We break down the stocks Sequoia Capital bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on May 15, 2024.
Who is Sequoia Capital?
Sequoia Capital Global Equities (SCGE) is the public markets investment arm of the prestigious Sequoia Capital. Founded as an extension of Sequoia's venture capital heritage, SCGE focuses on technology and high-growth companies across global markets. The firm leverages Sequoia's deep industry networks and expertise to identify public market opportunities with significant growth potential.
Sequoiacap.com/scge
Wikipedia on Sequoia Capital
Portfolio Changes in Q1 2024
New positions
Sequoia Capital initiated a new position in Fortinet (FTNT) with 753,000 shares valued at $51.4 million.
Bought
Sequoia Capital significantly increased its holdings in Global-e (GLBE) by adding 601,728 shares to reach 900,000 total shares, Shopify (SHOP) by adding 325,000 shares to 5.3 million total, and Nvidia (NVDA) by adding 174,000 shares to reach 537,000 total shares.
Sold
Sequoia Capital completely liquidated positions in Kanzhun (BZ), Freshworks (FRSH), and ZoomInfo (ZOM), while trimming holdings in Meta (META) by 315,000 shares and Cadence (CDNS) by 300,000 shares.
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FTNT | Fortinet | 100.0% | NEW | $51.44M |
Fortinet FTNT
Sequoia Capital bought $51.44M of Fortinet in Q1 2024. Fortinet reported strong Q1 2025 results with 14% YoY revenue growth to $1.54B and record 34% non-GAAP operating margin, though shares fell 12% post-earnings despite beating EPS estimates. The cybersecurity leader continues gaining traction in Unified SASE (+26% ARR) and Security Operations (+30% ARR) markets while maintaining 80.56% gross margins. Recent AI innovation and networking-security convergence investments position it for sustained growth despite short-term market reactions.
- EPS beat estimates at $0.58 vs $0.53 forecast with 14% YoY revenue growth.
- Record free cash flow of $783M (+35% YoY) demonstrates operational efficiency.
- Stock declined 12% post-earnings despite results, now trading at 29.3 P/E ratio (24% below 5-year average).
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NOW | ServiceNow | 14.3% | $753.25M | |
| META | Meta | 13.1% | Trimmed (-18%) | $690.98M |
| MSFT | Microsoft | 12.0% | $631.08M | |
| NVDA | Nvidia | 9.2% | Added (+48%) | $485.21M |
| SHOP | Shopify | 7.7% | Added (+7%) | $409.16M |
| AMZN | Amazon | 7.7% | $409.1M | |
| NU | Nu Holdings | 7.6% | $399.65M | |
| HUBS | HubSpot | 5.7% | $303.26M | |
| AMD | AMD | 4.8% | $253.77M | |
| LRCX | Lam Research | 4.3% | $228.32M | |
| CPNG | Coupang | 2.9% | $153.94M | |
| PDD | PDD Holdings | 2.8% | $148.34M | |
| CDNS | Cadence | 2.2% | Trimmed (-44%) | $118.29M |
| PANW | Palo Alto Networks | 2.1% | $111.38M | |
| SQ | Block | 1.5% | $77.01M | |
| FTNT | Fortinet | 1.0% | NEW | $51.44M |
| GLBE | Global-e | 0.6% | Added (+202%) | $32.72M |
| TSM | Taiwan Semiconductor | 0.2% | $12.35M | |
| CART | Maplebear | 0.2% | $10.44M | |
| BZ | Kanzhun | 0.0% | Exited | $0 |
| FRSH | Freshworks | 0.0% | Exited | $0 |
| ZOM | ZoomInfo | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
