10 Most Popular Stocks Among Hedge Funds (Part 1)

#3 Alphabet Inc (NASDAQ:GOOGL)

A total of 135 hedge funds in our database are bullish on Alphabet Inc (NASDAQ:GOOGL)’s class A shares as of the end of the first quarter, down from 139 funds a quarter earlier, while 117 are long its class C shares, down from 126. The total value of the positions in both classes of stock stood at $26.2 billion. Alphabet Inc (NASDAQ:GOOGL) is in a process of slashing its dependence on online ad revenue. In the first quarter, Alphabet’s revenue increased by 22% to reach $24.8 billion, but $21.4 billion of that came from its ad revenue. Earlier this week, Alphabet shares broke above $1,000 for the first time in history. On Monday, Pacific Crest analyst Andy Hargreaves suggested that investors should ditch Apple Inc. (NASDAQ:AAPL) and buy Alphabet Inc (NASDAQ:GOOGL) instead.

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