Alphabet, Inc. (GOOG) — my Top Pick for 2023 — is one of the FANG stocks, which are among the largest in the world. And until recently, they were among the most popular and best performing American technology companies, asserts Joe Cotton, editor of Cotton’s Technically Speaking.

Alphabet’s household-name products and platforms are sold in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada and Latin America. The Google Services segment offers products and services such as Android, Chrome, Gmail, Google Maps, YouTube, etc.

The Google Cloud segment offers infrastructure, platform, and other services; Google Workspace that include cloud-based collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar and Meet; and other services for enterprise customers.

We think the stock is a bargain at a recent price of near $90. Alphabet tripled from its low of $50 in early 2020 to $150 in October of 2021. It then corrected 44% from that high to a low of $83.45, set on November 3, 2022.

The company earned $4.85 per share in the last 12 months, and the current selling price represents a price-to-earnings Ratio of only 19.62, which is historically very low.

There is a slight chance that the stock will test its 2022 November low of $83.45, and possibly go even lower, but we don’t think so. We believe that the stock has already made its final bottom.

In any event, we would be buying. And to ensure that we are getting great prices, we would be using our “normal buying strategy,” which is to buy 40% of a particular stock initially, and then buy 30% more on each 20% decline from your original purchase price.

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