5 Stocks to Buy on Sale and Never Look Back

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Share Price as of November 4: $85.08

Alphabet Inc. (NASDAQ:GOOG) is another tech giant on our list, operating as a communication services company. It is based in Mountain View, California.

Mark Mahaney at Evercore ISI holds an Outperform rating on Alphabet Inc. (NASDAQ:GOOG) shares as of October 26. The analyst also holds a $130 price target on the stock.

Alphabet Inc. (NASDAQ:GOOG) has a 26% growing cloud business. The business is expected to generate $9 billion in operating profit by 2027.

Our hedge fund data shows 153 hedge funds long Alphabet Inc. (NASDAQ:GOOG) in the second quarter, and 160 funds long the stock in the previous quarter. Their total stake values were $22.3 billion and $29.7 billion, respectively.

Investment management company First Pacific Advisors mentioned Alphabet Inc. (NASDAQ:GOOG) in its third-quarter 2022 investor letter. Here’s what the firm said:

“The share prices of both Meta and Alphabet Inc. (NASDAQ:GOOG) have declined significantly over the past twelve months. We believe this is due to a combination of a weakening ad market, depreciation of foreign currencies, and increased competitive intensity. On the positive side, we anticipate each company to continue to generate significant amounts of free cashflow even during these challenging times, which we expect to be redeployed into a combination of growth projects and share buybacks.”

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