5 Most Owned Stocks by Hedge Funds Now

In this article, we will be taking a look at the 5 most owned stocks by hedge funds now. To read our detailed analysis of the current stock market news, you can go directly to see the 20 Most Owned Stocks by Hedge Funds Now.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 173

NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company most known for its AI chips. It is based in Santa Clara, California.

A Buy rating and $1100 price target were maintained on NVIDIA Corporation (NASDAQ:NVDA) on March 13 by Bank of America Securities analysts.

NVIDIA Corporation (NASDAQ:NVDA) had 173 hedge funds long its stock in the fourth quarter, with a total stake value of $33.8 billion.

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 214

BMO Capital analysts maintained a $170 price target on Alphabet Inc. (NASDAQ:GOOGL) on January 9, alongside an Outperform rating.

Alphabet Inc. (NASDAQ:GOOGL) is a communication services company based in Mountain View, California. It operates through its Google Services, Google Cloud, and Other Bets segments.

We saw 214 hedge funds long Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, with a total stake value of $28.8 billion.

Diamond Hill Capital said the following about Alphabet Inc. (NASDAQ:GOOGL) in its fourth-quarter 2023 investor letter:

“Other bottom contributors included Alphabet Inc. (NASDAQ:GOOG), Lancaster Colony Corp and Lear Corp. Media and technology company Alphabet has been under pressure as the company’s cloud business has slowed. Packaged food products manufacturer Lancaster Colony has faced a challenging pricing environment, which has weighed on volumes. We exited our positions in both Alphabet and Lancaster Colony in Q4 and redeployed our capital into more attractive opportunities.”

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

Number of Hedge Fund Holders: 242

There were 242 hedge funds long Meta Platforms, Inc. (NASDAQ:META) in the fourth quarter, with a total stake value of $44.2 billion.

Meta Platforms, Inc. (NASDAQ:META) is another communication services company on our list. It develops and offers social connectivity products, such as social media apps under the names of Facebook and Instagram.

A Strong Buy rating and a $575 price target were maintained on Meta Platforms, Inc. (NASDAQ:META) on February 9 by analysts at Tigress Financial.

Artisan Partners said the following about Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2023 investor letter:

“Netflix and Meta Platforms, Inc. (NASDAQ:META)—both categorized in the communication services sector—rounded out our top five contributors in Q4 as well as for 2023. Both stocks suffered sharp declines in 2022, each losing more than 50% of their market capitalizations. In 2022, we purchased Netflix and added to our position in Meta on weakness as both stocks were selling significantly below our estimates of fair value. Meta’s challenges were more self-inflicted as a ramp-up in spending caused free cash flow to plummet. We saw Netflix’s slowing subscriber growth as a normal feature of a maturing streaming market.

With regard to Meta, the company’s “year of efficiency,” as 2023 was declared by Mark Zuckerberg, involved a recalibration of its spending plans to focus on profitability. While the stock also benefited from enthusiasm around artificial intelligence, the re-rating in the price multiple seems entirely rational as shares were selling for less than 10X next year’s estimated earnings at its 2022 lows for a business that still had strong growth drivers, consistent free cash flow generation and a large net cash position. While Meta is included in the Magnificent Seven mega-cap stocks, Meta is trading much cheaper (~25X P/E) than all the others aside from Alphabet (~24X P/E), which is the one other of the Magnificent Seven stocks we hold. While Meta’s stock is no longer extremely cheap, we feel it is still reasonably priced for a good business with attractive growth prospects. We did trim our positions in Meta and Netflix to put capital to work in names having greater discounts.”

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

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) is a broad-line retail and e-commerce company. It is based in Seattle, Washington.

In total, 293 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the fourth quarter, with a total stake value of $50.9 billion.

On January 9, BMO Capital analysts maintained a $200 price target and an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN).

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 302

A $500 price target and Buy rating were maintained on Microsoft Corporation (NASDAQ:MSFT) on March 15 by DA Davidson analysts.

Microsoft Corporation (NASDAQ:MSFT) was seen in the portfolios of 302 hedge funds in the fourth quarter, with a total stake value of $87.3 billion.

Based in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a systems software company. It develops and supports software, services, devices, and solutions.

Carillon Tower Advisers said the following about Microsoft Corporation (NASDAQ:MSFT) in its fourth-quarter 2023 investor letter:

“Microsoft Corporation (NASDAQ:MSFT) performed well after reporting strong earnings supported by accelerated growth from Azure. The cloud business is seeing consistent trends from optimization while AI has contributed strongly to its growth.”

See also 11 Best Artificial Intelligence Stocks Under $20 According To Hedge Funds and 12 Stocks Most Bought By Hedge Funds.