5 Best Growth Stocks to Buy and Hold in 2024

In this piece, we will take a look at the five best growth stocks to buy and hold in 2024. If you want to learn more about growth stocks and how they’re doing these days, then check out 12 Best Growth Stocks to Buy and Hold in 2024.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Q4 2023 Hedge Fund Shareholders: 173

NVIDIA Corporation (NASDAQ:NVDA) is the most valuable semiconductor company in the world. Its shares tanked by 10% in April 2024 after peer Super Micro failed to share preliminary earnings, as investors feared that the AI growth they’ve become used to is slowing down.

173 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database had bought and owned NVIDIA Corporation (NASDAQ:NVDA)’s shares. Rajiv Jain’s GQG Partners was the biggest investor through its $6.8 billion stake.

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Q4 2023 Hedge Fund Shareholders: 214

Alphabet Inc. (NASDAQ:GOOGL) is a software firm known for its search engine, productivity software, and other products. The shares are rated Strong Buy on average, and the average analyst share price target is $166.71.

During last year’s fourth quarter, 214 out of the 933 hedge funds profiled by Insider Monkey were the firm’s shareholders. Alphabet Inc. (NASDAQ:GOOGL)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management due to its $6.3 billion investment.

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Q4 2023 Hedge Fund Shareholders: 242

Meta Platforms, Inc. (NASDAQ:META) is a social media company that owns WhatsApp, Instagram, and Facebook. After Apple’s Vision Pro made waves in the market after its launch, CEO Mark Zuckerberg is eager to increase his firm’s software footprint in this industry by opening up the Quest operating system for third party manufacturers.

Insider Monkey took a look at 933 hedge fund holdings for their fourth quarter of 2023 shareholdings and found that 242 had bought Meta Platforms, Inc. (NASDAQ:META)’s shares. Rajiv Jain’s GQG Partners owned the biggest stake which was worth $3.9 billion.

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Q4 2023 Hedge Fund Shareholders: 293

Amazon.com, Inc. (NASDAQ:AMZN) is a eCommerce and cloud computing company. The firm is making big moves in both these markets in April 2023, as for the former front it has announced a new unlimited grocery delivery subscription for Prime members. For the latter, it aims to bring third party business AI computing to its AWS platform.

As of December 2023 end, 293 out of the 933 hedge funds part of Insider Monkey’s database had bought a stake in the firm. Amazon.com, Inc. (NASDAQ:AMZN)’s largest investor in our database is Ken Fisher’s Fisher Asset Management due to its $6.3 billion stake.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Q4 2023 Hedge Fund Shareholders: 302

Microsoft Corporation (NASDAQ:MSFT) is the world’s largest personal computing operating system provider. It is also a dominant player in the cloud computing market. The shares are rated Strong Buy on average, and the average analyst share price target is $433.88.

After digging through 933 hedge fund holdings that covered Q4 2023, Insider Monkey found 302 Microsoft Corporation (NASDAQ:MSFT) shareholders. Michael Larson’s Michael Larson’s Bill & Melinda Gates Foundation Trust owned $14.3 billion worth of shares, making it the firm’s biggest hedge fund shareholder.

Disclosure: None. You can also take a look at the 10 Best Multibagger Stocks to Buy Now and Top 15 Cities Where Gen Z is Moving in the US.

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