5 Best Fortune 500 Stocks to Buy Now

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153     

Alphabet Inc. (NASDAQ:GOOG) provides various technology products and platforms such as Google Services, Google Cloud, and YouTube. It is one of the top large cap stocks to invest in. On October 11, Alphabet’s Google announced that it had partnered with a chip manufacturer to design a new chip which is aimed at making the cloud more secure with better performance. The new chip E2000 can be used to take over packet processing work from other CPUs. 

On October 11, Credit Suisse analyst Stephen Ju maintained an Outperform rating on Alphabet Inc. (NASDAQ:GOOG) stock and lowered the price target to $134 from $140, noting that despite IDFA deprecation and subsequent macro uncertainty-driven outlook deterioration, the shares ought to remain resilient through the second half of 2022. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG), with 3.1 million shares worth more than $6.9 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:

“Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising company. Shares of Alphabet declined 21.6% in the quarter due to concerns about slower global growth impacting the company’s core advertising business. We retain conviction in Alphabet’s merits as it continues to benefit from growth in mobile and online video advertising, which accrues to its core assets of search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in Cloud, AI, and Autonomous Driving (through its Waymo subsidiary).”