5 Best Stocks To Buy and Hold Forever

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

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) is one of the best stocks to buy and hold forever. In Q4 2023, the tech giant’s cloud computing unit resumed growth after seven consecutive quarters of stagnant sales, driven by increased benefits from artificial intelligence. The acceleration in larger new deals is attributed to the management’s confidence in offering more AI model options to customers. Piper Sandler analyst Thomas Champion rated Amazon shares as Overweight with a $220 price target.

According to Insider Monkey’s fourth quarter database, 293 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 286 funds in the last quarter. Boykin Curry’s Eagle Capital Management is a prominent stakeholder of the company, with 13.6 million shares worth $2 billion. 

Polen Global Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN), which saw significant price appreciation throughout much of 2023, saw its share price increase materially in Q4 following the company’s Q3 2023 earnings report. We have yet to see the long-awaited re-acceleration in AWS (Amazon Web Services) revenue growth. However, in our estimation, the segment’s growth has likely bottomed, and we could see accelerating growth in 2024. Further, Amazon’s e-commerce business has gradually re-accelerated from 2022’s levels and, perhaps most importantly, the company’s margins and free cash flow have rebounded materially from last year. This rebound in margins and free cash flow at Amazon has been a key component of our long-term thesis for the business, and we expect the improvement in these metrics to continue into 2024 and beyond (though perhaps not linearly) as the company continues to optimize costs and capital expenditures. Our position in Amazon reflects our positive long-term expectations of the business, and it is currently our largest absolute weight in the Portfolio.”

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