5 Best Growth Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 269

Amazon.com, Inc. (NASDAQ:AMZN) offers its customers a wide range of products and services. At the end of the third quarter of 2022, 269 hedge funds in the database of Insider Monkey held stakes worth $34.60 billion in Amazon.com, Inc. (NASDAQ:AMZN), up from 252 in the preceding quarter worth $30.08 billion.

On January 4, New Street analyst Dan Salmon initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN), labelling the business his Top Pick in the US Internet sector and rating the stock as a ‘Buy’ with a $130 price target. He anticipated that a continuous move in the revenue mix toward higher margin industries, led by Amazon Web Services and advertising, would support further operating leverage and margin potential.

Lakehouse Capital, an investment management company, mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its November 2022 investor letter. Here is what the fund said:

“Meanwhile, the largest detractor was Amazon.com, Inc. (NASDAQ:AMZN), which remained under pressure due to concerns around near-term profitability. We continue to believe that Amazon’s cost pressures will prove to be short-term in nature and that the company remains on track to deliver significant profit improvements over the next twelve months. For more commentary on their most recent earnings report please see last month’s letter here.”