Looking for some advice on which stocks to invest in? Consider taking advice from experts. TipRanks accumulates data from Form 13-Fs released by about 483 hedge funds to show which stocks hedge funds are buying and selling. Investors can use the TipRanks Hedge Fund Confidence Signal to see how bullish hedge fund managers are about a stock. Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) are among the technology stocks that hedge fund managers bought in the previous quarter.
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Let’s take a closer look at these two stocks.
Alphabet
The reacceleration in Alphabet’s cloud segment and improvement in ad spending provide a solid foundation for future growth. Alongside this, the company’s investments in AI and its integration into its products are keeping hedge funds bullish about the stock.
Hedge funds bought 5.8 million shares of GOOGL stock last quarter. Overall, Alphabet has a Very Positive Hedge Fund Confidence Signal at present. Buyers include Ken Fisher of Fisher Asset Management LLC and Pershing Square Capital Management’s Bill Ackman.
What is the Future Price of GOOGL?
Wall Street is bullish about GOOGL stock. It has received 26 Buy and six Hold recommendations, translating into a Strong Buy consensus rating. Meanwhile, analysts’ average price target of $153.63 implies 18.2% upside potential. Shares of the company declined 3.9% in the past three months.
On a positive note, the stock has a maximum Smart Score of “Perfect 10” on TipRanks. Note that shares with a “Perfect 10” Smart Score have historically outperformed the S&P 500 Index (SPX) by a wide margin.
Meta Platforms
The company’s dominant position among social networking platform providers, ability to generate advertising revenues, and continuous efforts to launch new updates support hedge fund managers’ bullish views.
TipRanks data shows that hedge funds bought 3.5 million shares of Meta last quarter. Several hedge fund managers increased their holdings in the stock, including Joel Greenblatt of Gotham Asset Management and Ray Dalio of Bridgewater Associates, LP, among others. Also, the Hedge Fund Confidence Signal is currently Very Positive.
Is Meta a Buy, Sell, or Hold?
Meta stock has received 37 Buys and one Hold for a Strong Buy consensus rating. Further, analysts’ average price target of $387.71 implies 22.1% upside potential. The stock is up 6.3% over the past three months.
Concluding Thoughts
Investment decisions in such uncertain times can be a difficult task. However, one can rely on experts, such as hedge fund managers, who are known for beating the average market returns. Undoubtedly, both of these stocks, GOOGL and META, display the potential to generate strong returns based on positive signals from hedge funds and analysts’ optimism.
Find out which stock the biggest hedge fund managers are buying right now.
