5 Best Internet-of-Things (IoT) Stocks to Buy

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

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is a prominent American multinational technology company with a primary focus on various areas, including e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. AWS IoT, short for Amazon Web Services Internet of Things, is a platform provided by Amazon Web Services for the purpose of gathering and analyzing data originating from internet-connected devices and sensors. It further enables the seamless connection of this data to AWS cloud applications. Amazon.com, Inc. (NASDAQ:AMZN) has further extended its innovative use of technology by deploying a fleet of IoT-enabled robots in warehouse operations, effectively streamlining tasks such as package scanning through the use of QR codes.

On October 24, Seaport Research Partners’ analyst Aaron Kessler initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) stock, providing it with a Buy rating and setting a price target of $145. Kessler highlighted the company’s strong retail margin, attributing it to factors such as “ad momentum and fulfillment and shipment optimization.” Looking ahead to the fourth quarter, the analyst anticipates continued improvement in retail margins, expansion of Amazon Web Services, and steady growth in e-commerce.

Based on data from Insider Monkey’s database, a total of 278 elite hedge funds held positions in Amazon.com, Inc. (NASDAQ: AMZN) stock, with a collective stake value of $34.9 billion. This represents an increase from the 243 hedge funds that collectively held a stake valued at $25.7 billion previously. Notably, Chicago-based Harris Associates emerged as the most significant stakeholder in the company, with 15.6 million shares valued at $2.036 billion.

White Falcon Capital Management mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its third quarter 2023 investor letter. Here is what it said:

“There are comparable narratives involving NU Holdings, Amazon.com, Inc. (NASDAQ:AMZN), and Teck Resources, to name a few holdings from the White Falcon portfolio. Amazon constructed its logistics network and cloud computing infrastructure using yesterday’s currency, but it is poised to capitalize on this network with the inflated dollars of tomorrow. In essence, we believe we hold wonderful businesses with growing revenue streams and potential for operating leverage – all at reasonable valuations.”