5 Cash-Rich Stocks To Buy According To Hedge Funds

3. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 196

Latest Cash and Short-Term Investments: $116.26 billion

Alphabet Inc. (NASDAQ:GOOGL) is a Mountain View, California-based technology conglomerate with platforms like Google, YouTube, Calico, and Waymo in its portfolio.

On December 22, the company entered into a partnership with the National Football League (NFL) that would allow YouTube TV to provide NFL Sunday Ticket Subscriptions. Following this development, Ronald Josey at Citi highlighted that this would accelerate the subscription growth of the video platform. He drew a comparison to Amazon’s deal with the NFL to broadcast the inaugural season of Thursday Night Football on the Amazon Prime platform. Mr. Josey concluded that this will aid the top-line growth of Alphabet Inc. (NASDAQ:GOOGL) and will contribute positively to the bottom-line margins in the long term. On December 23, the analyst assigned Alphabet Inc. (NASDAQ:GOOGL) stock a target price of $120 along with an Overweight rating.

Renaissance Investment Management shared its outlook on Alphabet Inc. (NASDAQ:GOOGL) in its Q3 2022 investor letter. Here’s what the firm said:

“Lastly, Alphabet Inc. (NASDAQ:GOOGL) declined after reporting third quarter results that were better than feared, driven by upside in the company’s search segment and despite tough comparisons. The stock’s weakness was concentrated in the last month of the quarter after the Fed “non-pivot” caused a sell-off in high-multiple growth stocks.”

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