5 Best Growth Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 252    

Amazon.com, Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products and subscriptions in North America and internationally. It is one of the major growth stocks to invest in. On October 20, Amazon said that its distribution center in Johnston will open a few months later than the expected date in 2023. The new distribution center is 4 million square feet and worth $290 million. On October 21, Amazon’s new fulfillment center opened in Canada. It is the most technologically advanced fulfillment center of Amazon and the largest building in Ottawa.

On October 21, JPMorgan analyst Doug Anmuth maintained an Overweight rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and lowered the price target to $175 from $185, noting that competition increasing in the internet sector had led to decreasing forward estimates for the firm.

At the end of the second quarter of 2022, 252 hedge funds in the database of Insider Monkey held stakes worth $30 billion in Amazon.com, Inc. (NASDAQ:AMZN), compared to 271 in the preceding quarter worth $48 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said:

“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services, provider. Shares of Amazon declined 35% in the quarter due to weaker-than-expected profits resulting from the overcapacity of resources coming out of COVID. We expect Amazon to grow its retail capacity in the quarters to come, which would enable it to improve profitability accordingly. Amazon remains one of our largest holdings due to its durable competitive advantages with a leading position in multiple trillion-dollar markets with a long runway for growth (…read more)

Follow Amazon Com Inc (NASDAQ:AMZN)

You can also take a peek at 10 Best Bargain Stocks To Buy Right Now and 10 Best Infrastructure Stocks To Buy Now.

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