The latest 13F filings for the second quarter of 2026 painted a contrasting landscape among prominent institutional investors in Amazon (AMZN), with some hedge funds aggressively accumulating shares while others significantly reduced their exposure. Under Securities and Exchange Commission rules, institutional managers overseeing more than $100 million in qualifying US equity assets must disclose their long positions each quarter on Form 13F, giving the public a delayed but detailed view of how some of the market's largest investors are positioned. Because the filings snapshot holdings only at quarter-end and omit short positions and most derivative exposures, they capture direction rather than complete portfolio strategy.

Hedge Funds on the Buy Side

Viking Global emerged as the quarter's most aggressive buyer, expanding its Amazon holdings by more than 200%, from 1.2 million shares to 3.7 million. Duquesne delivered an even more dramatic percentage increase, surging from a modest 46,000 shares to 542,000.

Baupost Group increased its position from 3.12 million to 3.74 million shares, while Appaloosa expanded from 4.32 million to 5 million shares and Altimeter Capital grew its stake from 2.09 million to 2.43 million shares.

Renaissance Technologies stood out as another significant accumulator, purchasing an additional 2.29 million shares worth approximately $546 million. Lansdowne Partners, Discovery Capital, Corvex Management, and Glenview Capital similarly boosted their Amazon allocations during the quarter.

Funds Cutting Exposure

Conversely, Bridgewater dramatically reduced its exposure, slashing its position from 4.39 million shares to 2.03 million — a cut of more than 50%. Pershing Square decreased its holdings from 11.5 million to 8.6 million shares, and D1 Capital substantially downsized from 1.81 million to 628,000 shares.

Soros Fund trimmed its position from 1.95 million to 1.18 million shares, while Iconiq Capital executed a steep reduction from 251,000 to merely 52,000 shares. Tiger Global, Third Point, Meritage Group, and Scopia Capital were among other firms that decreased their Amazon exposure throughout the quarter.

Robust Q2 Financial Performance

Amazon's second-quarter results showed substantial operational strength. The company delivered revenue of $200.61 billion, representing a 19.6% year-over-year expansion and surpassing the $197.03 billion analyst projection. Earnings per share reached $5.75, dramatically exceeding the consensus forecast of $1.82 — a significant outperformance. Net profit margin registered at 17.44%, alongside a return on equity of 18.00%.

Amazon Web Services — the cloud computing arm that competes with Microsoft's Azure and Alphabet's Google Cloud and has long ranked among Amazon's most profitable businesses — remained a critical growth engine, with market observers highlighting five consecutive quarters of accelerating expansion and customer commitments extending through 2028.

Wall Street Elevates Price Projections

Goldman Sachs upgraded its price objective to $375 on July 31, from a previous $335, maintaining its "buy" recommendation. Bank of America increased its target from $310 to $320, also retaining a "buy" rating, while New Street Research established a $350 price target. Citigroup and Oppenheimer both maintained outperform ratings.

Among 59 tracked analysts, 56 assign AMZN a "buy" rating, two recommend "hold," and one rates it a "strong buy." The consensus price target averages $322.56, corresponding to a "Moderate Buy" rating, and Wall Street analysts collectively project full-year earnings per share of $8.05. Analyst targets and ratings represent each firm's published opinion rather than guaranteed outcomes.

Ownership Profile and Trading Levels

Institutional ownership accounts for 72.2% of Amazon's outstanding shares, a concentration that makes quarterly shifts in 13F disclosures a widely watched gauge of professional sentiment toward the stock. Company insiders divested 62,650 shares totaling $16.5 million during the past three months, with the sales executed exclusively through pre-established Rule 10b5-1 trading arrangements — plans that schedule transactions in advance, a mechanism designed to address insider-trading concerns.

Amazon stock traded at $262.65 during Monday's opening, positioned well above its 52-week low of $196.00 while remaining under its peak of $287.20. The company maintains a market capitalization of $2.83 trillion, placing it among the world's most valuable publicly traded companies, alongside a price-to-earnings ratio of 21.13. The next round of 13F disclosures, due within 45 days of the September 30 quarter close in mid-November, will show whether the quarter's sharp divide among hedge funds persisted into the second half of the year.