5 Best Buy-the-Dip Tech Stocks According to Billionaire Ken Fisher

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 158

Fisher Asset Management’s 13F Portfolio: 3.32%

Fisher Asset Management’s Stake Value: $5.63 billion

In the first quarter of 2022, Fisher Asset Management bought an additional 90,000 shares of Alphabet Inc. (NASDAQ:GOOG), bringing his total stake in the tech firm to 2.02 million shares with a price tag of $5.63 billion.

On April 27, Jefferies analyst Brent Thill gave Alphabet Inc. (NASDAQ:GOOG) a ‘Buy’ rating, noting that the firm saw solid growth in its Google Search and Cloud services business. However, he decreased the price target to $3,400 from $3,600, noting below expectations ad revenue from Youtube for three consecutive quarters. The analyst also decreased his 2022 estimates for operating margin, gross and net revenue and earnings per share.

For the first quarter of 2022, Alphabet Inc. (NASDAQ:GOOG) reported an EPS of $24.62, missing consensus estimates by $0.93. Quarterly revenue of $68 billion saw a growth of 22.95% year-on-year, and beat analysts’ forecasts by $124.6 million.

Out of all the hedge funds tracked by Insider Monkey at the close of the fourth quarter, 158 held positions in Alphabet Inc. (NASDAQ:GOOG). This shows a positive trend from the previous quarter where 156 hedge funds reported ownership of stakes in the tech firm.

Baron Funds, an investment firm, discussed the market position of Alphabet Inc. (NASDAQ:GOOG) in its Q1 2022 investor letter. The fund said:

“We have modestly reduced the size of our position in Alphabet Inc. (NASDAQ:GOOG) (from 6.5% at the end of the fourth quarter of 2021 to 5.3% as of the end of the first quarter of 2022), after the stock rallied 64% in 2021 and continued outperforming during the first quarter, declining just 3%.”