5 Best Tech Stocks to Buy For The Long Term

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

Number of Hedge Fund Holders: 279

As of April 5, 2022, Amazon.com, Inc. (NASDAQ:AMZN) has gained 0.59% over the past six months, and 1.78% over the past twelve months. This March, Deutsche Bank analyst Lee Horowitz initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with a Buy rating and a $4,100 price target.

This April, Amazon.com, Inc. (NASDAQ:AMZN) said that it has secured 83 launches over a five-year period for Project Kuiper by announcing strategic collaborations with Arianespace, Blue Origin, and United Launch Alliance (ULA). Project Kuiper is the company’s satellite-based internet service which aims to increase global broadband access using a constellation of satellites in low Earth orbits. Amazon.com, Inc. (NASDAQ:AMZN) aims to deploy over 3,000 satellites as part of the project.

The hedge fund sentiment around Amazon.com, Inc. (NASDAQ:AMZN) is positive. By the end of the fourth quarter of 2021, 279 hedge funds held long positions in Amazon.com, Inc. (NASDAQ:AMZN) worth $49.16 billion. This is compared to 242 positions in the preceding quarter with stakes worth $42.55 billion. As of April 5, 2022, Fisher Asset Management is the most prominent shareholder in the company. The fund upped its previous Q3 2021 stakes of $6.34 billion by 13%, bringing its Q4 2021 stakes in the company to $7.22 billion. The investment covers 4.04% of Fisher Asset Management’s investment portfolio.

Davis Funds, an investment management firm, published its fourth-quarter 2021 investor letter in which it mentioned Amazon.com, Inc. (NASDAQ:AMZN). Here’s what the firm had to say:

“Within the traditional growth category, growing euphoria has led to bubble prices for many companies, most especially those with new and unproven business models such as those discussed above. In contrast, our research focuses on a select handful of proven growth stalwarts whose shares still trade at reasonable valuations. For example, because of concerns about future litigation and regulation, several dominant internet businesses, including Amazon, trade at steep discounts to many unproven and unprofitable growth darlings that, in our view, trade at euphoric prices. While we expect a continued barrage of negative headlines around the company, as well as increased regulation in the years ahead, we do not expect a significant decline in its long-term profitability.”

You can also take a look at 15 Best Technology Stocks To Buy Now and Top 10 Undervalued Tech Stocks.

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