Billionaires Are Crazy About These 5 Stocks

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

Number of Hedge Fund Holders: 243

Number of Billionaire Investors: 31

Amazon.com, Inc. (NASDAQ:AMZN) is another stock that is popular among billionaires. On April 27, Amazon.com, Inc. (NASDAQ:AMZN) reported a Q1 GAAP EPS of $0.31 and a revenue of $127.4 billion, exceeding Wall Street estimates by $0.11 and $2.85 billion, respectively. The company forecasts that net sales for the upcoming quarter will range from $127.0 billion to $133.0 billion, compared to the consensus estimate of $130.34 billion. This indicates a projected growth rate of 5% to 10% compared to the second quarter of 2022.

On May 23, Mizuho raised the firm’s price target on Amazon.com, Inc. (NASDAQ:AMZN) to $160 from $145 and kept a Buy rating on the shares. The firm also considers Amazon.com, Inc. (NASDAQ:AMZN) as one of the top choices for the second half of 2023. Mizuho expects that concerns about Amazon.com, Inc. (NASDAQ:AMZN)’s position in the artificial intelligence market will diminish, leading to multiple expansion. 

According to Insider Monkey’s first quarter database, 243 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN), compared to 240 funds in the last quarter. Billionaire Warren Buffett’s Berkshire Hathaway is a significant position holder in the company, with 10.5 million shares worth over $1 billion. 

Arch Capital made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2023 investor letter:

“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.”