There's a billionaire hedge fund manager in the new Google CFO's Wall Street fanclub

Billionaire hedge fund manager Leon Cooperman, the founder of $US10 billion Omega Advisors, is super bullish on Google and its new CFO.

The 72-year-old investor said in his fund’s second-quarter letter that he snapped up a position in the tech giant in mid-April.

He bought in when Google was trading at $US602 per share. They’re currently trading above $US655, which represents a return of almost 9% in a little over three months.

In mid-April, we initiated a position in GOOGL on the belief that the business was not being fully appreciated by the market. At the time, GOOGL and the S&P 500 were trading at the same 16x P/E multiple. However, GOOGL had superior fundamentals on just about every financial metric versus the S&P — Revenue Growth, EBITDA Margin, Cash Flow and Earnings.

While the stock has moved in our favour since initiating the position, we continue to be excited about the new approach to cost controls that GOOGL is rolling out across their organisation. Cost controls coupled with a healthy core business should lead to margin expansion, revenue re-acceleration and more earnings beats. When we initiated the position we had modelled $US35 in 2016 EPS at 20x for a price target of $US705. Given the new disclosure, solid performance and message from the company, we raised our 2016 EPS estimate post earnings to $US36 and upped our multiple to 22x given the shareholder friendly