5 Best Stocks to Buy for the Next 3 Months

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

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN), a prominent American multinational technology company, boasts a diverse range of business interests, including e-commerce, cloud computing through Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence.

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 highlight that Amazon’s potential in the cloud computing space exceeds the strong customer loyalty in e-commerce. HSBC also emphasizes that Amazon Web Services (AWS) continues to be one of the most compelling narratives in the technology sector. In addition, the firm asserts that any short-term growth challenges do not undermine the long-term growth prospects of the company.

Based on data from Insider Monkey’s database, a total of 286 elite hedge funds held positions in Amazon.com, Inc. (NASDAQ:AMZN) stock, with a collective stake value of $38.8 billion. This represents an increase from the 278 hedge funds that collectively held a stake valued at $34.9 billion previously. Notably, Ken Fisher’s Fisher Asset Management emerged as the most significant stakeholder in the company, with 41.35 million shares valued at $5.25 billion.