In this piece, we will take a look at the five best cheap growth stocks to buy now. If you want to learn more about growth investing, then read 12 Best Cheap Growth Stocks To Buy Now.
5. Apple Inc. (NASDAQ:AAPL)
Latest Price To Earnings Ratio: 29.84
Number of Hedge Fund Investors In Q2 2023: 135
Apple Inc. (NASDAQ:AAPL) is an iconic consumer electronics company that sells smartphones, laptops, and other technology products. Like other tech companies, it is also currently looking to diversify its supply chain away from China, and to this end, an Apple supplier is investing $330 million in a Vietnamese plant.
During this year’s June quarter, 135 out of the 910 hedge funds surveyed by Insider Monkey had bought Apple Inc. (NASDAQ:AAPL)’s shares. Warren Buffett’s Berkshire Hathaway is the firm’s biggest investor due to its $177 billion stake.
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4. Mastercard Incorporated (NYSE:MA)
Latest Price To Earnings Ratio: 33.98
Number of Hedge Fund Investors In Q2 2023: 139
Mastercard Incorporated (NYSE:MA) is a financial products and services company known for its plastic cards. It is currently targeting the fast growing Asia Pacific market, with a new product aiming to serve the needs of small businesses.
After digging through 910 hedge funds for their second quarter of 2023 shareholdings, Insider Monkey discovered that 139 were the firm’s shareholders. Mastercard Incorporated (NYSE:MA)’s largest shareholder in our database is Charles Akre’s Akre Capital Management since it owns 5.8 million shares that are worth $2.3 billion.
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3. Visa Inc. (NYSE:V)
Latest Price To Earnings Ratio: 29.46
Number of Hedge Fund Investors In Q2 2023: 171
Visa Inc. (NYSE:V) is another financial products and services provider with a similar business model to Mastercard. Like its peer, the firm has also beaten analyst EPS estimates in all four of its latest quarters. Additionally, Visa Inc. (NYSE:V)’s shares are also rated Strong Buy on average with an average share price target of $260.57.
As of Q2 2023 end, 171 out of the 910 hedge funds tracked by Insider Monkey had held a stake in Visa Inc. (NYSE:V). Chris Hohn’s TCI Fund Management owns the biggest stake among these which is worth $4.2 billion.
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2. Alphabet Inc. (NASDAQ:GOOGL)
Latest Price To Earnings Ratio: 25.26
Number of Hedge Fund Investors In Q2 2023: 204
Alphabet Inc. (NASDAQ:GOOGL) is one of the biggest technology companies in the world. As its peers continue to beef up their artificial intelligence investments, Alphabet Inc. (NASDAQ:GOOGL) is also rumored to be considering a multi hundred million dollar investment in a chatbot AI company.
Insider Monkey dug through 910 hedge fund portfolios for this year’s June quarter to discover 204 Alphabet Inc. (NASDAQ:GOOGL) investors. Out of these, the largest shareholder is Ken Fisher’s Fisher Asset Management as it owns 42 million shares that are worth $5.1 billion.
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1. Meta Platforms, Inc. (NASDAQ:META)
Latest Price To Earnings Ratio: 28.22
Number of Hedge Fund Investors In Q2 2023: 225
Meta Platforms, Inc. (NASDAQ:META) runs and owns Facebook, Instagram, and WhatsApp. A strong potential to leverage AI in its business models has left analysts impressed it seems, as the average share rating is Strong Buy with a small $13 share price upside.
Out of the 910 hedge funds part of Insider Monkey’s Q2 2023 research, 225 had bought a stake in the company. Meta Platforms, Inc. (NASDAQ:META)’s biggest hedge fund shareholder is Peter Rathjens, Bruce Clarke, and John Campbel’s Arrowstreet Capital courtesy of its $3 billion investment.
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Disclosure: None. You can also take a look at 14 Best Cyclical Stocks To Invest In and 15 Best American Dividend Stocks To Buy Now.
