BlackRock’s Latest Portfolio 2022: Top 5 Stock Picks

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

BlackRock’s Stake Value: $95,007,597

Percentage of BlackRock’s 13F Portfolio: 2.55%

Number of Hedge Funds as of December 31: 279

Amazon.com, Inc. (NASDAQ:AMZN) is a Washington-based diversified technology company that is involved in a wide array of fields like artificial intelligence, e-commerce, cloud computing, digital streaming and electric vehicles.  The stock of Amazon.com, Inc. (NASDAQ:AMZN) fell to a 52-week low on May 10 following concerns related to the e-commerce industry due to rising inflation and interest rate hike.

On May 13, Amazon.com, Inc. (NASDAQ:AMZN) stock closed 10% higher than its 52-week and still down over 40% from its all-time high of $3,773.08. Amazon’s stock gained prominence since the start of the COVID-19 pandemic as the demand for its e-commerce and streaming services surged. This resulted in the stock price rising from under the $1,700 level in March 2020 to its all-time high in mid-2021.

Oakmark Funds mentioned Amazon.com, Inc (NASDAQ:AMZN) in its Q1 2022 investor letter. Here’s what it had to say:

“Amazon is the leading e-commerce and cloud-computing provider in the world. In e-commerce, two-thirds of U.S. households are Amazon Prime subscribers, and over half of all online product searches now start on Amazon. We believe the company’s strong customer loyalty and massive infrastructure are significant barriers to entry in a growing e-commerce market. Separately, Amazon Web Services (AWS) controls nearly half of the market in cloud computing. We believe AWS has become utility-like in nature and scale, and we expect healthy growth moving forward as IT workloads continue moving to the cloud. More recently, concerns about rising investment spending have weighed on the stock-as they have in times past-providing us another opportunity to purchase shares at an attractive multiple of normalized earnings and a discount to its peer-weighted enterprise value-to-sales multiple.”

Overall, 279 funds held a stake in Amazon.com, Inc. (NASDAQ:AMZN) during Q4 2021.