5 Most Promising QQQ Stocks According to Hedge Funds

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG) is ranked fourth on our list of the most promising QQQ stocks according to hedge funds. Hedge funds have hefty stakes in both Alphabet Inc. (NASDAQ:GOOG) and Alphabet Inc. (NASDAQ:GOOGL). At the end of Q4 2022, 152 hedge funds were long Alphabet Inc. (NASDAQ:GOOG) and disclosed positions worth $17.6 billion.

On February 9, Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and his $135 price target on Alphabet Inc. (NASDAQ:GOOG).

As of December 31, TCI Fund Management is the largest investor in Alphabet Inc. (NASDAQ:GOOG) and has disclosed a position worth $4.8 billion in the company.

Here is what Diamond Hill Capital had to say about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2022 investor letter:

“Other bottom contributors included media and technology giant Alphabet Inc. (NASDAQ:GOOG), apparel and footwear company V.F. Corporation and utility operator Dominion Energy. We believe Alphabet’s shares underperformed on concerns of a weakening macroeconomic environment. The company also reported weaker-than-expected earnings and revenue for Q3 2022. Longer-term, we expect Alphabet’s search engine advertising, YouTube advertising and other initiatives to continue driving revenue growth. As such, we used the share price weakness this quarter to add to our position.”

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