TSP Weekly Tech Stock Update—Feb 17, 2024
This Week: Palo Alto earnings preview, DDOG/MNDY/HUBS/TWLO earnings reviews, ADBE tumbles on OpenAI threat, Elastic upgraded, TD Cowen bullish on GitLab, OpCo upbeat on Workday, NTNX new high & more.
Hello from Rob…
—In Q4, there were some big buyers of Lumentum (LITE, $49.77), a provider of optical components/modules and lasers that I wrote about last week. During Q4, Lumentum shares traded as low as $35.35 (in late October) and as high as $54.60 (late December).
Invesco was the #1 buyer, boosting its stake by 42% via the purchase of 1.303 million shares. Invesco is now the #4 holder, with 4.376 million shares. Alyeska Investment bought 1.188 million shares, boosting its position by 75% to 2.775 million shares (it’s now the #6 holder). Fidelity, the #1 holder, added 570k shares and now owns 9.822 million shares.
Other big Q4 buyers: Westfield Capital opened a new position of 566k shares, Point72 picked up 453k shares (it now owns 580k shares) and Schroder Investment lifted its stake by 42% to 1.368 million shares (it’s now the #11 holder).
*Inside This Issue: A Small-Cap AI Optical Play Attracts Some Big Investors
—Paid subscribers will receive the March 2024 PDF of Tech-Stock Prospector (TSP #265) via email on Tuesday, March 12.
—Paid subscribers have access to the TSP Market Overview and TSP Portfolio Updates sections inside this issue.