5 Best Fortune 500 Stocks to Buy Now

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

Number of Hedge Fund Holders: 242

Jeff Bezos’ Amazon.com, Inc. (NASDAQ:AMZN) is an American ecommerce, artificial intelligence, and cloud services provider that has had major economic influence globally. Amazon.com, Inc. (NASDAQ:AMZN) is one of the top legacy tech picks for 2022 at Baird, in addition to Meta Platforms, Inc. (NASDAQ:FB). 

Monness Crespi analyst Brian White noted that Amazon.com, Inc. (NASDAQ:AMZN)’s AWS now has 84 availability zones across 26 geographic regions and offers over 200 fully featured services to millions of customers, which means “the company’s fortunes are poised to change in 2022.” The analyst kept a Buy rating and a $4,500 price target on Amazon.com, Inc. (NASDAQ:AMZN) shares on December 27.

Amazon.com, Inc. (NASDAQ:AMZN) is one of the most popular stocks among the smart money, with 242 hedge funds in Q3 holding stakes worth $42.5 billion in the company. One of the leading Amazon.com, Inc. (NASDAQ:AMZN) stakeholders is Tiger Global Management, with the fund owning a $1.86 billion position in the tech giant. 

Here is what Davis Opportunity Fund has to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2021 investor letter:

“E-commerce, online search and advertising, social media and software are another component of the portfolio that have proven, attractive businesses. The online portion of the Fund is currently dominated by such market leaders as Amazon.com. We are attracted to these names based on the size and rapid expansion of their market opportunities globally, their ability to generate and grow new revenue sources through constant innovation, ample operating leverage as they continue to scale and capable, focused, highly competitive leadership teams. If purchased at sensible prices, these types of businesses in our experience can contribute meaningfully to long-term results.”