Should You Invest in Alphabet (GOOG) Now?

Ensemble Capital Management, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy declined 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Ensemble Capital discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2022 investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On October 17, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $100.78 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -1.03% and its shares lost 29.93% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.31 trillion.

Here is what Ensemble Capital specifically said about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) (-12.2%): While Google’s advertising business has been far more resilient than the overall online ad industry, second quarter results showed slowing demand. After starting the year hiring at a 20% annualized growth rate, Google has greatly slowed hiring as online advertising demand has slowed abruptly.”

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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of 15 most valuable companies in history. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.