5 Best Big Data Stocks to Buy Now

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Alphabet Inc.’s (NASDAQ:GOOG) Google Cloud Platform is one of the world’s most widely used cloud services. In the second quarter of 2022, Google Cloud’s revenue topped $6 billion, up 35% year over year. Alphabet Inc. (NASDAQ:GOOG) is a leader in artificial intelligence and data science and is one of the best big data stocks to buy.

On September 22 leading insurance company, The Travelers Companies, Inc. (NYSE:TRV), announced that it is collaborating with Alphabet Inc. (NASDAQ:GOOG) to develop a cloud-based data ecosystem that will process and analyze huge amounts of data and aid Travelers’ (NYSE:TRV) to efficiently evaluate risks for large and middle-sized businesses.

On August 3, Tigress Financial analyst Ivan Feinseth raised his price target on Alphabet Inc. (NASDAQ:GOOG) to $186 from $183 and reiterated a Strong Buy rating on the shares.

At the close of Q2 2022, 153 hedge funds were long Alphabet Inc. (NASDAQ:GOOG) with stakes worth $22.29 billion. As of June 30, TCI Fund Management owns over 2.4 million shares of Alphabet Inc. (NASDAQ:GOOG) and is the most prominent investor in the company.

Here is what Madison Funds had to say about Alphabet Inc. (NASDAQ:GOOG) in its second-quarter 2022 investor letter:

Alphabet Inc. (NASDAQ:GOOG) continues to perform well, but the price-to-earnings multiple contracted considerably due to concerns about the potential for revenue to be more economically sensitive than it has been historically given the vast size of the business today. Similarly, Adobe and Accenture continue to report strong sales growth, but performance has moderated a bit relative to the extremely robust results generated over the last year or so. In all three cases, we think that the longer-term outlook remains excellent.”