are loading up on Marqeta, . NASDAQ:MQ, as out of funds tracked by Insider Monkey held stakes in the company, up from funds a quarter earlier. HMI Capital is the most significant stakeholder of Marqeta, . NASDAQ:MQ, with . million shares worth $. million.
Alger, in its fourth quarter investor letter, mentioned Marqeta, . NASDAQ:MQ. Here is what the fund said:
“Margeta facilitates the implementation of digital payment technologies. It is a Positive Dynamic Change beneficiary in the digital payments industry. We believe as more commerce is conducted digitally, the digitization and transformation of the payments ecosystem is needed, which Margeta seeks to address through its modern payment card issuing platform, providing infrastructure and tools for building configurable payment cards. Margeta offers issuer processor services and acts as a card program manager. Its platform creates customized payment cards that provide innovative payment experiences for their clients’ customers and end users.
Marqeta has emerged as a card issuing platform category leader in many disruptive verticals, including on-demand delivery, alternative lending, expense management, disbursement, digital remittances, and digital banks. Margeta’s solutions are even sought out by large financial institutions to improve their existing offerings and stay competitive with technology-focused new market entrants. Margeta detracted from performance despite achieving strong revenue growth with higher gross profitability and an expanded customer base in the third quarter. We believe the expiration of a lock up period and the company facing tough comparisons resulting from COVID- stimulus payments having boosted consumer spending contributed to the underperformance of Marqeta shares. Additionally, the still small footprints within the Margeta revenue base of crypto, truck brokerage and business-to-business clients may take time to scale.”
Adobe . NASDAQ:ADBE is a global software corporation with many products. Digital Media, Digital Experience, and Publishing are the company s three main segments. In , Digital Media accounted for .% of Adobe s income, Digital Experience for .%, and .% for the Publishing segment.
On March , Exane BNP Paribas analyst Stefan Slowinski initiated coverage of Adobe . NASDAQ:ADBE, rating the stock as Outperform and a $ price target. Fisher Asset Management is Adobe . NASDAQ:ADBE’s largest shareholder, with shares totaling $. billion.
Steadfast Capital started building its position in Adobe . NASDAQ:ADBE in the second quarter of . In the fourth quarter of the hedge fund held , shares in Adobe . NASDAQ:ADBE, valued at $. million. The company represented .% of the hedge fund’s F portfolio.
In the fourth quarter, hedge fund sentiment decreased for Adobe . NASDAQ:ADBE. According to data compiled by Insider Monkey, hedge funds held stakes in Adobe . NASDAQ:ADBE at the end of the fourth quarter, down from funds a quarter earlier.
Richie Capital Group mentioned Adobe . NASDAQ:ADBE in its Q investor letter: Here is what the fund has to say:
“Adobe . NASDAQ:ADBE up .% – In the last years, Adobe . NASDAQ:ADBE has transformed itself into a software behemoth, more than tripling its revenue since . The company is famous for its namesake PDF-reader and photo-editing software Photoshop. However, Adobe . NASDAQ:ADBE sells a full suite of software products through a recurring subscription model. Adobe . NASDAQ:ADBE transitioned from selling boxed software to recurring subscriptions in and revenues have grown consistently since. Adobe . NASDAQ:ADBE achieved $B in revenue in with % Gross Margins.”
Datadog, . NASDAQ:DDOG is a cloud-native company specializing in analyzing machine data. Clients may monitor and assess their whole IT infrastructure using the company s software-as-a-service offering. With approximately . million shares worth $. million, Tiger Global Management LLC is the largest shareholder of Datadog, . NASDAQ:DDOG as of Q.
As part of a larger research note on revised values in the Infrastructure and Security software sectors, Truist analyst Joel Fishbein decreased his price objective on Datadog, . NASDAQ:DDOG to $ from $ on March but reiterated a Buy recommendation on the stock.
On March , Datadog, . NASDAQ:DDOG was named a Microsoft Corporation NASDAQ:MSFT’s partner in the Azure Cloud Adoption Framework.
On the other hand, Robert Pitts revealed a % reduction in his holdings in Datadog, . NASDAQ:DDOG. The investment has a value of $. million and , shares in the fourth quarter of . However, the company is getting the attention of the smart money, as hedge funds tracked by Insider Monkey reported owning stakes in Datadog, . NASDAQ:DDOG at the end of the fourth quarter, up from funds a quarter earlier.
Artisan Partners, in its fourth quarter investor letter, highlighted a few stocks and Datadog, . NASDAQ:DDOG was one of them. Here is what Artisan Partners stated:
“Datadog, . NASDAQ:DDOG is a leading provider of monitoring and analytics for cloud-based applications. The software has become central to how organizations deliver differentiated products and user experiences and optimize business processes—fueling the disruption taking place across nearly every industry. The success of this digital transformation trend is increasingly tied to quality and performance—in turn, driving strong secular demand for IT infrastructure and application monitoring platforms like Datadog, . NASDAQ:DDOG’s. The company’s profit cycle was on clear display in its Q results, with % top line growth driven by new customer additions and existing customers adding additional services. Free cash flow margins expanded nicely as well. We believe Datadog, . NASDAQ:DDOG’s low-touch, land-and-expand customer acquisition model combined with a steadily expanding product portfolio position it well for strong profit growth in the coming years, though we trimmed our position size during the quarter as shares approached our PMV estimate.”
Workday, . NASDAQ:WDAY is a company that specializes in the creation of business cloud solutions for finance and human resources. Even after selling , shares of Workday, . NASDAQ:WDAY in the fourth quarter, Robert Pitts Steadfast Capital still held , shares of the company, worth about $. million.
On March , Stifel analyst Brad Reback lowered his price target on Workday, . NASDAQ:WDAY from $ to $ and maintained a Buy rating, as he and the enterprise software team reduced top and bottom line estimates for the vast majority of the roughly software companies they followed by a low single digit percentage on average.
There were hedge funds in our database that held stakes in Workday, . NASDAQ:WDAY at the end of the fourth quarter, up from funds in the third quarter. Lone Pine Capital is Workday, . NASDAQ:WDAY’s most significant stakeholder, with . million shares valued at $. billion.
In addition to Microsoft Corporation NASDAQ:MSFT, Fidelity National Information Services, . NYSE:FIS, and Block, . NYSE:SQ, Workday, . NASDAQ:WDAY is a notable stock from Steadfast Capital’s Q portfolio.
Here is what ClearBridge Investments, in its fourth quarter investor letter has to say about Workday, . NASDAQ:WDAY:
“We believe the weakness created an opportunity for us to add to an exceptionally high-quality payments franchise with an attractive growth and free cash flow profile and little credit or interest rate exposure. It also supported our efforts to maintain diversified IT exposure in a narrowing market; additions to our software-as-aservice SaaS holding Workday during the quarter also bolstered this diversification, in which we seek to balance exposure to more widely owned mega cap names…”
