5 Best Cash App Stocks to Invest In

2. Alphabet Inc. (NASDAQ: GOOGL)

Number of Hedge Fund Holders: 185

Alphabet Inc. (NASDAQ: GOOGL), Google’s parent company, operates the e-wallet platform and online payment service Google Pay. The digital wallet service was first introduced in 2015 as Android Pay and then relaunched as Google Pay in 2018. 

Alphabet Inc. (NASDAQ: GOOGL) posted an EPS of $27.26 in the second quarter of 2021, beating analyst expectations of $19.34. The California-based computer company reported a 62% increase in revenue year over year to $61.9 billion in its second-quarter report, beating analyst estimates of $56.16 billion.

Argus Research maintained a Buy rating on Alphabet Inc. (NASDAQ: GOOGL) on July 29 and increased the firm’s price target to $3,100 per share from $2,800, citing Alphabet Inc.’s outstanding second-quarter performance.

At the end of the first quarter of 2021, 185 hedge funds in the database of Insider Monkey held stakes worth $24.6 billion in Alphabet Inc. (NASDAQ: GOOGL), up from 179 in the preceding quarter worth $21.9 billion.

Baillie Gifford mentioned Alphabet Inc. (NASDAQ: GOOGL) in its Q2 2021 investor letter:

“Whilst several sources of upside remain, namely in the cloud business, hardware, and YouTube subscriptions, we have waning conviction in Alphabet‘s ‘moonshot’ bets (such as Waymo), substantial success in which would likely be required to produce a 5x return from here. Given the reduction in our assessment of the probability-adjusted upside, and with strong competition for capital in the portfolio, we therefore sold the Alphabet holding.”