5 Stocks to Buy on Sale and Never Look Back

Page 5 of 5

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

Number of Hedge Fund Holders: 252

Share Price as of November 4: $89.30

Amazon.com, Inc. (NASDAQ:AMZN) is an e-commerce giant based in Seattle, Washington. The company engages in the retail sale of consumer products and subscriptions.

Tigress Financial’s Ivan Feinseth holds a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) shares as of November 2. The analyst also placed a $192 price target on the stock.

Amazon.com, Inc. (NASDAQ:AMZN) is a particularly attractive stock to buy right now because it is down 50% from its recent highs as of November 3. The company is renowned in the market as a strong business and is currently trading for a market cap below $1 trillion for the first time in over two years. The company’s cloud service business under the Amazon Web Services platform gives it an edge in another field, apart from e-commerce. The cloud services market is expected to more than triple by 2030, meaning Amazon.com, Inc. (NASDAQ:AMZN) will not stay affordable forever.

In total, 252 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter, with a total stake value of $30.1 billion.

Alger Capital, an investment management company, mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its third-quarter 2022 investor letter. Here’s what the firm said:

Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s amazon web services business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. Shares outperformed during the quarter as investors were encouraged by strong second-quarter performance despite a challenging macroeconomic environment. Moreover, the company’s retail segment was resilient and avoided discounting inventory like some major retailers did. Revenues for the company’s cloud computing segment, amazon web services (AWS), grew faster than analysts’ estimates during the quarter due to continuing corporate demand for digitization. As a result, management provided better-than-expected forward guidance.”

Follow Amazon Com Inc (NASDAQ:AMZN)

See also Biggest Ecommerce companies in the US and 15 Countries That Consume The Most Alcohol.

Page 5 of 5