5 Tech Stocks Chinese Billionaire Chen Tianqiao Loves

3. Alphabet Inc. (NASDAQ:GOOG)

Tianqiao’s Stake Value: $78.1 million

Percentage of Chen Tianqiao’s 13F Portfolio: 6.36%

Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG) is a multinational conglomerate that owns and operates several internet-based platforms. Ranked third on the list of the 10 tech stocks Chinese billionaire Chen Tianqiao loves, Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.78 trillion.

On July 27, Alphabet Inc. (NASDAQ:GOOG) issued its quarterly earnings report for the second quarter of 2021, with reported an EPS at $27.26, crossing estimates of $19.10 by $8.16. Additionally, the company also reported revenues of $61.88 billion, beating market predictions by $5.80 billion.

According to the recent 13F Filings, Shanda Asset Management holds 32,000 shares of Alphabet Inc. (NASDAQ:GOOG), amounting to $78.1 million in worth and accounting for 6.36% of the fund’s investment portfolio. As of the second quarter of 2021, 155 hedge funds tracked by Insider Monkey have positions in Alphabet Inc. (NASDAQ:GOOG), worth over $33.7 billion, compared to 159 in the first quarter, worth $29 billion.

On September 17, Jefferies analyst Brent Thill raised the firm’s price target on Alphabet Inc. (NASDAQ:GOOG) to $3,325 from $3,150 and kept a Buy rating on the shares.

In the Q2 2021 investor letter of Mawer Investment Management, the fund mentioned Alphabet Inc. (NASDAQ:GOOG). Here is what the fund said:

“Many higher growth companies reported strong results amid the pick-up in broad economic activity including Alphabet. These higher growth companies tend to have increased sensitivity to a change in discount rates and were supported as long-term interest rates stabilized over the period.”