5 Best Growth Stocks to Buy According to Hedge Funds

In this article, we discuss the 5 best growth stocks to buy according to hedge funds. If you want to read about some more growth stocks, go directly to 14 Best Growth Stocks to Buy According to Hedge Funds.

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128     

Apple Inc. (NASDAQ:AAPL) designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories. It is one of the top growth stocks to invest in. On October 20, Apple revealed that it will add Fitness+ service in 21 countries to its new iOS 16.1 for iPhone users without having an Apple Watch which will be launched soon. On October 18, Apple announced an update of the Apple TV 4K model with the A15 Bionic chip.

On October 17, Morgan Stanley analyst Erik Woodring maintained an Overweight rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $177 from $180, noting that consumer and enterprise checks worsened in Q3 for the firm.

At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $182 billion.

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

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact the production of apple products, however, the manufacturing facilities have resumed activity.”