5 Best Innovative Stocks to Buy Now

In this piece, we will take a look at the five best innovative stocks to buy now. If you want to see how some of the most innovative companies ended up being industry giants, then check out 15 Best Innovative Stocks to Buy Now.

5. Visa Inc. (NYSE:V)

Number of Hedge Fund Investors During Q3 2023: 167

Visa Inc. (NYSE:V) is a financial technology company that enables merchants and shoppers to accept and make payments. It’s another highly rated stock on our list, with the shares rated Strong Buy on average and the average analyst share price target being $285.74.

After digging through 910 hedge funds for their Q3 2023 investments, Insider Monkey found 167 Visa Inc. (NYSE:V) shareholders. Chris Hohn’s TCI Fund Management was the biggest investor among these due to its $3.8 billion investment.

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Investors During Q3 2023: 180

NVIDIA Corporation (NASDAQ:NVDA) is the world’s leading graphics processing unit designer whose products sit right at the heart of the ongoing hype about artificial intelligence. Like the broader computing industry, it also started 2024 out on a strong note due to the CES conference that saw NVIDIA Corporation (NASDAQ:NVDA) release a new slew of A.I. and gaming products to continue strong financial momentum throughout the year.

As of September 2023 end, 180 out of the 910 hedge funds profiled by Insider Monkey had invested in the company. NVIDIA Corporation (NASDAQ:NVDA)’s largest shareholder in our database is Rajiv Jain’s GQG Partners as it owns $6.1 billion worth of shares.

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

Number of Hedge Fund Investors During Q3 2023: 234

Meta Platforms, Inc. (NASDAQ:META) is an American company that owns and operates Facebook, WhatsApp, and Instagram. Stifel analysts were out with some great news for its investors in 2024, as they upgraded their annual digital advertising revenue estimates to 8% from an earlier 7.2% in January 2024.

During last year’s third quarter, 180 out of the 910 hedge funds covered by Insider Monkey’s research were Meta Platforms, Inc. (NASDAQ:META)’s investors. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the biggest stakeholder among these, owning 11.6 million shares that are worth $3.4 billion.

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

Number of Hedge Fund Investors During Q3 2023: 286

Amazon.com, Inc. (NASDAQ:AMZN) is the biggest eCommerce retailer in the world. Stifel’s latest analyst note also cited optimism about its 2024 prospects on the back of growth in the advertising industry, adding that Amazon.com, Inc. (NASDAQ:AMZN) can benefit from better margins and new advertisement formats. Consequently, the firm raised Amazon.com, Inc. (NASDAQ:AMZN)’s share price target to $175 from $173.

By the end of 2023’s third quarter, 286 out of the 910 hedge funds profiled by Insider Monkey had held 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 $5.2 billion investment.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Investors During Q3 2023: 306

Microsoft Corporation (NASDAQ:MSFT) is a global technology behemoth with a commanding presence in the personal and cloud computing industries. After causing much of the hype last year, its partnership with OpenAI is entering 2024 with fresh scrutiny as European regulators start to pour over the deal.

During Q3 2023, 306 out of the 910 hedge funds covered by Insider Monkey’s research were Microsoft Corporation (NASDAQ:MSFT)’s shareholders. Michael Larson’s Bill & Melinda Gates Foundation Trust was the biggest shareholder courtesy of its $12.4 billion stake.

Disclosure: None. You can also take a look at These Dow Stocks Will Boost Their Dividends Soon and 12 Best Stocks to Buy for an 18 Year Old.

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