5 Best Tech Stocks to Buy Now According to Joe Dimenna’s Zweig-DiMenna Partners

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

Zweig-DiMenna Partners’ Stake Value: $24,205,000
Zweig-DiMenna Partners’ 13F Portfolio: 3.22%
Number of Hedge Fund Holders: 279

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Big Five American tech giants. IBM (NYSE:IBM) declared on May 11 that it signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS) to deliver a wide range of its software portfolio as a SaaS offering on AWS.

In the first quarter of 2022, Zweig-DiMenna Partners held 7,425 shares of Amazon.com, Inc. (NASDAQ:AMZN) valued at $24.21 million, accounting for 3.22% of its 13F portfolio. Fisher Asset Management is a notable shareholder of Amazon.com, Inc. (NASDAQ:AMZN) among the hedge funds monitored by Insider Monkey, with 2.36 million shares valued more than $7.70 billion.

Amazon.com, Inc. (NASDAQ:AMZN) is the most popular stock among the 924 hedge funds tracked by Insider Monkey. As of the end of the fourth quarter of 2021, 279 funds had stakes in Amazon.com, Inc. (NASDAQ:AMZN). The total value of these stakes was $49.16 billion.

Here is what Farrer Wealth Advisors said about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2022 investor letter:

“Amazon: We had a medium-sized position in Amazon which we exited after the company released its earnings. We thought earnings on aggregate were just fine and were especially impressed to see AWS (Amazon Web Services) start to reaccelerate its growth, up nearly 40% yoy. However, looking beneath the hood a little bit, we noticed a significant slowdown in the 1P and 3P ecommerce businesses that enjoyed a nice covid-bump in previous quarters. The international business also saw negative yoy growth as the covid bump deflated and competition heat up in markets such as Southeast Asia, Latin America, and India. None of these issues individually were a huge cause for concern, but they did force us to lower our internal projections. Given this, we felt the internal rate of return (“IRR”) baked into the price post-earnings was not particularly attractive given other opportunities available, and so, we exited the position. None of this is to say that Amazon is in any trouble, and we believe current investors will do just fine over time. We remain big fans of the companies and think Prime and AWS may be some of the best businesses ever created, so we reserve the right to buy back the position at cheaper valuations (or at a higher potential IRR).”

You can also take a peek at 10 Stocks to Invest In Now According to Viraj Mehta’s Arctis Global and 10 Stock Picks of Rishi Bajaj’s Altai Capital

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