5 Best Stocks To Invest In 2024 For Beginners

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 163

Quarterly Revenue Growth: 13.50%

Alphabet Inc. (NASDAQ:GOOG) ranks 3rd on our list of the best stocks to invest in 2024 for beginners. On January 30, Alphabet Inc. (NASDAQ:GOOG) reported Q4 GAAP earnings per share of $1.64 and a revenue of $86.31 billion, outperforming Wall Street estimates by $0.04 and $1.04 billion, respectively. Revenue for the period increased 13.5% in the December quarter. 

According to Insider Monkey’s third quarter database, 163 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG), compared to 152 funds in the last quarter. Harris Associates is one of the largest stakeholders of the company, with 23.4 million shares worth $3 billion. 

The FPA Crescent Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) continued going from strength to strength during 2023 despite concerns that competition may infringe on the company’s dominant position in Search. Thus far, Alphabet has continued to hold its own, and we look forward to seeing how the company incorporates further AI developments across the Alphabet ecosystem. Lastly, we are hopeful that the impending arrival of a new CFO will bring a renewed focus on efficiency – an area where we believe Alphabet has ample room for improvement.”

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