Ken Fisher’s Top 5 Growth Stock Picks

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

Fisher Asset Management’s Stake Value: $5,166,320,000 

Percentage of Fisher Asset Management’s 13F Portfolio: 3.65%

Number of Hedge Fund Holders: 252

On July 28, Amazon.com, Inc. (NASDAQ:AMZN) released earnings for the second quarter of fiscal 2022. The company reported sales of $121.2 billion, up 7% year over year, and beat Wall Street estimates by $2.09 billion. As of June 30, Fisher Asset Management’s stakes in Amazon.com, Inc. (NASDAQ:AMZN) are valued at $5.16 billion. The investment covers 3.65% of Ken Fisher’s 13F portfolio.

Amazon.com, Inc. (NASDAQ:AMZN) is making strides in the green energy transition. On September 21, the company announced the expansion of its global renewable energy portfolio and added 2.7 gigawatts of clean energy capacity to 71 renewable energy projects.

On September 12, DA Davidson analyst Tom Forte maintained his $151 price target and Buy rating on Amazon.com, Inc. (NASDAQ:AMZN). The analyst noted that the company is exploring strategic M&A and expanding its footprint in the robotics and automation markets.

At the close of Q2 2022, 252 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) with stakes worth $30 billion in the company.

Here is what Baron Funds had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2022 investor letter:

“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 an overcapacity of resources coming out of COVID. We expect Amazon to grow into its retail capacity in the quarters to come, which would enable 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.

According to the U.S. Census Bureau, domestic e-commerce was only 14.3% of retail as of the first quarter of 2022. Internationally, the opportunity is even earlier as Amazon has still less than 2% market share of international retail spending. Its advertising share is roughly 3% and growing, underpinned by its structural closed loop, which enables accurate targeting and measurement.

Lastly, Amazon Web Services or AWS, remains the leading cloud provider, while cloud computing still represents only 9.5% out of the $4.3 trillion of global IT spending according to Gartner. Areas such as logistics and health care present additional optionality.”