5 Tech Stocks to Buy According to Billionaire Philippe Laffont

2. Amazon.com, Inc. (NASDAQ:AMZN)

Coatue Management’s Stake Value: $1.49 billion
Percentage of Coatue Management’s 13F Portfolio: 5.85%
Number of Hedge Fund Holders: 271

There were 271 hedge funds in the database of Insider Monkey that held stakes in Amazon.com, Inc. (NASDAQ:AMZN) worth $60.49 billion in the second quarter of 2021, compared to 243 funds in the first quarter with total stakes amounting to approximately $50.4 billion. Coatue Management, by the end of the second quarter, held 434,399 shares of Amazon.com, Inc. (NASDAQ:AMZN) worth more than $1.49 billion and representing 5.85% of Laffont’s 13F portfolio value.

On September 30, RBC Capital analyst Brad Erickson initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with an Outperform rating and $4,150 price target.

In the Q2 2021 investor letter of L1 Capital, the fund announced Amazon.com, Inc. (NASDAQ:AMZN) as one of its leading contributors. Here is what the fund said:

Amazon flipped from being the largest detractor from portfolio performance in the March 2021 quarter, to one of the leading contributors in the June 2021 quarter. We took advantage of negative near-term sentiment in the March 2021 quarter to add to our Amazon investment. We continue to view Amazon as one of the best positioned businesses globally, with its share price still not reflecting fair value.”