5 Best Edge Computing Stocks to Buy

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

Number of Hedge Fund Holders: 269

Amazon.com, Inc. (NASDAQ:AMZN) has a large and growing cloud infrastructure, which is an essential resource for edge computing applications. Amazon Web Services (AWS) is a widely adopted cloud platform, and it provides a variety of services that are essential for edge computing, including compute, storage, networking, and analytics. Amazon.com, Inc. (NASDAQ:AMZN) has a strong foundation for success in the edge computing market and is one of the best edge computing stocks to buy now.

On December 8, JMP Securities analyst Nicholas Jones maintained an Outperform rating and his $140 price target on Amazon.com, Inc. (NASDAQ:AMZN).

At the end of the third quarter of 2022, 269 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) and held stakes worth $34.6 billion in the company. This is compared to 252 positions in the previous quarter with stakes worth $30 billion. The hedge fund sentiment for the stock is positive. As of September 30, Ken Fisher’s Fisher Asset Management is the largest investor in Amazon.com, Inc. (NASDAQ:AMZN) and has disclosed a position worth $5.63 billion.

Here is what L1 Capital International had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its third-quarter 2022 investor letter:

“Quarterly results (mostly reported in late July and early August) were generally in line with our expectations. Solid company execution was subsequently swamped by increases in interest rates and hawkish Federal Reserve commentary. During the quarter, only one company (Amazon.com) made a positive contribution of more than 0.5% in Australian dollars. Amazon.com, Inc.(NASDAQ:AMZN) was the largest negative contributor in the June 2022 quarter, with the share price recovering modestly but it is still well below our view of fair value. No company detracted more than 0.5% from the Fund’s performance in Australian dollars, although the depreciation of the Australian dollar obfuscates some meaningful share price falls in U.S. dollars

We did not participate in the ‘unprofitable tech bubble’, but our portfolio does have significant exposure to some of the largest, highly profitable and incredibly financially strong technology companies which dominate their markets and have outstanding medium to long term growth prospects – including Alphabet, Amazon, Intuit and Microsoft. The share price of these companies has now fallen to levels we now consider provide very attractive valuations for long term investors.”