5 Best Data Storage Stocks To Buy Now

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG)’s Google Cloud Storage provides businesses with a reliable, scalable, and secure solution for storing and managing their data in the cloud. It is one of the best data storage stocks to invest in. On April 25, Alphabet Inc. (NASDAQ:GOOG) reported a Q1 GAAP EPS of $1.17 and a revenue of $69.79 billion, outperforming market estimates by $0.10 and $950 million, respectively. On April 19, 2023, Alphabet’s board of directors granted authorization for the company to buy back an extra $70.0 billion worth of its Class A and Class C shares.

According to Insider Monkey’s first quarter database, 155 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG), compared to 152 funds in the prior quarter. Harris Associates is the leading position holder in the company, with 36.90 million shares worth $3.8 billion. 

ClearBridge Large Cap Value Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2023 investor letter:

“While Alphabet Inc. (NASDAQ:GOOG) was another positive contributor in the quarter, we trimmed the position given the launch of Microsoft’s new generative AI product (“Bing AI”) which is targeted directly at Alphabet’s core search business. While we believe Alphabet’s business model is likely to remain resilient given the breadth of its user data as well as its internal innovations around AI, we continue to monitor the area closely given the rapid adoption of ChatGPT and other generative AI products.”

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