5 Best Growth Stocks To Buy According To George Soros

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

Soros Fund Management’s Stake Value: $223,871,000

Percentage of Soros Fund Management’s 13F Portfolio: 3.82%

Number of Hedge Fund Holders: 269

On October 27, Amazon.com, Inc. (NASDAQ:AMZN) posted strong earnings for the third quarter of fiscal 2022. The company generated a revenue of $127.10 billion, up 14.70% year over year. Amazon.com, Inc. (NASDAQ:AMZN) reported an EPS of $0.28, outperforming consensus by $0.07. The stock is one of George Soros’ top growth stock picks and, as of September 30, Soros Fund Management’s stake in the company is valued at $223.8 million.

On December 1, Cowen analyst John Blackledge raised his price target on Amazon.com, Inc. (NASDAQ:AMZN) to $160 from $150 and maintained an Outperform rating on the shares.

At the close of the third quarter of 2022, 269 hedge funds held stakes in Amazon.com, Inc. (NASDAQ:AMZN). The total value of these stakes amounted to $34.6 billion, up from $30 billion in the previous quarter with 252 positions. The hedge fund sentiment for the stock is positive.

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

“Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s amazon web services business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. Shares outperformed during the quarter as investors were encouraged by strong second-quarter performance despite a challenging macroeconomic environment. Moreover, the company’s retail segment was resilient and avoided discounting inventory like some major retailers did. Revenues for the company’s cloud computing segment, amazon web services (AWS), grew faster than analysts’ estimates during the quarter due to continuing corporate demand for digitization. As a result, management provided better-than-expected forward guidance.”