Analysts Say You Should Buy These 5 Stocks on the Dip

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 160 

Decrease in Share Price Over Past Month: 14.39%

Alphabet Inc. (NASDAQ:GOOG) is a diversified technology company. On May 11, news publication Bloomberg reported that Google had joined other tech giants in bidding for rights to telecast the popular Indian Premier League, a domestic cricket tournament widely popular in commonwealth nations. Earlier in May, the company had announced that it was purchasing Raxium, a California-based startup focused on MicroLED technology. The purchase will help the tech giant with future augmented and mixed reality headsets.

On May 24, Jefferies analyst Brent Thill maintained a Buy rating on Alphabet Inc. (NASDAQ:GOOG) stock and lowered the price target to $3,100 from $3,400, noting that the microenvironment was likely to weigh on the whole ad industry in the short-term. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm TCI Fund Management is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG), with 2.3 million shares worth more than $6.6 billion. 

In its Q1 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:

“We have modestly reduced the size of our position in Alphabet Inc. (NASDAQ:GOOG) (from 6.5% at the end of the first quarter of 2022 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%.”