Ken Fisher Stock Portfolio: Top 5 Stock Picks

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

Number of Hedge Fund Holders: 252

Fisher Asset Management’s Stake Value: $5,638,171,000

Amazon.com, Inc. (NASDAQ:AMZN) is one of the largest stock picks of Ken Fisher as of Q3 2022. The billionaire owns close to 50 million Amazon.com, Inc. (NASDAQ:AMZN) shares worth $5.6 billion, representing 4.22% of the total 13F securities. Ken Fisher boosted his Amazon.com, Inc. (NASDAQ:AMZN) stake by 3% during the September quarter. 

On November 14, after reports that Amazon.com, Inc. (NASDAQ:AMZN) plans to lay off about 10,000 employees, JMP Securities analyst Nicholas Jones said that he is “not surprised by the announcement given last week’s news of Amazon reviewing cost-cutting options aimed at unprofitable areas of the company.” Higher capital costs and weak consumer goods sales have impacted Amazon.com, Inc. (NASDAQ:AMZN)’s e-commerce business, the analyst added. Further, AWS has seen softness as well, as monitored in Q3 results and insinuated in Q4 guidance. The analyst does not view the news as momentous, and maintained an Outperform rating and a $140 price target on Amazon.com, Inc. (NASDAQ:AMZN).

According to Insider Monkey’s Q2 data, 252 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN), compared to 272 funds in the prior quarter. Jaime Sterne’s Skye Global Management is a prominent stakeholder of the company, with 15.4 million shares worth $1.6 billion. 

Alger Capital made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2022 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s amazon web services business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. Shares outperformed during the quarter as investors were encouraged by strong second-quarter performance despite a challenging macroeconomic environment. Moreover, the company’s retail segment was resilient and avoided discounting inventory like some major retailers did. Revenues for the company’s cloud computing segment, amazon web services (AWS), grew faster than analysts’ estimates during the quarter due to continuing corporate demand for digitization. As a result, management provided better-than-expected forward guidance.”