5 Best Growth Stocks to Buy According to Hedge Funds

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153     

Alphabet Inc. (NASDAQ:GOOG) provides various products and platforms such as google services, google cloud etc. It is one of the premier growth stocks to invest in. On October 20, Google, a search engine and subsidiary of Alphabet, said that it has opened a local cloud region in Israel with the initiative to increase growth and jobs in the country. On October 20, Wing, a subsidiary of Alphabet, confirmed their location, Lusk, for a small-scale demonstration of a drone delivery operation in Ireland.

On October 21, Deutsche Bank analyst Benjamin Black maintained a Buy rating on Alphabet Inc. (NASDAQ:GOOG) stock and lowered the price target to $130 from $135, noting that the company has a fairly high bar to clear for a post-print rally. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG) with 3.2 million shares worth more than $6.9 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:

“Alphabet Inc. (NASDAQ:GOOG) is the parent company of Google, the world’s largest search and online advertising company. Shares of Alphabet declined 21.6% in the quarter due to concerns about slower global growth impacting the company’s core advertising business. We retain conviction in Alphabet’s merits as it continues to benefit from growth in mobile and online video advertising, which accrues to its core assets of search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in Cloud, AI, and Autonomous Driving (through its Waymo subsidiary).”