5 Tech Stock Picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management

3. Alphabet Inc. (NASDAQ:GOOG)

Immerman and Schiffman’s Stake Value: $310,132,000
Percentage of Andrew Immerman and Jeremy Schiffman’s 13F Portfolio: 6.67%
Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG) based in California, is an American multinational technology company that specializes in internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware. It was founded in 1998 and is placed third on the list of 10 tech stock picks from Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management. Alphabet Inc. (NASDAQ:GOOG) shares have offered investors more than 89.72% in returns over the course of the past 12 months.

Andrew Immerman and Jeremy Schiffman’s Palestra Capital Management owns 127,010 shares of Alphabet Inc. (NASDAQ:GOOG), worth $310.13 million. Hedge fund sentiment decreased for Alphabet Inc. (NASDAQ:GOOG) in the second quarter of 2021. Insider Monkey’s data shows that 155 hedge funds held stakes in the company in the second quarter of 2021, down from 159 funds a quarter earlier.

Qualivian Investment Partners, in its second-quarter 2021 investor letter, mentioned Alphabet Inc. (NASDAQ:GOOG). Here is what the fund said: 

“The opportunity in online advertising remains very attractive for Alphabet’s subsidiary Google. In the recent June quarter, Google’s ad sales grew 69%. Alphabet’s subsidiary YouTube’s ad revenue soared 84%, to $7 billion, in the second quarter, putting the business on par with Netflix, which reported quarterly revenue of $7.3 billion. Netflix is expected to grow sales by 19%, to $29.7 billion this year, while YouTube’s ad revenue is forecast to rise 45%, to $28.7 billion.

Alphabet slashed operating losses for the Google Cloud by more than half, as the business continues to scale, growing at 50%+ clips. Furthermore, the company continues to have potentially new growth options via its investments in autonomous driving (Waymo) and various healthcare businesses such as Verily and Calico.”