5 Blue Chip Stocks to Buy According to Billionaire Ken Fisher

4. Alphabet Inc. (NASDAQ:GOOG)

Fisher Asset Management’s Stake Value: $5,634,988,000

Percentage of Fisher Asset Management’s 13F Portfolio: 3.32%

Number of Hedge Fund Holders: 160

In the first quarter of 2022, Fisher Asset Management raised its stakes in Alphabet Inc. (NASDAQ:GOOG) by 5%, bringing them to $5.63 billion. Alphabet Inc. (NASDAQ:GOOG) is Fisher Asset Management’s top-fourth 13F holding and covers 3.32% of Ken Fisher’s investment portfolio. Alphabet Inc. (NASDAQ:GOOG) is among the top blue-chip companies billionaire Ken Fisher is bullish on.

On April 26, Alphabet Inc. (NASDAQ:GOOG) reported earnings for the first quarter of fiscal year 2022. The company generated a revenue of $68.01 billion for the quarter, up 22.95% year over year, and outperformed expectations by $124.63 million. The company registered an EPS of $24.62 but missed estimates by $0.93.

Shortly after the company’s earnings release, Guggenheim analyst Michael Morris slashed his price target on Alphabet Inc. (NASDAQ:GOOG) to $3,000 from $3,350 and reiterated a Buy rating on the shares.

At the close of Q1 2022, 160 hedge funds were long Alphabet Inc. (NASDAQ:GOOG) with stakes worth $29.58 billion. This is compared to 158 positions in the previous quarter with stakes worth $36.62 billion.

Here is what Baron Funds had to say about Alphabet Inc. (NASDAQ:GOOG) in its “Baron Global Advantage Fund” first-quarter 2022 investor letter:

“We have modestly reduced the size of our position in Alphabet Inc. (NASDAQ:GOOG) (from 6.5% at the end of the fourth quarter of 2021 to 5.3% as of the end of the first quarter of 2022), after the stock rallied 64% in 2021 and continued outperforming during the first quarter, declining just 3%.”