5 Best Predictive Analytics Stocks to Buy

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

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN), a major American multinational technology company, operates across various sectors, including e-commerce, cloud computing via Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence. The company has been a trailblazer in leveraging data analytics and recommendations for e-commerce, utilizing technologies like DynamoDB, Redshift, and EMR. Additionally, AWS offers managed Big Data services such as Kinesis, Glue, Athena, EMR, Redshift, and Quicksight for cloud-based data processing.

On November 2, HSBC initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with a “Buy” rating and a price target of $160. The analysts at the firm underscored Amazon’s significant potential in the cloud computing sector, surpassing even its robust customer loyalty in e-commerce. HSBC highlighted AWS as a compelling narrative in the technology industry, emphasizing that any short-term growth challenges do not overshadow the company’s promising long-term growth prospects.

By the end of Q3 2023, 286 out of the 910 hedge funds profiled by Insider Monkey had bought and owned Amazon.com, Inc (NASDAQ:AMZN)’s shares. As of September 2023, Ken Fisher’s Fisher Asset Management was the firm’s largest shareholder as it owned 41 million shares which were $5.2 billion.