Institutional Investors Favor Oracle, Global Payments, Micron Stocks Over Apple And Nvidia In Q1

In the first quarter of 2024, institutional investors showcased a significant shift in their tech stock preferences, as evidenced by the WhaleWisdom 13F Heat Map. This interactive chart, which tracks the holdings of 13F filers, revealed a heightened interest in several Information Technology sector stocks, with Oracle Corp ORCL, Global Payments Inc. GPN, and Micron Technology, Inc. MU leading the pack.

The following analysis delves into the detailed performance and institutional attraction of these companies compared to traditional tech giants Nvidia Corp NVDA and Apple Inc AAPL.

Oracle

Oracle Corp emerged as the top tech stock pick among institutional investors in Q1 2024.

Six filers held Oracle stock, with five of them placing it among their top 10 holdings. The average portfolio rank for Oracle was 11, indicating a strong confidence in its performance.

Additionally, two filers increased their positions in Oracle, while only one decreased, underscoring the positive sentiment towards the company’s future prospects.

Also Read: Oracle Stock Climbs On Reports Of Deal With Musk’s xAI: Is There More Upside Ahead?

Global Payments

Global Payments Inc. secured the second spot with a significant rise from its previous rank of 161.

Five filers held GPN stock, with one listing it among their top 10 holdings. The average portfolio rank for GPN was 14, and notably, three filers increased their positions with none decreasing, highlighting a growing institutional confidence in Global Payments’ potential.

Micron

Micron ranked third with a leap from its previous position at 194.

Five filers held MU stock, with four placing it in their top 10 holdings. The average portfolio rank for Micron was 9. The sentiment was mixed, with two filers increasing and two decreasing their positions, yet the overall trend points to a renewed interest in Micron’s capabilities in the tech sector.

Other Notable Tech Stocks

While Oracle, Global Payments, and Micron captured the most attention, other tech stocks also featured prominently:

• Applied Materials Inc. AMAT and Broadcom Ltd. AVGO followed closely, maintaining strong positions in the top 10 holdings of several filers.
• Nvidia, despite ranking sixth, had a higher number of filers (18) holding the stock, with 16 of them placing it in their top 10 holdings. However, the average portfolio rank was 4, and the stock saw a notable number of position decreases (10).
• Apple, ranked seventh, was held by 24 filers, with 21 placing it in their top 10 holdings. The average portfolio rank was also 4, but a significant number of filers (16) reduced their positions in Apple, indicating a shift in preference towards other tech stocks.

The first quarter of 2024 has shown a remarkable pivot in institutional investors’ focus within the tech sector.

Oracle, Global Payments, and Micron have emerged as the top picks, outshining traditional giants like Nvidia and Apple. This trend underscores the dynamic nature of institutional investment strategies and highlights the growing confidence in the growth and stability of these emerging leaders in the tech industry.

As the year progresses, it will be interesting to observe if these preferences sustain or evolve with market conditions.

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Image created using artificial intelligence via Midjourney.