The tech sector has always been in the spotlight as, over the years, many companies generated strong returns as the sector is undergoing a constant progress. However, among thousands of tech companies, only a few have earned the trust of investors and are worth looking into. At Insider Monkey, we track around 700 hedge funds and other institutional investors as part of our small-cap strategy (see more details here) and by looking into the stocks that these investors are collectively bullish on, we can get an idea about their long-term potential. However, among these funds around 40 are funds that were launched by people, who managed to become billionaires due to their excellent acumen and high level of expertise. In this article, we are going to take a look at five tech stocks that the billionaires on our list were bullish on heading into the current quarter.
Amazon.com, Inc. (NASDAQ:AMZN) witnessed an increase in popularity among the billionaires we follow, as the number of investors long the stock inched up to 17 from 15 during the fourth quarter. Moreover, these billionaires’ funds amassed $8.71 billion worth of stock at the end of 2015. More specifically, billionaires Chase Coleman‘s Tiger Global Management and Andreas Halvorsen’s Viking Global ranked as the top two shareholders of Amazon in our database, according to the last round of 13F filings.
Amazon.com, Inc. (NASDAQ:AMZN) last year surprised investors when it posted a profit for the second quarter, while the Street was expecting a loss. However, for the last quarter, it missed the estimates by reporting EPS of $1.00, versus expectations of $1.56. However, the company showed that its Web Services segment is growing rapidly with AWS sales amounting to $2.41 billion last quarter, up by 69% on the year. Investors are currently looking for Amazon.com, Inc. (NASDAQ:AMZN) to continue expanding its margins and, in its future earnings releases, the eyes will be on the margins and the AWS segment.