Were Hedge Funds Right about Their Top 10 Picks in Q3?

Each of Google Inc (NASDAQ:GOOGL)‘s class A and class C stocks made it to the top ten list, with 115 funds holding $8.19 billion worth of class A shares and 107 investors reporting holding class C shares with a total value of $8.59 billion. In this way, hedge funds from our database amassed 2.20% of the outstanding class A stock and 2.40% of the class C stock. With the stocks delivering returns of 18.21% (class A) and 16.80% (class C) during the third quarter, hedge funds were right to bet on the tech giant. The recent release of new products and the consistent growth of the stock makes Google Inc (NASDAQ:GOOGL) one of the best stocks in the tech sector to bet on. The change of the corporate structure of the company, under the new name Alphabet, which will also improve the company’s reporting system, is also being viewed positively by both investors and analysts. Recently, Deutsche Bank reaffirmed its ‘Buy’ rating and a price target of $850. Among hedge funds, one of the most bullish investors in Google Inc (NASDAQ:GOOGL) is Andreas Halvorsen’s Viking Global, which owns some 2.74 million class A shares and 1.15 million class C shares.

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