5 Stocks to Buy According to BlueSpruce Investments

4. Alphabet Inc. (NASDAQ:GOOG)

BlueSpruce Investments’ Stake Value: $639,744,000
Percentage of BlueSpruce Investments’ Portfolio: 10.37%
Number of Hedge Fund Holders: 160

On June 2, Piper Sandler analyst Thomas Champion reiterated an Overweight rating on Alphabet Inc. (NASDAQ:GOOG) but reduced his price objective to $2,775 from $2,900. Champion reduced forecasts across the board in the internet business.

At the end of March 2022, 160 hedge funds tracked by Insider Monkey were bullish on Alphabet Inc. (NASDAQ:GOOG), up from 158 in the previous quarter. These stakes hold a collective value of roughly $29.68 billion.

The stock is a new arrival in BlueSpruce Investments’ portfolio, as it bought about 230,012 shares of Alphabet Inc. (NASDAQ:GOOG), worth $639.74 million. This represented 10.37% of the investment portfolio of the hedge fund.

Here is what Baron Funds had to say about Alphabet Inc. (NASDAQ:GOOG) in its 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%.”