Top 5 S&P 500 Stocks by Index Weight

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

Index Weight: 4.19%

Number of Hedge Fund Holders: 381

Amazon.com, Inc. (NASDAQ:AMZN) is one of the top S&P 500 stocks by index weight. On April 15, Loop Capital reiterated a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) with a $360 price target. The research firm remains bullish on the e-commerce giant following its acquisition of Globalstar at $90 per share.

The Globalstar acquisition is poised to expand Amazon’s satellite service by integrating its direct-to-device service into the low Earth orbit network. The acquisition is poised to strengthen Amazon’s Leo satellite business as it continues to take on Elon Musk’s SpaceX. Amazon is to leverage Globalstar to build its own direct-to-device satellite system ahead of potential deployment in 2028.

According to Loop Capital, the Globalstar acquisition has been an indirect overhang on the retail segment’s margins. The research firm expects the acquisition to remove the pressure. In addition, the research firm remains bullish on Amazon amid growing revenue contributions from AI services. The firm expects AWS revenue to accelerate as capacity becomes serviceable.

Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology company that operates a massive e-commerce marketplace for consumer goods and also dominates cloud computing (Amazon Web Services), online streaming, artificial intelligence, and digital advertising. It operates under principles of customer obsession, invention, and operational excellence.