5 Best Big Name Stocks to Buy Now

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 289 

Microsoft Corporation (NASDAQ:MSFT) is a diversified technology company with core interests in the software business. In early June, the company announced that it would be partnering with CoreWeave, a leading cloud infrastructure and GPU provider. The collaboration aims to enhance Microsoft’s artificial intelligence capabilities by leveraging CoreWeave’s powerful GPU resources. CoreWeave is owned by chip giant NVIDIA. 

On June 2, Evercore ISI analyst Kirk Materne maintained an Outperform rating on Microsoft Corporation (NASDAQ:MSFT) stock and raised the price target to $400 from $337, noting that Microsoft was in a unique position to monetize the platform shift to AI over the next few years. 

At the end of the first quarter of 2023, 289 hedge funds in the database of Insider Monkey held stakes worth $57 billion in Microsoft Corporation (NASDAQ:MSFT), up from 259 in the preceding quarter worth $58 billion.

In its Q1 2023 investor letter, Ariel Investments, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:

“Enterprise software provider, Microsoft Corporation (NASDAQ:MSFT) also traded higher in the period alongside the investor enthusiasm for Artificial Intelligence. Microsoft is well positioned as this new technology advances given its large investment in Open AI, the parent company of ChatGPT. Looking ahead, we continue to like Microsoft’s solid fundamentals, competitive positioning and long-term business outlook. We anchor on the company driving value creation by capitalizing on a broad and deep set of opportunities, most notably within Azure, its hybrid cloud infrastructure. The platform continues to demonstrate share gains and strong multi-year purchase intent as enterprises transition to cloud based platforms. At current trading levels, we believe Microsoft’s risk/reward is skewed to the upside.”

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