5 Best Big Name Stocks to Buy Now

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

Number of Hedge Fund Holders: 243     

Amazon.com, Inc. (NASDAQ:AMZN) is a diversified technology firm with core interests in ecommerce. In mid-May, the company announced that it was planning to invest about $12.7 billion in cloud infrastructure in India. Per initial estimates, the investment will likely contribute $23.3 billion to the country’s total GDP by 2030 and support 131,000 jobs each year. Since 2016, the company has invested heavily in the South Asian country, and the latest investments bring the total out to $16.4 billion by 2030. 

On May 31, Bernstein analyst Mark Shmulik maintained an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $140 from $125, noting that Amazon had an appealing near-term setup and quality and long-term growth. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Citadel Investment Group is a leading shareholder in Amazon.com, Inc. (NASDAQ:AMZN) with 35 million shares worth more than $3.7 billion. 

In its Q1 2023 investor letter, Arch Capital Management, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said: 

“Replacing our Wix investment is Amazon.com, Inc. (NASDAQ:AMZN), a company we are sure you have heard of before. We believe the company’s long-term growth runway, profit potential, and competitive advantages were being vastly underrated in early January when its market cap was well below $1 trillion. We think early January was one of those rare times you could buy a special business like Amazon at a discounted valuation. Our hope is that – if we are right about its competitive advantages in retail and cloud computing – our Amazon stake will end up being a permanent holding in the limited partnership.”