We break down the stocks Sequoia Capital bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Sequoia Capital's 13F filed on February 14, 2025.
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 Q4 2024
New positions
Sequoia Capital initiated nine new positions during Q4 2024, with the largest being Broadcom (AVGO) at $259.7M, followed by Atlassian (TEAM) at $207.1M and Carvana (CVNA) at $201.1M. Other notable new investments include Fair Isaac (FICO), ServiceTitan (TTAN), Reddit (RDDT), Netflix (NFLX), Sea (SE), and Monday.com (MNDY).
Bought
Sequoia Capital significantly increased its position in Shopify (SHOP) by adding 2.14 million shares, more than doubling its stake with a 217.6% return. The firm also substantially expanded its Palo Alto Networks (PANW) holding by adding 913,000 shares, achieving a 44.1% return on the position.
Sold
Sequoia Capital completely liquidated its position in PDD Holdings (PDD) worth $111.9M and made significant reductions across several holdings. The firm dramatically trimmed its Nu Holdings (NU) position by 24.5 million shares and reduced Microsoft (MSFT) by 846,000 shares. Other notable reductions include Coupang (CPNG), CrowdStrike Holdings (CRWD), MercadoLibre (MELI), Meta (META), Amazon (AMZN), and HubSpot (HUBS).
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AVGO | Broadcom | 19.9% | NEW | $259.66M |
| TEAM | Atlassian | 15.8% | NEW | $207.12M |
| CVNA | Carvana | 15.4% | NEW | $201.12M |
| FICO | Fair Isaac | 11.4% | NEW | $149.32M |
| TTAN | ServiceTitan | 9.7% | NEW | $126.46M |
| RDDT | 9.1% | NEW | $119.15M | |
| NFLX | Netflix | 7.5% | NEW | $98.05M |
| SE | Sea | 7.4% | NEW | $96.44M |
| MNDY | Monday.com | 3.9% | NEW | $50.64M |
Broadcom AVGO
Sequoia Capital bought $259.66M of Broadcom in Q4 2024. Broadcom reported Q1 FY2025 revenue of $14.9B, up 25% YoY, driven by a 77% surge in AI-related revenue to $4.1B. The company's stock surged 14% post-earnings, reflecting strong investor confidence in its AI infrastructure leadership. Q2 guidance projects $14.9B revenue, up 19% YoY, with Adjusted EBITDA margins around 66%.
- Q1 revenue of $14.9B exceeded estimates by 2.1%, marking a 25% YoY increase.
- AI revenue grew 77% YoY to $4.1B, accounting for over 27% of total revenue.
- Stock price surged 14% post-earnings, with Adjusted EBITDA margin at 68% in Q1.
Atlassian TEAM
Sequoia Capital bought $207.12M of Atlassian in Q4 2024. Atlassian (TEAM) reported $1.36B revenue in Q1 2025 (+14.1% YoY), beating estimates by 0.5%, driven by 25.2% cloud revenue growth and enterprise momentum. While non-GAAP operating margins dipped slightly to 25.7%, free cash flow margin improved to 47%. Shares fell 18% post-earnings despite results, reflecting concerns about slowing growth and Server end-of-support comparisons.
- Q1 cloud revenue surged 25.2% YoY to $880M, now representing 65% of total revenue.
- EPS of $0.97 beat estimates by 6.6% despite wider GAAP net losses (-5.2% margin).
- 14.1% YoY revenue growth marks slowdown from 26.5% growth in Q1 2024 (pre-Server EoS impact).
Carvana CVNA
Sequoia Capital bought $201.12M of Carvana in Q4 2024. Carvana (CVNA) demonstrated robust growth in Q1 2025 with revenue surging 38% YoY to $4.23B and retail unit sales jumping 46%, outpacing industry peers in a flat market. Operational efficiency improvements drove adjusted EBITDA margin to 11.5%, while shares trade near 52-week highs despite a post-earnings dip. The company has reduced net debt by $2.4B since 2022, signaling sustained turnaround momentum.
- Q1 2025 retail units sold reached 133,898, marking sixth consecutive quarter of double-digit YoY growth.
- Adjusted EBITDA margin expanded 3.8 percentage points YoY to 11.5% in Q1 2025.
- Shares up 165% over past year, trading at 92% of 52-week high despite recent 2.8% post-earnings decline.
Fair Isaac FICO
Sequoia Capital bought $149.32M of Fair Isaac in Q4 2024. Fair Isaac Corporation (FICO) reported strong performance in Q1 Fiscal 2025 with 15% YoY revenue growth to $440M and 28% EPS growth to $6.14, driven by mortgage scores revenue surging 110% YoY. While software ARR growth slowed to 20% from prior 30% targets, B2B scores revenue grew 30% YoY with improved pricing power. Recent risks include mortgage market sensitivity to interest rates and delayed FHFA credit score model adoption, though management maintains optimistic full-year guidance of $25.05 GAAP EPS.
- Q1 EPS grew 28% YoY to $6.14, beating estimates.
- Mortgage origination revenue jumped 110% YoY, accounting for 44% of B2B scores revenue.
- Free cash flow expanded 36% YoY to $187M in Q1 with $673M generated over trailing twelve months.
ServiceTitan TTAN
Sequoia Capital bought $126.46M of ServiceTitan in Q4 2024. ServiceTitan (TTAN) reported strong revenue growth but widening losses in its fiscal Q4 2025, with total revenue increasing 29% YoY to $209.3 million. The company's GAAP operating loss expanded to ($99.9) million from ($48.1) million in the prior year quarter, driven by strategic investments. Recent expansion into roofing and commercial verticals shows promise, but investors await clarity on path to profitability in the June 5 Q1 2026 earnings release.
- Q4 platform revenue grew 30% YoY to $200.1 million.
- Full FY2025 revenue increased 26% YoY to $771.9 million.
- Operating losses expanded 108% YoY in Q4 FY2025.
Reddit RDDT
Sequoia Capital bought $119.15M of Reddit in Q4 2024. Reddit (RDDT) delivered exceptional Q1 2025 results with 61% YoY revenue growth to $392.4 million, beating estimates by 6.2%, while achieving its first profitable quarter with net income of $26.2 million (6.7% margin). The company demonstrated accelerating momentum with 31% YoY DAUq growth to 108.1 million users and expanded gross margins to 90.5%. Recent performance signals strong operational leverage and advertising traction, though competition in social media advertising and EU regulatory changes pose ongoing risks.
- Q1 revenue surged 61% YoY to $392.4M (vs. $369.5M consensus), driven by advertising growth and user engagement.
- EPS turned positive at $0.13 vs. ($7.81) YoY, with adjusted EBITDA margin expanding 25.3pp to 29.4%.
- Daily Active Uniques grew 31% YoY to 108.1M, supporting monetization potential despite Snap's competitive ad tools.
Netflix NFLX
Sequoia Capital bought $98.05M of Netflix in Q4 2024. Netflix reported strong Q1 FY2025 results with revenue of $10.54B, up 12% YoY, surpassing estimates. The stock rose 4% post-earnings and is up 9% YTD, driven by EPS of $6.61 beating expectations. Despite a slight miss on annual guidance, Netflix aims to double revenue by 2030, targeting a $1T market cap.
- Q1 EPS of $6.61 exceeded estimates by $0.87 (15.2%).
- 50-day simple moving average surged 9.7% to $1,036.22, reflecting bullish momentum.
- Trades at a P/E ratio of 59.78, significantly above industry averages.
Sea SE
Sequoia Capital bought $96.44M of Sea in Q4 2024. Sea (SE) reported strong Q1 2025 results with $4.8B revenue (29.6% YoY growth) and $403M net income, marking a return to profitability. The stock surged 31% in one month and delivered 132.61% total returns over the past year, outperforming both the S&P 500 (11.6%) and entertainment sector peers (52.7%). This acceleration stems from dominant digital commerce execution and fintech monetization in Southeast Asia.
- 132.61% total return over last 12 months vs 11.6% S&P 500.
- 29.6% YoY revenue growth in Q1 driven by 57.6% fintech services surge.
- 231% YoY EPS growth to $0.91, beating estimates by 36% last quarter.
Monday.com MNDY
Sequoia Capital bought $50.64M of Monday.com in Q4 2024. Monday.com reported strong Q1 2025 results with 30% year-over-year revenue growth to $282.3 million and EPS of $1.10 beating estimates by 38%. The company shows accelerating momentum with sequential revenue growth from Q4 2024 ($267.98M) to Q1 2025 ($282.3M), driven by enterprise adoption and ~245,000 customers as of December 2024. Its recent earnings beat and raised guidance following the May 12 results announcement position it for sustained value appreciation.
- Q1 2025 revenue of $282.3 million surpassed analyst expectations by $15.6 million (5.8% beat).
- EPS grew 38% above consensus estimates ($1.10 vs $0.72 expected) in Q1 2025.
- Enterprise customers (>$50k ARR) grew to unspecified but 'increasing' levels as of March 2025, indicating upmarket traction.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NOW | ServiceNow | 19.4% | $1.05B | |
| META | Meta | 13.1% | Trimmed (-15%) | $710.81M |
| AMZN | Amazon | 8.2% | Trimmed (-11%) | $442.73M |
| NVDA | Nvidia | 7.3% | $394.01M | |
| SHOP | Shopify | 7.2% | Added (+139%) | $391.51M |
| PANW | Palo Alto Networks | 4.9% | Added (+171%) | $263.48M |
| AVGO | Broadcom | 4.8% | NEW | $259.66M |
| TEAM | Atlassian | 3.8% | NEW | $207.12M |
| CVNA | Carvana | 3.7% | NEW | $201.12M |
| CPNG | Coupang | 3.6% | Trimmed (-19%) | $196.39M |
| HUBS | HubSpot | 3.5% | Trimmed (-15%) | $191.61M |
| FICO | Fair Isaac | 2.8% | NEW | $149.32M |
| TTAN | ServiceTitan | 2.3% | NEW | $126.46M |
| RDDT | 2.2% | NEW | $119.15M | |
| TSM | Taiwan Semiconductor | 1.9% | $105.26M | |
| MSFT | Microsoft | 1.9% | Trimmed (-77%) | $104.95M |
| NFLX | Netflix | 1.8% | NEW | $98.05M |
| SE | Sea | 1.8% | NEW | $96.44M |
| NU | Nu Holdings | 1.7% | Trimmed (-74%) | $89.59M |
| CRWD | CrowdStrike Holdings | 1.6% | Trimmed (-45%) | $87.25M |
| MELI | MercadoLibre | 1.2% | Trimmed (-17%) | $64.62M |
| MNDY | Monday.com | 0.9% | NEW | $50.64M |
| CART | Maplebear | 0.2% | $11.6M | |
| PDD | PDD Holdings | 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.
