5 Tech Stocks to Buy According to Billionaire David Tepper

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

Tepper’s Stake Value: $430 million

Percentage of David Tepper’s 13F Portfolio: 8.89%

Number of Hedge Fund Holders:271

Amazon.com, Inc. (NASDAQ:AMZN) is a multinational company that specializes in e-commerce, cloud computing, digital streaming and artificial intelligence. The e-commerce corporation is ranked second of the list of the 10 tech stocks to buy according to billionaire David Tepper.

Amazon.com, Inc. (NASDAQ:AMZN) last released its earnings report on July 28, 2021, with reported earnings per share at $15.12, beating estimates of $12.22. The company also reported revenues of $113.08 billion, falling short of the estimated revenues by $2.01 billion. Earnings for the e-commerce giant are expected to grow by 29.57% in the coming year.

Appaloosa Management currently holds 125,000 shares of Amazon.com, Inc. (NASDAQ:AMZN), amounting to over $212.2 million in worth and accounting for 17.3% of the fund’s portfolio. There were 271 hedge funds in our database that held stakes in Amazon.com, Inc. (NASDAQ:AMZN) worth $60.49 billion in the second quarter of 2021, compared to 243 funds in the first quarter with total stakes amounting to approximately $50.4 billion.

On September 30, RBC Capital analyst Brad Erickson initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with an Outperform rating and $4,150 price target, noting that the stock is a favorite among the internet stocks involved with e-commerce.

In the Q2 2021 investor letter of L1 Capital, the fund announced Amazon.com, Inc. (NASDAQ:AMZN) as one of its leading contributors. Here is what the fund said:

Amazon flipped from being the largest detractor from portfolio performance in the March 2021 quarter, to one of the leading contributors in the June 2021 quarter. We took advantage of negative near-term sentiment in the March 2021 quarter to add to our Amazon investment. We continue to view Amazon as one of the best positioned businesses globally, with its share price still not reflecting fair value.”