Google’s stock has underperformed so far this year and hasn’t exactly been in the headlines for the right reasons lately. In Europe, the tech giant has had to start scrubbing search results to deal with privacy concerns. At home, it executed a stock split that firmly consolidated power in the hands of founders Larry Page and Sergey Brin, marginalizing the votes of regular shareholders. And, of course, Google GOOG -0.13% reported disappointing first-quarter earnings in May as pressure mounts on its online-ad business. That’s held back the shares to about 4% this year. But investors who think Google is a one-trick pony, cashing in on online ads while it throws money around at silly pet projects, are missing the big picture. Here are seven big reasons for why now may be a decent time to get into Google, or add to your position in this technology mega-cap: Snap-back after earnings: Google’s first-quarter earnings were disappointing. However, the shares have quickly added back 15% since the stock’s low in early May. That’s because some of the pressures have been known for a while, and slower growth in profit and revenue has been baked in. Consider that despite the miss on profit forecasts, analysts weren’t willing to give up the bull case altogether. While Deutsche Bank and RBC lowered targets on Google’s stock after the report, the investment banks in April set targets of $625 and $670, respectively. That’s another 10% upside or so from here. Mobile OS domination: Google’s Android OS was present on 79% of worldwide smartphone shipments in 2013 , per Strategy Analytics. That’s a massive number, and gives Google a great platform to grow and find new revenue opportunities in the age of mobile. Its Android app and content marketplace known as Google Play was making $12 million a day at the end of 2013, up 240% from $3.5 million at the end of 2012! Critics will point out that’s still considerably short of the $18 million per day that Apple AAPL +0.81% makes via its App store, and on a smaller number of devices running iOS to boot. However, the momentum is clearly on Google’s side and it has the sheer dominance of Android to thank for that. Cash king: With roughly $60 billion in cash and investments on the books and operating cash flow of over $18 billion last year, there are fewer companies on Wall Street more stable than Google. But it’s not just stability that investors should be attracted to. With a history of ambitious acquisitions for both technology and talent, Google is agile and has deep enough pockets to be seen as a serious competitor in almost any field of technology. Health tech: As proof that Google can put its high-tech know-how to work on far more than just smartphone apps and Internet ads, consider its recent health initiatives. Earlier this year, Google announced plans for a smart contact lens that could help diabetics monitor their blood sugar. With all the focus on wearables like Google Glass, some investors have overlooked the ability of Google to get beyond fun consumer tech and into useful fitness and health technology. This is a long-term strategy, but clearly one with massive potential considering the aging baby boomer population and growth in high-tech health-care spending. Robots: No, I’m not talking about automation via the much-publicized self-driving car . In the past several months, Google has snapped up a host of robotics and artificial-intelligence firms including Deep Mind , humanoid robotics manufacturer Schaft and robotic-arm company Redwood Robotics. As with Google health strategies, none of these plays will deliver anything to the bottom line any time soon. But the firm’s focus on robots is clear, and the age of automation is clearly upon us. If anyone can untap greater potential for robotics for businesses and consumers, it’s the minds at Mountain View. “Other” ideas: While robots and health-care initiatives are clearly speculative, many ideas like Internet access via Google Fiber are not — and are driving real revenue right now. Just look at the “other” line on the tech giant’s revenue breakdown. Sales in this category more than doubled from 2012 to 2013, going from just under $2.4 billion to almost $5 billion. Furthermore, those “other” revenues are more than triple the $1.4 billion from fiscal 2011. That trend should only grow, considering first-quarter “other” revenue totaled over $1.5 billion. Sure, Google is an advertising powerhouse and relies heavily on that arm of the business now, but the company is growing and evolving ambitiously, and many of these projects are starting to deliver material revenue. Valuation: Based on 2014 earnings forecasts, Google stock is trading for a forward price-to-earnings ratio of about 21 right now. That’s a bit high, but taken in context, it seems, at worst, fairly valued. Consider, for instance, that Google traded for a forward P/E of around 20 for much of 2011 and 2012 — and that a decade ago, its valuation regularly skewed higher. When you throw in the fact that the forward P/E of the S&P 500is over 16 and the Nasdaq is pushing 18, Google doesn’t look pricey at all. Jeff Reeves, the editor of InvestorPlace.com. Source: http://www.marketwatch.com/