5 Best Big Tech Stocks To Buy Now

In this article, we will be taking a look at the 5 best big tech stocks to buy now. To read our detailed analysis of the technology industry and current developments within it, you can go directly to see 13 Best Big Tech Stocks To Buy Now.

5. salesforce.com, inc. (NYSE:CRM)

Number of Hedge Fund Holders: 136

Based in San Francisco, California, salesforce.com, inc. (NYSE:CRM) is an application software company. It provides Customer Relationship Management technology and more.

An Outperform rating was maintained on salesforce.com, inc. (NYSE:CRM) shares on July 12 by Keith Bachman at BMO Capital, who also holds a $255 price target on the stock.

There were 136 hedge funds long salesforce.com, inc. (NYSE:CRM) in the first quarter, with a total stake value of $9.05 billion.

The Ithaka Group said the following about salesforce.com, inc. (NYSE:CRM) in its first-quarter 2023 investor letter:

“Salesforce, Inc. (NYSE:CRM) is the largest pure-play cloud software company, holding a leading market share in customer relationship management applications and a top-five market share position in the company’s other clouds (Marketing, Service, Platform, Analytics, Integration, and Commerce). The company’s software subscription term-license model differs from the traditional perpetual-license software model in two respects: (1) the software is hosted on centralized servers and delivered over the internet, as opposed to traditional enterprise software that is loaded directly onto customers’ hard drives or servers; and (2) the revenue model is subscription-based, typically charging monthly fees per user as opposed to charging one-time licensing fees. The stock’s strong relative performance followed a strong F4Q23 earnings release that easily beat Street expectations on the top- and bottom-lines. In addition to the beat, management announced a number of initiatives that activist investors have been clamoring for, specifically a halt to large M&A transactions and a focus on operating profitability.”

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Stephen Ju at Credit Suisse holds an Outperform rating on Alphabet Inc. (NASDAQ:GOOGL) shares as of July 17, alongside a $150 price target.

Alphabet Inc. (NASDAQ:GOOGL) is a renowned big tech company operating in the interactive media and services industry. It is based in Mountain View, California.

We saw 204 hedge funds long Alphabet Inc. (NASDAQ:GOOGL) in the first quarter, with a total stake value of $17.7 billion.

Madison Investments mentioned Alphabet Inc. (NASDAQ:GOOGL) in its second-quarter 2023 investor letter:

“In the second quarter, the top five contributors to performance were Alphabet Inc. (NASDAQ:GOOG), Copart, Alcon, Parker-Hannifin, and PACCAR. Last quarter, we discussed our view on Alphabet and how they are positioned against the competitive threat from artificial intelligence technology. During the quarter, Alphabet made a series of announcements demonstrating how they are incorporating AI into their existing services as well as new products. While the market seems to be coming around to our point of view, we remain on the lookout for any incremental technological developments.”

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) was seen in the portfolios of 220 hedge funds during the first quarter. Their total stake value in the company was $25.1 billion.

Meta Platforms, Inc. (NASDAQ:META) is another big tech name offering products that enhance consumer connectivity through mobile devices, personal computers, and more. It is based in Menlo Park, California.

As of July 17, Andrew Boone at JMP Securities holds a Market Outperform rating and a $350 price target on Meta Platforms, Inc. (NASDAQ:META) shares.

This is what ClearBridge Investments said about Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2023 investor letter:

“Delivering performance through fundamental, bottom-up stock selection has been a constant over our tenure managing the Strategy. We underperformed in the first half of 2022 from being too early in entering several stocks going through negative earnings revisions and have seen relative results rebound over the last 12 months due to better stock picking, especially among earnings reset names such as Netflix and Meta Platforms, Inc. (NASDAQ:META). Also within shadow tech, we added back to our weighting in Meta as steady advertising trends and continued cost management should lead to improved profitability.”

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 243

Today, Amazon.com, Inc. (NASDAQ:AMZN) is a staple big tech stock for tech investors, and it is heavily involved in cloud computing alongside its e-commerce business. It is based in Seattle, Washington.

A total of 243 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the first quarter. Their total stake value was $25.8 billion.

Ivan Feinseth at Tigress Financial reiterated a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) shares on July 13, alongside placing a $204 price target on the stock.

Here’s what ClearBridge Investments said about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“2023 has so far marked a return to mega cap leadership, with Apple, Microsoft, Alphabet, Amazon.com, Inc. (NASDAQ:AMZN) and Nvidia accounting for approximately two thirds of the benchmark return. At 41.3%, the five largest stocks in the market represent the highest concentration in the 26-year history of the Russell 1000 Growth Index. Among these names, we maintain overweights to Nvidia (+246 bps) and Amazon (+117 bps), underweights to Microsoft (-353 bps) and Apple.

The Strategy’s IT holdings also drove performance in the second quarter, led by the continued rerating of graphics chipmaker Nvidia as a key beneficiary of the generative AI boom. AI-connected holdings Microsoft and Amazon also delivered strong gains.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 289

UBS analyst Karl Keirstead upgraded Microsoft Corporation (NASDAQ:MSFT) shares from Neutral to Buy on July 14. He also placed a $400 price target on the stock.

Microsoft Corporation (NASDAQ:MSFT) had 289 hedge funds long its stock in the first quarter, with a total stake value of $57.9 billion.

Microsoft Corporation (NASDAQ:MSFT) is a systems software company based in Redmond, Washington.

ClearBridge Investments said the following about Microsoft Corporation (NASDAQ:MSFT) in its second-quarter 2023 investor letter:

“2023 has so far marked a return to mega cap leadership, with Apple, Microsoft Corporation (NASDAQ:MSFT), Alphabet, Amazon.com and Nvidia accounting for approximately two thirds of the benchmark return. At 41.3%, the five largest stocks in the market represent the highest concentration in the 26-year history of the Russell 1000 Growth Index. Among these names, we maintain overweights to Nvidia (+246 bps) and Amazon (+117 bps), underweights to Microsoft (-353 bps) and Apple.

The Strategy’s IT holdings also drove performance in the second quarter, led by the continued rerating of graphics chipmaker Nvidia as a key beneficiary of the generative AI boom. AI-connected holdings Microsoft and Amazon also delivered strong gains.”

See also 10 Best Technology Penny Stocks to Buy and 10 Tech Stocks Benefiting From The AI Boom.