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Google(GOOG) is a popular top holding for hedge funds. In the last quarter, over 240 hedge funds bought into the stock. Citadel and D.E. Shaw were among the prominent hedge funds that added significantly to their positions in Google.
Google surprised analysts in January when it announced a major
in what it called an attempt to simplify management structure and speed up decision making.
Larry Page, co-founder of the company, will take over the reins of chief executive officer from Eric Schmidt, who had operated in that role for 10 years. Schmidt would assume the role of executive chairman, focusing on deals, partnerships, relationships and government outreach. The change goes into effect on April 4.
Industry observers saw Google's appointment of Page as CEO as an attempt to breathe back entrepreneurial spirit into the search giant as it faces rising competition from social media networks including Mark Zuckerberg's Facebook.
Google's adjusted profit rose to $8.75 per share from $6.79 during the same quarter last year. Analysts had expected adjusted profit of $8.07 per share. The company posted adjusted revenue of $6.4 billion, beating analyst forecasts of $6.05 billion.
30 analysts rate the stock a strong buy.Five analysts rate it a moderate buy while 3 have a hold rating on the stock.