5 Best Buy-the-Dip Tech Stocks According to Billionaire Ken Fisher

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

Number of Hedge Fund Holders: 279

Fisher Asset Management’s 13F Portfolio: 4.54% 

Fisher Asset Management’s Stake Value: $7.70 billion

Amazon.com, Inc. (NASDAQ:AMZN) is the third largest holding of Ken Fisher according to his Q1 2022 portfolio. The billionaire owns 2.36 million shares of the firm at a value of $7.70 billion, signaling a increase in holding of 10% over the previous quarter where his portfolio contained 2.17 million shares of the firm.

On April 29, UBS analyst Lloyd Walmsley reiterated a ‘Buy’ rating on Amazon.com, Inc. (NASDAQ:AMZN) shares, noting that it remained a compelling choice for consumers in the current inflationary climate given its product selection, price and quick delivery. He sees Amazon trading at an attractive valuation of 50.2x earnings and 13.6x expected EBITDA for 2023.

Stifel analyst Scott Devitt also gave Amazon.com, Inc. (NASDAQ:AMZN) a ‘Buy’ rating, and lowered the price target to $3,800 from $4,400, noting that the company’s near-term positioning is likely to be clouded by the impact of inflation, but the recent share price decline offers a good entry point for investors.

Amazon.com, Inc. (NASDAQ:AMZN) was the most widely-held stock of all the hedge funds tracked by Insider Monkey. 279 hedge funds reported bullish bets on the company shares at the end of the fourth quarter, up from 242 hedge funds a quarter ago.

Here is what Miller Value Partners, an investment firm, had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2022 investor letter:

“For frame of reference, Amazon (NASDAQ:AMZN) bottomed at the same valuation in the financial crisis (side note: Amazon bottomed at 4x EV/GP after the tech bubble burst)! So there’s historical precedent for the lows being in. We will see whether that holds true this time. Regardless, we think there’s significant upside over a 5-year time horizon. The one other topic I want to briefly address is our volatility. We hope to write something about the topic in more depth in the future, but we want our clients and prospective investors to understand our views on it. We think that volatility is significantly misunderstood. We believe it creates opportunities from which we can profit.”