In this article, we discuss 5 best tech stocks to buy now according to Joe Dimenna’s Zweig-DiMenna Partners. If you want to read our detailed analysis of Dimenna’s history, investment philosophy, and hedge fund performance, go directly to 10 Best Tech Stocks to Buy Now According to Joe Dimenna’s Zweig-DiMenna Partners.
5. Alphabet Inc. (NASDAQ:GOOG)
Zweig-DiMenna Partners’ Stake Value: $14,282,000
Zweig-DiMenna Partners’ 13F Portfolio: 1.9%
Number of Hedge Fund Holders: 158
Alphabet Inc. (NASDAQ:GOOG), based in Mountain View, California, is an American global technology conglomerate holding corporation. Zweig-DiMenna Partners reduced its hold in Alphabet Inc. (NASDAQ:GOOG) by 23% in the first quarter, ending the period with 5,135 shares of the company. The fund had a $14.28 million stake in the company.
Fisher Asset Management revealed a significant stake in Alphabet Inc. (NASDAQ:GOOG) in Q1 2022, worth roughly $5.63 billion. Overall, 158 hedge funds tracked by Insider Monkey held long positions in the company in Q4 2021, up from 156 in the previous quarter. The total stakes owned exceeded $36.63 billion.
Alphabet Inc. (NASDAQ:GOOG) purchased Raxium, a pioneer in single panel MicroLED display technology, on May 5. After Alphabet Inc. (NASDAQ:GOOG) reported a relatively mixed Q1, Wells Fargo analyst Brian Fitzgerald cut his price objective on the stock to $3,400 from $3,600 to reflect deteriorating industry values but assigned an Overweight rating to the shares on April 27.
In its Q4 2021 investor letter, Vulcan Value Partners highlighted a few stocks, and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:
“In contrast, we made a different kind of mistake about a decade ago. Google, now Alphabet Inc. (NASDAQ:GOOG), performed very well for us while we owned it. The company kept outperforming our assumptions and we kept lowering them to be conservative. “Trees do not grow to the sky.” The stock kept going up and our value grew but did not keep pace with the stock. It hit our estimate of fair value and we sold it with a nice gain, patting ourselves on the back. We kept following the company and what they actually did over the next several years was roughly double the assumptions we used to value it. Therefore, our value was too conservative, and we sold it too cheaply, missing many years of compounding. Fortunately, we experienced some volatility several years ago that allowed us to purchase Alphabet Inc. (NASDAQ:GOOG) (Google) again with a margin of safety.”