5 Best Stocks to Buy for High Returns

In this piece, we will take a look at the five best stocks to buy for high returns. To learn more about investment strategies and the recent stock market trends, head on over to 11 Best Stocks to Buy for High Returns.

5. Adobe Inc. (NASDAQ:ADBE)

Latest Forward P/E Ratio: 34.48

Number of Q3 2023 Hedge Fund Investors: 112

Adobe Inc. (NASDAQ:ADBE) is a technology company that provides software products for personal and professional use. Not only has the firm beaten analyst EPS estimates in all four of its latest quarters, but the stock is also rated Strong Buy on average with an average share price target of $616.54.

By Q3 2023 end, 112 out of the 910 hedge funds profiled by Insider Monkey had invested in Adobe Inc. (NASDAQ:ADBE). Ken Fisher’s Fisher Asset Management owned the biggest stake among these which was worth $2.3 billion.

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

Latest Forward P/E Ratio: 41.84

Number of Q3 2023 Hedge Fund Investors: 286

Amazon.com, Inc. (NASDAQ:AMZN) is an electronic commerce retailer. However, this hasn’t stopped the firm from expanding into the consumer technology market, and its Amazon Prime video service started to air NFL games for the first time in November 2023.

During this year’s September quarter, 286 out of the 910 hedge funds covered by Insider Monkey’s research were the firm’s investors. Amazon.com, Inc. (NASDAQ:AMZN)’s largest shareholder is Ken Fisher’s Fisher Asset Management since it owns 41.3 million shares that are worth $5.2 billion.

3. Eli Lilly and Company (NYSE:LLY)

Latest Forward P/E Ratio: 48.78

Number of Q3 2023 Hedge Fund Investors: 102

Eli Lilly and Company (NYSE:LLY) is one of the largest pharmaceutical companies in the world. The firm’s weight loss drug Mounjaro is selling like hot cakes these days, and to keep up with demand, Eli Lilly and Company (NYSE:LLY) is spending $2.5 billion to build a new manufacturing facility.

By the end of this year’s third quarter, 102 out of the 910 hedge funds polled by Insider Monkey had invested in Eli Lilly and Company (NYSE:LLY). Ken Fisher’s Fisher Asset Management owned the biggest stake out of these which was worth $2.3 billion.

2. Uber Technologies, Inc. (NYSE:UBER)

Latest Forward P/E Ratio: 49.75

Number of Q3 2023 Hedge Fund Investors: 146

Uber Technologies, Inc. (NYSE:UBER) is a ride sharing company with a software platform. The growth in the global shift online has impressed analysts about its prospects, as the shares are rated Strong Buy on average with an average share price target of $59.73.

As September 2023 ended, 146 hedge funds among the 910 researched by Insider Monkey were the firm’s shareholders. Uber Technologies, Inc. (NYSE:UBER)’s largest hedge fund investor is Brad Gerstner’s Altimeter Capital Management as it owned $613 million worth of shares.

1. ServiceNow, Inc. (NYSE:NOW)

Latest Forward P/E Ratio: 53.19

Number of Q3 2023 Hedge Fund Investors: 99

ServiceNow, Inc. (NYSE:NOW) is a cloud computing company that is headquartered in Santa Clara, California. The firm made a big announcement in November 2023, which saw it expand its generative artificial intelligence platform for enterprise use.

99 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database had invested in ServiceNow, Inc. (NYSE:NOW). Rajiv Jain’s GQG Partners owned the biggest stake among these which was worth $831 million.

Disclosure: None. You can also take a look at Billionaire Paul Tudor Jones and Insiders Love These 11 Stocks and 13 Stocks Insiders are Buying Now.

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