3. Amazon.com, Inc. (NASDAQ:AMZN)
Fisher Asset Management’s Stake Value: $7,703,509,000
Percentage of Fisher Asset Management’s 13F Portfolio: 4.54%
Number of Hedge Fund Holders: 271
At the close of the first quarter of 2022, 271 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN) and held stakes worth $48.02 billion in the company. This is compared to 279 hedge funds in the previous quarter with stakes worth $49.16 billion.
This April, Amazon.com, Inc. (NASDAQ:AMZN) announced earnings for the fiscal first quarter of 2022. The company reported a loss per share of $0.38 and missed estimates by $0.80. Amazon.com, Inc. (NASDAQ:AMZN) reported quarterly revenue of $116.44 billion, up 7.30% year over year, and missed Wall Street estimates by $67.09 million.
This June, Goldman Sachs analyst Eric Sheridan cut his price target on Amazon.com, Inc. (NASDAQ:AMZN) to $170 from $185 but maintained a Buy rating on the shares.
As of March 31, Fisher Asset Management owns more than 2.36 million shares of Amazon.com, Inc. (NASDAQ:AMZN) which amounts to a stake value of $7.70 billion. The investment covers 4.54% of Ken Fisher’s 13F portfolio and places the stock third among Fisher Asset Management’s top 13F holdings. Amazon.com, Inc. (NASDAQ:AMZN) is one of the blue-chip stocks billionaire Ken Fisher is bullish on.
Polen Capital recently published its “Polen Global Growth Fund” first-quarter 2022 investor letter. Here is what the firm had to say about Amazon.com, Inc. (NASDAQ:AMZN):
“Amazon has done a terrific job managing through the pandemic, in our view. Many companies struggled to pivot their business model during COVID-19, which represented an existential threat. Amazon had the opposite problem – a surge in demand. The company leaned into this by entering an extremely heavy investment cycle, doubling its fulfillment network and headcount over the past two years. To put this into context, Amazon added 273,000 employees in the last half of 2021 on top of over 400,000 employees the prior year. The company has also made significant Capital Expenditures, adding IT infrastructure for AWS and transportation capacity during this period. This all took place in the face of inflation related to wage increases and higher pricing from third-party carriers supporting the company’s fulfillment network. These heavy investments paid off—AWS grew 40% year over year, reached a $71B annual run rate, and total company revenue posted a two-year annual compounded growth rate of 25%. We believe this heavy investment cycle, like Amazon’s previous ones, will continue to support ongoing growth and will further separate Amazon from its competition while also providing the ability to increase margins through economies of scale. With respect to the margins specifically, AWS and Advertising – two fast-growing businesses – continue to contribute greater operating earnings to the overall business. We believe management has done an excellent job managing through this period and that the company is even stronger today than when COVID-19 first began to spread around the world.”
