TLDR
- Viking Global tripled its AMZN position to 3.7M shares while Bridgewater cut its stake by more than half in Q2 2026.
- Renaissance Technologies added 2.29M Amazon shares worth around $546M during the quarter.
- Pershing Square reduced its position from 11.5M to 8.6M shares; D1 Capital cut its holding from 1.81M to 628K.
- Amazon posted Q2 revenue of $200.61 billion, up 19.6% year over year, with EPS of $5.75 beating estimates of $1.82.
- Goldman Sachs raised its price target to $375, with the consensus average sitting at $322.56 and a “Moderate Buy” rating.
Amazon (AMZN) stock opened at $262.65 on Monday, sitting well above its 52-week low of $196.00 and below its high of $287.20. The stock carries a market cap of $2.83 trillion and a P/E ratio of 21.13.
Q2 2026 13F filings revealed a divided picture among major hedge funds. Some went big on AMZN, others headed for the exit.
Viking Global was the standout buyer, more than tripling its position from 1.2M to 3.7M shares. Duquesne made an even bolder percentage move, jumping from just 46K shares to 542K.
Baupost Group lifted its stake from 3.12M to 3.74M shares. Appaloosa moved from 4.32M to 5M, and Altimeter Capital nudged up from 2.09M to 2.43M shares.
Renaissance Technologies was another active buyer, adding 2.29M shares valued at roughly $546M. Lansdowne Partners, Discovery Capital, Corvex Management, and Glenview Capital also added to their AMZN positions.
On the other side, Bridgewater more than halved its position, cutting from 4.39M to 2.03M shares. Pershing Square trimmed its stake from 11.5M down to 8.6M.
D1 Capital went from 1.81M to 628K shares. Soros Fund reduced its holding from 1.95M to 1.18M, and Iconiq Capital cut sharply from 251K to just 52K.
Tiger Global, Third Point, Meritage Group, and Scopia Capital also reduced their Amazon positions during the quarter.
Strong Earnings Back the Bull Case
Amazon’s Q2 results gave the buyers something to work with. Revenue came in at $200.61 billion, up 19.6% year over year, and well above the $197.03 billion analyst estimate.
EPS of $5.75 crushed the consensus of $1.82. That’s not a small beat. Net margin came in at 17.44% with a return on equity of 18.00%.
AWS continued to be a key driver, with analysts pointing to five straight quarters of accelerating growth and a customer backlog extending into 2028.
Analyst Targets Move Higher
Goldman Sachs raised its price target to $375 on July 31st, up from $335, keeping a “buy” rating. Bank of America lifted its target from $310 to $320, also with a “buy.” New Street Research raised its target to $350.
Citigroup and Oppenheimer both reaffirmed outperform ratings. Out of 59 analysts tracked, 56 rate AMZN a “buy,” two say “hold,” and one has a “strong buy.” The average price target sits at $322.56.
Institutional investors own 72.2% of Amazon stock. Insiders sold 62,650 shares valued at $16.5 million over the last three months, all under pre-arranged Rule 10b5-1 trading plans.
Sell-side analysts collectively forecast full-year EPS of $8.05.
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