Uber, Snowflake Among Top Buys For CalSTRS In Q3 — These Big Tech Stocks Were Trimmed

The California State Teachers Retirement System loaded up on shares of Uber Technologies Inc UBER and Snowflake Inc SNOW during the third quarter, according to SEC filings of the fund.

The retirement fund loaded up on over 26,000 shares of the ride-hailing company, taking the valuation of its holdings to over $72 million.

Uber’s third-quarter revenue increased 72% year-over-year to $8.3 billion, which beat average analyst estimates of $8.13 billion, according to data from Benzinga Pro. The company expects fourth-quarter gross bookings to grow 23% to 27% year-over-year to $30-31 billion. Fourth-quarter adjusted EBITDA is expected to be between $600 million and $630 million. Uber shares have gained over 18% in the last month.

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The fund also bought over 53,000 shares of Snowflake during the third quarter, taking the valuation of its holdings to over $69 million. Snowflake shares are up only 3.25% in the last six months.

Major Sale: The California State Teachers Retirement System offloaded shares of Microsoft Corp MSFT and NVIDIA Corporation NVDA during the quarter. The fund sold over 163,000 shares of Microsoft to bring down the valuation of its holding to over $2.82 billion, while it offloaded over 38,000 shares of Nvidia to trim the valuation of its holding to over $506 million.

Major Holdings: Apple Inc AAPL and Microsoft are the top holdings of the fund.

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