The Most Popular Tech Stocks Among Hedge Funds: Apple (AAPL), Amazon (AMZN) Sink

#4 Amazon.com, Inc. (NASDAQ:AMZN)

– Hedge Funds with Long Positions (as of December 31, 2016): 123

– Value of Hedge Funds’ Holdings (as of December 31, 2016): $14.44 Billion

At the end of the third quarter, Amazon.com, Inc. (NASDAQ:AMZN) was the most popular stock overall, as well as the most popular tech stock among the hedge funds covered by Insider Monkey. However, with its ownership among those hedge funds dwindling by 27 during the fourth quarter and the aggregate value of their holdings falling by over $6 billion during that time, Amazon.com, Inc. (NASDAQ:AMZN) has toppled from its perch to fall to fourth among tech stocks as of the end of 2016.

Despite that declining interest among hedge funds, Amazon’s stock has continued its massive bull run in 2017, rising by 18.23% year-to-date. On March 30, the company announced that it will be shutting down its Quidsi Unit, which it had acquired in 2010 for $545 million. On March 30, Bloomberg reported that Amazon has invited key executives of some of the world’s largest packaged consumer goods brands to its headquarters in May in order to persuade them to bypass traditional retail channels for their products and instead sell directly on its website. At the end of last month, analysts at Barclays initiated coverage on Amazon’s stock with an ‘Overweight’ rating and $1,120 price target, implying potential upside of 30%.

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