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Amazon.com (AMZN) Rose on Stabilization of Cloud Computing Segment and Increased Confidence

Soumya Eswaran
·2-min read

Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The correlation between bond yields and stock prices decoupled in the first quarter of 2024, as the Dow increased 5.6%, the S&P 500 increased 10.6%, and the Russell 1000 Growth increased 11.4%. In the first quarter, the portfolio outperformed and returned 14.9% (gross of fees) compared to the Russell 1000 Growth’s (R1G) 11.4% return. Stock Selection led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Ithaka US Growth Strategy featured stocks like Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2024 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On April 19, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $174.63 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was -2.83%, and its shares gained 64.42% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.817 trillion.

Ithaka US Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its first quarter 2024 investor letter:

"Founded in 1994, Amazon.com, Inc. (NASDAQ:AMZN) has evolved from its early roots as an online bookstore to become one of the world’s largest eCommerce retailers. At the end of 2022 Amazon stood poised to capture ~40% of all US e-commerce sales, representing five times more share than the next closest competitor. In addition to eCommerce, Amazon Web Services (“AWS”) has become the market leader in outsourced cloud infrastructure. Further, Amazon Advertising is garnering significant share in digital advertising, particularly product placement ads, thanks to consumers beginning their product searches on Amazon’s site. Amazon’s stock appreciated on the back of stabilization of the company’s cloud computing segment and increased confidence the company would be able to contain expenses and push operating margins above prior peaks in the near-to-medium term."

20 Most Reputable and Trustworthy Companies in the World
20 Most Reputable and Trustworthy Companies in the World

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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Amazon.com, Inc. (NASDAQ:AMZN) was held by 293 hedge fund portfolios, up from 286 in the previous quarter, according to our database.

We previously discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article, where we shared the list of hot growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.