Prominent Tech Stocks Dominate Beech Hill’s Portfolio

Alphabet Inc (NASDAQ:GOOGL)

– Shares Owned by Beech Hill Partners (as of September 30): 6,984 class A shares/ 319 class C shares

– Value of Beech Hill Partners’ Holding (as of September 30): $5.62 million

Beech Hill sold 203 class A shares of Alphabet Inc (NASDAQ:GOOGL) during the third quarter, while its position in Alphabet’s class C shares was left unchanged. Earlier this month, Credit Suisse raised its price target on Google to $1,070 from $940, after previewing the third quarter performance of the company. Alphabet is scheduled to release its third quarter earnings on Thursday, with analysts expecting EPS of $8.63 on revenue of $17.99 billion, according to FactSet. Alphabet recently acquired FameBit, a platform that connects video makers with marketers and advertisers. Alphabet’s class A shares have gained 3.66% this month. At the end of the June quarter, 135 investors held class A shares of Alphabet Inc (NASDAQ:GOOGL), while 128 investors were long its class C shares.

Facebook Inc (NASDAQ:FB)

– Shares Owned by Beech Hill Partners (as of September 30): 59,770

– Value of Beech Hill Partners’ Holding (as of September 30): $7.67 million

Beech Hill Partners reported ownership of 59,770 shares of Facebook Inc (NASDAQ:FB) as of the end of the third quarter, down by 4% compared to the size of its position a quarter earlier. Facebook will announce its own third quarter results on November 2. On Sunday, Jefferies Group reaffirmed a ‘Buy’ rating for Facebook, with a price target of $170. Facebook recently announced several new features and tools, including Facebook Workplace, a potential rival of Slack; a feature to buy tickets and order food online; and a new ads campaign. At the end of the second quarter, 148 hedge funds in our database held stakes in Facebook Inc (NASDAQ:FB), compared to 164 funds at the end of March. Facebook shares have gained 3.61% in the fourth quarter.

Apple Inc. (NASDAQ:AAPL)

– Shares Owned by Beech Hill Partners (as of September 30): 83,802

– Value of Beech Hill Partners’ Holding (as of September 30): $9.47 million

Apple Inc. (NASDAQ:AAPL) remains the top tech stock in Beech Hill’s portfolio as of the end of the third quarter, and its top pick overall, after the fund trimmed 2% of its stake in the company during the third quarter. Apple Inc. (NASDAQ:AAPL) is set to announce its fiscal fourth quarter results on Tuesday, and could be poised to make a huge earnings move. Appl will also launch new Macs on Thursday. The company has faced a decline in iPhone sales in recent quarters and its market share in China is dwindling as competitors like Xiaomi continue to make advanced products at lower prices. Apple’s latest earnings will help investors gauge the extent to which iPhone 7 helped Apple rebound to its dominant ways. Investors are expecting that iPhone sales will get a boost due to the Samsung Note 7 fiasco, which should help its momentum immensely. Apple shares are up by 3.71% in October. A total of 116 hedge funds tracked by Insider Monkey were long Apple Inc. (NASDAQ:AAPL) at the end of June, down from 152 funds a quarter earlier.

Disclosure: None