5 Blue Chip Stocks to Buy Now According to Billionaire D. E. Shaw

3. Alphabet Inc. (NASDAQ:GOOG)

D E Shaw’s stake value: $612 million

Percentage of D E Shaw’s Portfolio: 0.71%

Number of Hedge Fund Holders: 153

Alphabet Inc. (NASDAQ:GOOG) is a holding company. Google, the internet media powerhouse, is a completely owned subsidiary of the company. Google contributes 99% to Alphabet Inc.’s (NASDAQ:GOOG) income, with internet advertising accounting for more than 85% of the total revenue. During Q2 2022, D E Shaw increased its stake in the company by 70%. The fund’s total stake in the company amounted to roughly $612 million, which represented 0.71% of its 13F portfolio.

Last month, Ivan Feinseth analyst at Tigress Financial, increased his price target on Alphabet Inc. (NASDAQ:GOOG) to $186 from $183 while keeping a strong buy rating on the stock. The analyst highlighted the resiliency of Alphabet Inc. (NASDAQ:GOOG) core business in Cloud and Search. The analyst noted that the company’s current investment in Artificial Intelligence continues to drive “increasingly focused and helpful experiences for users and businesses.”

At the end of Q2 2022, 153 hedge funds tracked by Insider Monkey owned stakes in Alphabet Inc. (NASDAQ:GOOG). TCI Fund Management was the stock’s leading stakeholder in Q2, owning Alphabet Inc. (NASDAQ:GOOG) shares worth over $5.4 billion. The fund’s position in the stock increased by 5% from Q1 2022.