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Strong Fiscal Q3 Results Pushed Amazon.com (AMZN) in Q4

Fred Alger Management, an investment management company, released its “Alger Spectra Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 3000 Growth Index. The healthcare and communication services contributed to the fund’s relative performance in the quarter, while consumer staples and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alger Spectra Fund featured stocks like AAmazon.com, Inc. (NASDAQ:AMZN) in its Q4 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On March 1, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $178.22 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 4.64%, and its shares gained 90.10% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.851 trillion.

Alger Spectra Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

"Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company's Amazon Web Services (AWS) business provides utility-scale cloud offerings that facilitate corporate America's transition to digital systems. During the quarter, shares contributed to performance as Amazon reported strong fiscal third quarter results, where the company beat sales and earnings estimates. Moreover, AWS growth remained steady. contributing to Amazon's better-than-expected operating income despite concerns around cloud cost optimizations, showing signs of increasing net new cloud workloads. While management noted that customers remain price-conscious and focused on deals, demand remains strong across all segments, leading the company to raise their fiscal fourth quarter revenue and operating income guidance."

A customer entering an internet retail store, illustrating the convenience of online shopping.

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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 discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared best stocks to buy according to billionaire D.E. Shaw. In addition, please check out our hedge fund investor letters Q4 2023 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.