Analysts Are Increasing Prices Targets of These 5 Tech Stocks

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 158

Alphabet Inc. (NASDAQ:GOOG) is a multinational American tech firm that serves as the parent company for Google and Google subsidiaries. On April 20, Alphabet Inc. (NASDAQ:GOOG) received a request from the U.S. Department of Justice for more information regarding its planned $5.4 billion acquisition of the cybersecurity company, Mandiant, Inc. (NASDAQ:MNDT).

In the fourth quarter of 2021, 158 elite hedge funds reported owning stakes worth $36.6 billion in Alphabet Inc. (NASDAQ:GOOG), compared to 156 funds in the earlier quarter, holding stakes in the company valued at $34.9 billion. Chris Hohn’s TCI Fund Management held the leading position in Alphabet Inc. (NASDAQ:GOOG), with 2.95 million shares worth $8.5 billion. 

Citi analyst Ronald Josey upgraded Alphabet Inc. (NASDAQ:GOOG) to Buy from Neutral with a price target of $3,500, up from $2,965, after assuming coverage of the internet sector. He views the broader sector as “healthy” and projects further sustainable growth, since digital consumer footprint continues to increase. 

Here is what ClearBridge Investments Large Cap Value Strategy has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2022 investor letter:

“Additionally, we added to our position in Alphabet (NASDAQ:GOOG), whose valuation we found attractive amid the market selloff early in the quarter, particularly given its dominant position in search, its scaling opportunities in cloud services, and its relative insulation from Apple (NASDAQ:AAPL)’s privacy initiatives, which do not affect Alphabet’s core search business the way they do other large tech platforms.”