5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 258

Microsoft Corporation (NASDAQ:MSFT) adopted the use of Bitcoin as a payment option back in 2014 through a partnership with Bitpay that allowed users to buy apps and games for Windows Phone, Xbox, and Windows operating systems. Microsoft Corporation (NASDAQ:MSFT)’s first blockchain product, Azure Blockchain Service, was launched in 2015. Azure Blockchain Service made it easier for developers to build applications that use the Bitcoin network.

Wells Fargo analyst Michael Turrin said on September 22 that Microsoft Corporation (NASDAQ:MSFT) introduced multiple new features across the Power Platform and highlighted two primary trends contributing to its focus on the space – the rise of collaborative apps and citizen developers, which Microsoft Corporation (NASDAQ:MSFT) is leaning into more heavily. The analyst has an Overweight rating and a price target of $350 on Microsoft Corporation (NASDAQ:MSFT) shares.

According to Insider Monkey’s Q2 data, 258 hedge funds were bullish on Microsoft Corporation (NASDAQ:MSFT), compared to 259 funds in the earlier quarter. Ken Fisher’s Fisher Asset Management is the largest position holder in the company, with 28.6 million shares valued at $7.3 billion. 

Here is what Baron Durable Advantage Fund has to say about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2022 investor letter:

“Shares of Microsoft Corporation, a leading global provider of software solutions, declined 16.6% in the quarter along with the broader software group as well as due to growing concerns of a potential macro-driven slowdown. This is despite the company posting strong quarterly financial results and successfully absorbing headwinds from the war in Ukraine. The company had 21% revenue growth, 23% operating income growth, and 35% growth in Microsoft Cloud (all year-over-year in constant currency), which now represents 47% of total revenues.

As discussed above, we continue to believe Microsoft remains a durable and growing business as companies across all industries look to digitally transform, taking advantage of the continuously expanding solution set Microsoft has to offer.”

You can also take a look at Best Delivery Stocks To Buy and Best Biotech Stocks Under $10. 

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