5 Smart Home Technology Stocks To Buy Today

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 158

Alphabet Inc. (NASDAQ:GOOG)’s subsidiary, Google Nest, provides a range of smart home products including smart speakers, streaming devices, smoke detectors, and security systems. 

Publishing its Q4 earnings report on February 1, Alphabet Inc. (NASDAQ:GOOG) posted an EPS of $30.69, surpassing estimates by $3.41. Revenue over the period jumped 32.39% year-on-year to $75.33 billion, outperforming estimates by $3.50 billion. 

On February 2, Stifel analyst Scott Devitt raised the price target on Alphabet Inc. (NASDAQ:GOOG) to $3,500 from $3,200 and kept a Buy rating on the shares after the company reported what he called “another strong quarter”, with revenue and operating income approximately 4% ahead of Street estimates. 

Elite hedge funds held large stakes in Alphabet Inc. (NASDAQ:GOOG) in Q4 2021. The fourth quarter database of Insider Monkey indicated that 158 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG), up from 156 funds in the prior quarter. TCI Fund Management held one of the leading stakes in Alphabet Inc. (NASDAQ:GOOG), with 2.95 million shares worth $8.5 billion. 

Here is what Polen Focus Growth has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2021 investor letter:

“For the full year, the top performers included Alphabet. Alphabet’s business continues to compound at what we believe to be a healthy rate. The company reported a 40% increase in third-quarter revenues year over year and likely earned approximately $70 billion in incremental revenue in 2021.”