5 Best FAANG Stocks To Buy Now

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

Number of Hedge Fund Holders: 240

Amazon.com, Inc. (NASDAQ:AMZN) was spotted on 240 investors’ portfolios at the close of Q4 2022. These funds disclosed collective stakes worth $27.5 billion in the company. As of December 31, Harris Associates is the most prominent shareholder in the company and has a position worth $1.6 billion.

Amazon.com, Inc. (NASDAQ:AMZN) is on the rise. As of April 13, the stock has returned 18.69% to investors on a year-to-date basis.

This April, Truist raised its price target on Amazon.com, Inc. (NASDAQ:AMZN) to $144 from $142 and maintained a Buy rating on the shares.

Renaissance Investment Management made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:

“On the negative side, Amazon.com, Inc. (NASDAQ:AMZN) was our worst performing stock in the quarter. The company is finally seeing the consumer and enterprise weakness that other companies encountered earlier in the year. In addition, AWS growth decelerated in the third quarter, with management citing new pricing pressures as competitors look to gain market share. We found Amazon’s comments on cost controls and employee layoffs concerning, given the company’s historical propensity to invest in all macroeconomic environments. Management’s comments that the macro-economic slowdown was more sudden than expected is also concerning, especially since they do not expect an improvement in consumer trends anytime soon.”