5 Best FAANG Stocks To Buy Now

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

Number of Hedge Fund Holders: 252

Amazon.com, Inc. (NASDAQ:AMZN) is an internet and direct marketing retail company, known for its Amazon Web Services segment among more. It is based in Seattle, Washington.

A Buy rating was reiterated on shares of Amazon.com, Inc. (NASDAQ:AMZN) on October 3, by analyst Justin Post at Bank of America.

JPMorgan’s Doug Anmuth commented on October 4 that Amazon.com, Inc. (NASDAQ:AMZN) remains his top internet idea. Anmuth expects year-over-year revenue acceleration, margin expansion, and CAPEX moderation driving free cash flow inflection next year. Currently, Amazon.com, Inc.’s (NASDAQ:AMZN) year-over-year revenue growth rate stands at 9.61%.

Out of 895 hedge funds tracked in the second quarter, 252 funds were long Amazon.com, Inc. (NASDAQ:AMZN), with a total stake value of $30 billion. In comparison, there were 271 funds long the stock in the previous quarter, with a total stake value of $48 billion.

Diamond Hill Capital Management, an investment advisor, mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2022 investor letter. Here’s what the firm said:

Amazon.com, Inc. (NASDAQ:AMZN)’s shares underperformed as valuations of fast-growing companies continued to compress in Q2. Amazon’s growth investments over the past two years have pressured earnings as consumer demand has been weaker than anticipated. However, we believe the company will be able to grow into its infrastructure investments over time. These investments have obscured the magnitude of sustainable free cash flow as well as the attractive valuation of the business relative to peers.”