5 Best Cash App Stocks To Buy Now

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1. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 160

Alphabet Inc. (NASDAQ:GOOG) is the parent company of Google and its affiliated platforms. It also operates Google Pay, an Android software which allows cashless transactions at point-of-sale systems using NFC (near-field communication) technology in smartphones. In May 2022, the company announced the launch of Google Wallet, a comprehensive, all-in-one platform where users can save official documents, concert tickets, credit cards and make online and contactless payments.

On April 27, Jefferies analyst Brent Thill reiterated a ‘Buy’ rating on Alphabet Inc. (NASDAQ:GOOG) shares and decreased the price target to $3,400 from $3,600. He noted that the company posted strong growth in its Search and Cloud business, but reported below-expectations revenue from YouTube for the third straight quarter.

In Q1 2022, Alphabet Inc. (NASDAQ:GOOG) posted revenue of $68 billion, which was a jump of 22.95% from the year-ago quarter, and also exceeded consensus estimates by $124.6 million. EPS stood at $24.62, missing consensus estimates by $0.93.

160 hedge funds reported owning positions in Alphabet Inc. (NASDAQ:GOOG) at the end of Q1 2022, showing a positive trend from the preceding quarter where 158 hedge funds were long on the company shares.

Investment firm Baron Funds mentioned Alphabet Inc. (NASDAQ:GOOG) in its Q1 2022 investor letter. The fund stated:

“We have modestly reduced the size of our position in Alphabet Inc. (NASDAQ:GOOG) (from 6.5% at the end of the fourth quarter of 2021 to 5.3% as of the end of the first quarter of 2022), after the stock rallied 64% in 2021 and continued outperforming during the first quarter, declining just 3%.”

You can also take a look at 10 Best Safe Blue Chip Dividend Stocks and 12 Best Bear Market Stocks to Buy Now.

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