5 Blue Chip Stocks To Buy Now According To Billionaire Andreas Halvorsen

2. Amazon.com, Inc. (NASDAQ:AMZN)

Viking Global’s Stake Value: $1.37 billion

Viking Global’s 13F Portfolio: 5.57%

Number of Hedge Fund Holders: 271

Amazon.com, Inc. (NASDAQ:AMZN) stock represented 5.57% of Andreas Halvorsen’s Q1 portfolio, with a $1.37 billion stake which saw an increase of 52% over the previous quarter.

AMZN was hedge funds’ favorite stock in the first quarter of 2022, with 271 reporting ownership of stakes in the company at the end of March. The combined value of these stakes stood at more than $48 billion. $7.7 billion worth of Amazon.com, Inc. (NASDAQ:AMZN) shares established Fisher Asset Management as the firm’s largest shareholder in the first quarter of 2022.

On July 11, JPMorgan analyst Doug Anmuth reiterated Amazon.com, Inc. (NASDAQ:AMZN) as his best idea in the internet sector, and gave the stock an unchanged ‘Overweight’ rating with a $175 price target. He expects the firm’s annual Prime Day sales to generate incremental revenue of $3.8 billion, up 7% from year-ago figure of $3.6 billion. The analyst believes the Prime Day event will help Amazon leverage some of its excess capacity.

Here is what Weitz Investment Management had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2022 investor letter:

“Amazon.com’s (NASDAQ:AMZN) stock was down modestly in the quarter, but opportunistic purchases helped the position contribute positively to the Fund. Our index short positions against ETFs tracking market indexes provided helpful ballast during the first quarter drawdown but were otherwise detractors for the fiscal year. During the quarter, we covered roughly 20% of our S&P 500 short and 50% of our Nasdaq 100 short at progressively lower prices. Among our long equities, we added materially to high-conviction holdings Amazon.com.”