According to Forbes, Philippe Laffont is one of the highest-earning hedge fund managers. Laffont’s Coatue Management has a portfolio value of $10.03 billion. In the second quarter alone, Laffont’s hedge fund earned an average return of +3.96%. In the last three years, his hedge fund has earned an annualized return of +19.25%. Laffont made several transactions in the second quarter that attributed to his success, including moves on Apple Inc. (NASDAQ:AAPL), GoPro Inc. (NASDAQ:GPRO), and Avago Technologies Ltd. (NASDAQ:AVGO).
In the second quarter, Laffont added shares of Apple to his portfolio. The technology giant constitutes the largest portion of his portfolio at 9.55% and is worth $958.32 million. Apple has been in news for the record sales of its latest iPhones. In the launch weekend, the company sold over 13 million units of iPhone 6S and 6S Plus as opposed to 10 million units sold of the previous versions of iPhones during the launch weekend last year.
As per TipRanks’ statistics, out of 38 analyst ratings who have rated Apple in the last 3 months, 28 have rated it a Buy; 9 have rated it as Hold; while 1 has recommended to Sell the stock. The average price target for Apple’s stock is $147.03, an upside of 31% from current levels.
However, Laffont was not bullish on all of his holdings. He sold all of his holdings of GoPro. The stock has recently been making news after it hit an all-time low of $27.52 last week. The company is facing several challenges including the lower-than-expected response to its latest Hero 4 Session cameras as well as slowing demand for its action cameras in Europe and China.
Interestingly enough, none of the analysts polled by TipRanks are as bearish as Laffont on GoPro. Of the 17 analysts who have recently rated the stock, 13 have recommended to Buy GoPro while 4 have recommended to Hold the stock, with no analyst giving a Sell rating. As per consensus estimates, the average 12-month price target for GoPro is $67.57, an upside of nearly 140% from current levels.
Additionally, Laffont reduced his holdings in Avago Technologies in the second quarter by 34.65%. Avago has seen high levels of insider selling over the past month. A week ago, President and CEO Hock Tan sold 105,729 shares worth $12,754,325; that’s 43% of his total stake in the company. Nearly a month ago, the company’s CFO had sold shares worth $669,450.
However, analysts’ view on Avagos’ stock, based on TipRanks’ statistics, is different than Laffont. Of the 15 analysts who have recently rated the company, 13 have rated it as Buy, 1 has rated it as Hold, and 1 has given a Sell rating to the stock. The average consensus price target for Avago’s stock is $157.79, an upside of nearly 35% from present levels.