5 Tech Stocks to Invest in Today According to Thomas E. Claugus’ GMT Capital

3. Alphabet Inc. (NASDAQ: GOOG)

Claugus’ Stake Value: $60,971,000
Percentage of Thomas E. Claugus’ 13F Portfolio: 4.55%
Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ: GOOG) is placed third on the list of 10 tech stocks to invest in today according to Thomas E. Claugus’ GMT Capital. Shares of Alphabet Inc. (NASDAQ: GOOG) surged 86.65% in the past 12 months. 

On July 28, Wedbush analyst Michael Pachter raised the price target on Alphabet Inc. (NASDAQ: GOOG) from $3,127 to $3,424 and maintained an “Outperform” rating on the shares. 

The hedge fund managed by Thomas E. Claugus owns 24,327 shares in Alphabet Inc. (NASDAQ: GOOG), worth over $60.97 million, representing 4.55% of their portfolio. GMT Capital has decreased its stake in the firm by 4% in the second quarter of 2021. Alphabet Inc. (NASDAQ: GOOG) saw a decrease in hedge fund sentiment recently. The number of long hedge fund positions decreased to 155 in the second quarter of 2021, compared to 159 positions in the previous quarter.

Qualivian Investment Partners, in its second-quarter 2021 investor letter, mentioned Alphabet Inc. (NASDAQ: GOOG). Here is what the fund said: 

“The opportunity in online advertising remains very attractive for Alphabet’s subsidiary Google. In the recent June quarter, Google’s ad sales grew 69%. Alphabet’s subsidiary YouTube’s ad revenue soared 84%, to $7 billion, in the second quarter, putting the business on par with Netflix, which reported quarterly revenue of $7.3 billion. Netflix is expected to grow sales by 19%, to $29.7 billion this year, while YouTube’s ad revenue is forecast to rise 45%, to $28.7 billion.

Alphabet slashed operating losses for the Google Cloud by more than half, as the business continues to scale, growing at 50%+ clips. Furthermore, the company continues to have potentially new growth options via its investments in autonomous driving (Waymo) and various healthcare businesses such as Verily and Calico.”