5 Best Technology Stocks to Buy for Long Term

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

Number of Hedge Fund Holders: 271

Amazon.com, Inc. (NASDAQ:AMZN) is the number one on the list of the 10 best technology stocks to buy for the long term, thanks to the number of hedge fund holders which amount to 271. Amazon is an e-commerce giant with secondary services as well like Amazon Web services and Amazon Prime Video. 

Here is what the Baron Funds had to say about Amazon in their Q1, 2022 investor letter: 

“Jeff Bezos sums up the current market behavior well in his 2000 shareholder letter where he quoted Benjamin Graham’s famous statement that, in the short term, a stock market is a voting machine, while in the long term, it is a weighing machine, saying that Amazon (NASDAQ:AMZN) is a “company that wants to be weighed, and over time we will be – over the long term, all companies are. In the meantime, we have our heads down working to build a heavier and heavier company.”

We have a lot of conviction that our businesses are doing the same – working to build heavier and heavier companies.”

On June 1, Morgan Stanley analyst Brian Nowak lowered the price target on Amazon.com, Inc. (NASDAQ:AMZN) to $3,500 down from $3,800 and kept an Overweight rating on the shares. He lowered the estimates across online ad and e-commerce platforms as he adopted a more conservative base case to account for rising macro as well as micro uncertainties. The analyst now models around 13% and 16% YoY online ad growth and around 8% and 10% growth in e-commerce in 2022 and 2023, respectively.

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