Buy insurance and sell software – Oppenheimer Asset Management

Oppenheimer Asset Management stated that evidence of a major market top is not yet compelling in the company’s view, and believes positive and negative momentum can be found in both the insurance and software industries.

“We’ve maintained an overweight rank toward the insurance industry since November 2023,” Oppenheimer said, and spotlighted eight stocks it views as buying opportunities. See the stocks below the asset manager mentioned.

• Progressive Corp. (NYSE:PGR)
• Arch Capital Group Ltd. (ACGL)
• Hartford Financial Services (HIG)
• WR Berkley Corp. (WRB)
• Brown & Brown, Inc. (BRO)
• Aflac, Inc. (NYSE:AFL)
• RenaissanceRe Holdings (RNR)
• Employers Holdings (EIG)

Year-to-date price action: PGR +57.2%, ACGL +50.2%, HIG +44.5%, WRB +25.4%, BRO +45.6%, AFL +32.3%, RNR +31.5%, and EIG +19.7%.

As for the software industry, the investment institution added: “We’re especially cautious on software stocks that never cleared their 2021 peak and are now showing signs of rolling over below their 200-day average.” See the stocks below that Oppenheimer Asset Management labeled as sells.

• Salesforce.com, Inc. (NYSE:CRM)
• Crowdstrike Holdings, Inc. (NASDAQ:CRWD)
• Datadog, Inc. (DDOG)
• ANSYS, Inc. (ANSS)
• Bentley Systems, Inc. (BSY)
• Procure Technologies, Inc. (PCOR)
• Marathon Digital Holdings, Inc. (MARA)
• Verint Systems, Inc. (VRNT)

Year-to-date price action: CRM -6.5%, CRWD -4.2%, DDOG -11.7%, ANSS -15.6%, BSY -9.6%, PCOR -21.1%, MARA -40.2%, and VRNT -5.4%.