5 Best Tech Stocks to Buy Now

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In this article, we will discuss the 5 best tech stocks to buy now. If you want to read our comprehensive analysis of these stocks, go directly to the 10 Best Tech Stocks to Buy Now

5. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 146

Alibaba Group Holding Limited (NYSE:BABA) is a Chinese multinational technology company focusing on e-commerce and retail. The company specializes in customer-to-customer, business-to-customer, and business-to-business sales, integrated and safe online payment systems, shopping search engines, and cloud computing services.

At June end, 146 hedge funds observed by Insider Monkey were long Alibaba Group Holding Limited (NYSE:BABA), up from 135 in the previous quarter. 

KeyBanc analyst Hans Chung kept an Overweight rating on Alibaba Group Holding Limited (NYSE:BABA)’s share as of October 1, but lowered the price target from $250 to $200. He expects lower Q2 growth owing to weaker than expected macro. 

Polen Capital Management mentioned Alibaba Group Holding Limited (NYSE:BABA) in its Q2 2021 investor letter. Here is what they had to say: 

“Alibaba also detracted from performance as the company continues to remain under regulatory scrutiny from both the Chinese State Administration for Market Regulation on antitrust concerns and the U.S. Securities and Exchange Commission on ADR listing requirements. Despite the regulatory overhang, we believe that Alibaba’s competitive positioning and growth outlook remains intact, even if the company must pay fines or modify some business practices. We viewed the current valuation at <20x next twelve month’s earnings as a compelling opportunity to add to our position. Alibaba is the second largest position in the Portfolio.”

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