5 Best TaaS Stocks to Buy Now

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

Number of Hedge Fund Holders: 252    

Amazon.com, Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products and subscriptions in North America and internationally. Amazon owns the biggest ecommerce platform in the world. In addition to this stable source of revenue, the company is one of the leading web services providers as well. The firm has stakes in other businesses, like publishing, food, and health. This makes the stock more resilient against macro pressures when compared to other tech giants. 

On December 1, Cowen analyst John Blackledge maintained an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $160 from $150, noting that lower operating losses, excluding AWS and Advertising, are expected in 2023 for the firm as cost headwinds subside.

On November 11, Amazon announced its latest warehouse robot. Amazon says “Sparrow is the first robotic system in our warehouses that can detect, select, and handle individual products in our inventory.” The robotic arm uses AI and computer vision to recognize and handle millions of items. The company said that using AI-based robots can conduct more operations safely and efficiently.

On December 1st, Cowen analyst John Blackledge maintained an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $160 from $150, noting that lower Operating losses are expected excluding AWS and Advertising in 223 as cost headwinds subside.   

At the end of the second quarter of 2022, 252 hedge funds in the database of Insider Monkey held stakes worth $30 billion in Amazon.com, Inc. (NASDAQ:AMZN), compared to 271 in the preceding quarter worth $48 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said:

“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services, provider. Shares of Amazon declined 35% in the quarter due to weaker-than-expected profits resulting from the overcapacity of resources coming out of COVID. We expect Amazon to grow its retail capacity in the coming quarters, enabling it to improve profitability accordingly. Amazon remains one of our largest holdings due to its durable competitive advantages with a leading position in multiple trillion-dollar markets with a long runway for growth (…read more)