5 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

2. Alphabet Inc. (NASDAQ:GOOG)

GQG Partners’ Stake Value: $2,170,023,752

Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG) is one of the best growth stocks to invest in according to billionaire Rajiv Jain. In the first quarter of 2023, Jain added Alphabet Inc. (NASDAQ:GOOG) to his GQG Portfolio, purchasing 20.86 million shares valued at $2.17 billion. The stock accounts for 5.67% of his overall holdings.

Jefferies analyst Brent Thill described Google I/O developer conference as highly significant and marked a redemption for the company following a disappointing event in Paris earlier this year. Thill highlighted that Google showcased updates in various areas, including consumer and business applications, as well as advancements in core areas like Search, Workspace, Google Cloud, and Android. The analyst believes that Google effectively communicated its generative AI strategy and launched a comprehensive AI initiative at I/O. Thill expects the momentum to accelerate and foresees monetization before the end of the year. Jefferies maintained a Buy rating on shares of Google’s parent company, Alphabet Inc. (NASDAQ:GOOG), with a price target of $130 on May 11.

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 held the largest position in the company, worth $3.8 billion. 

Diamond Hill Large Cap Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:

“We did have several strong performing stocks this quarter. Our top contributors to return included NVR, Amazon, Alphabet Inc. (NASDAQ:GOOG), Microsoft and Booking Holdings, all of which posted double-digit gains. Shares of media and technology giant Alphabet outperformed as the company announced expense discipline while continuing to invest in its core products of Google Search, YouTube and Google Cloud.”