3 Tech Stocks To Buy Today According To Billionaire David Tepper

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

Appaloosa Management’s Stake Value: $277 million

Percentage Of Appaloosa Management’s 13F Portfolio: 11.08%

Number of Hedge Fund Holders: 271

With a diverse interest in cloud computing, digital streaming, and artificial intelligence, Amazon.com, Inc. (NASDAQ:AMZN) is a multinational e-commerce and technology corporation with operations extending to over 100 countries. During Q1 2022, Appaloosa Management increased its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 22%. The hedge fund owns 85,000 Amazon.com, Inc. (NASDAQ:AMZN) shares, worth $277 million.

Earlier this May, Citi analyst Ronald Josey removed Amazon.com, Inc. (NASDAQ:AMZN) from the firm’s Focus List, citing macro uncertainty and a lack of near-term catalysts. However, he maintained a Buy rating on the shares of the company with a $4,100 price target as he believes that Amazon.com, Inc. (NASDAQ:AMZN) can gain a greater share of retail sales in a more challenged macro environment.

According to Insider Monkey’s Q1 data, Amazon.com, Inc. (NASDAQ:AMZN) was found in 271 public hedge fund portfolios, compared to 279 funds in the preceding quarter. Fisher Asset Management held a notable stake in Amazon.com, Inc. (NASDAQ:AMZN) in the first quarter of 2022, with 2.3 million shares worth $7.70 billion.

Here is what Miller Value Partners Opportunity Equity has 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.”