Top 5 Technology Stocks to Buy According to Billionaire Cliff Asness

3. Alphabet Inc. (NASDAQ:GOOG)

AQR Capital Management’s Stake Value (Class A Stock): $619,843,000

Percentage of AQR Capital Management’s 13F Portfolio (Class A Stock): 1.4%

AQR Capital Management’s Stake Value (Class C Stock): $358,986,000

Percentage of AQR Capital Management’s 13F Portfolio (Class C Stock): 0.81%

Number of Hedge Fund Holders (Class A Stock): 191

Number of Hedge Fund Holders (Class C Stock): 153

AQR Capital Management reduced its stake in both class C and class A stock of search giant Alphabet Inc. (NASDAQ:GOOG) during the second quarter, yet the search giant was the fund’s third favorite stock pick in the tech sector. While AQR Capital Management cut its stake in the class C stock by 291,020 shares to 3,282,240 shares, it lowered its stake in the class A stock by 482,620 shares to 5,754,580 shares.

Funds tracked by us that disposed of their entire holdings in Alphabet Inc. (NASDAQ:GOOG) during Q2 included billionaire Jim Simons’ Renaissance Technologies and Crispin Odey’s Odey Asset Management Group.

Of the 20 analysts on Wall Street who cover Alphabet Inc. (NASDAQ:GOOG), 19 currently have a ‘Buy’ rating on the stock, and those 20 analysts have a consensus price target of $158.4, representing a potential upside of over 30%. On July 27, analysts at Piper Sandler reduced their price target on Alphabet Inc.’s (NASDAQ:GOOG) stock to $135 from $139 but maintained their ‘Overweight’ rating on it.