5 Best Cloud Computing Stocks Heading into 2024

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is another big tech company on our list. It offers Amazon Web Services as a leading cloud computing business to customers worldwide.

A total of 278 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter. Their total stake value was $34.9 billion.

Scott Devitt at Wedbush reiterated an Outperform rating and a $180 price target on Amazon.com, Inc. (NASDAQ:AMZN) on September 28.

Diamond Hill Capital said the following about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

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