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Shares of big tech companies lost substantial value in the past year due to macro challenges (high inflation and rising interest rates). While inflation has moderated a bit, economic uncertainty and the Fed’s hawkish stance continue to pose challenges. Despite headwinds, hedge fund managers have accumulated shares of Alphabet (
NASDAQ:GOOGL
), Microsoft (
NASDAQ:MSFT
), Amazon (
NASDAQ:AMZN
), Nvidia (
NASDAQ:NVDA
), and Apple (
NASDAQ:AAPL
) in the last three months.
Using TipRanks’ Hedge Fund Trading Activity tool (it provides
hedge fund signals based on data from Form 13-F), let’s find out which of these big tech stocks hedge funds bought in bulk.
Big Tech: Which Stock Did Hedge Funds Buy the Most?
Our tool shows that hedge funds bought more GOOGL stock than any other stock in the last three months. Per the tool,
hedge funds bought 129.4M shares of GOOGL. Several hedge fund managers increased their holdings in Google's stock. The list includes Bridgewater Associates’
Ray Dalio, Caxton Associates LP’s
Andrew Law, and PYA Waltman Capital, LLC’s
J. William Waltman, Jr.
Besides for GOOGL stock,
hedge funds acquired 33.2M shares of Microsoft. Further, they
bought 26.3M shares of Amazon.
During the same period,
hedge funds bought 9.6M shares of Nvidia. Furthermore, they increased their exposure in Apple stock
by adding 671.9K shares.
While hedge funds bought GOOGL stock in bulk, should investors follow?
Is GOOGL a Buy, Sell, or Hold?
Along with hedge fund managers, GOOGL stock also has positive signals from Wall Street analysts. It has received 32 unanimous Buy recommendations for a Strong Buy consensus rating on TipRanks. Moreover, these analysts’ average price target of $126.09 implies 44.37% upside potential.
Tigress Financial analyst
Ivan Feinseth sees the recent pullback in GOOGL stock as a “major buying opportunity.”
Feinseth is upbeat about the ongoing strength in GOOGL’s Cloud and Search segments. Moreover, he expects the company to benefit from its investments in AI (Artificial Intelligence).
Overall, with positive indicators from hedge funds and analysts, GOOGL stock has a maximum Smart Score of “Perfect 10.” (
Stay abreast of the
best that TipRanks’ Smart Score
has to offer.)
Bottom Line
Hedge fund managers are known to deliver market-beating returns. Thus, retail investors could benefit from following their trades. As for GOOGL stock, positive signals from hedge funds and analysts and the momentum in its core business make it an attractive long-term play.
Find out which
stock the biggest hedge fund managers are buying right now.
Disclosure
Amazon’s stock (NASDAQ: AMZN) has lost approximately 51% in 2022 as compared to the 25% drop in the S&P500 index over the same period. However, at its current price of $85, the stock is trading 39% below its fair value of $139 – Trefis’ estimate for&nbs
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