5 Best IoT Stocks to Buy Now

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153     

Alphabet Inc. (NASDAQ:GOOG) provides various products and platforms such as Google Services, Google Cloud, and YouTube. It is one of the premier IoT stocks to invest in. On October 7, Sundar Pichai, the CEO of the firm, said that Google had plans to invest a total of ¥100 billion in Japan by the end of 2024. Google will open its first data center in Chiba Prefecture next year, which will provide faster and more stable access to Google services.  

On August 3, Tigress Financial analyst Ivan Feinseth maintained a Strong Buy rating on Alphabet Inc. (NASDAQ:GOOG) stock and raised the price target to $186 from $183, noting the resilience of the core cloud and search business of the firm despite misses on earnings. 

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. (NASDAQ:GOOG) 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).”