Aaron Wealth Advisors LLC Sells 25,042 Shares of Amazon.com, Inc. $AMZN

Key Points

• Aaron Wealth Advisors LLC reduced its Amazon stake by 19.3% in the first quarter, selling 25,042 shares and leaving it with 104,868 shares valued at about $21.8 million.
• Wall Street remains bullish on Amazon, with several analysts raising price targets; the stock has a consensus rating of “Moderate Buy” and an average price target of $312.79.
• Recent business and operating news is mostly positive, including progress on Amazon’s Leo satellite internet service, expansion of its AI chip efforts, and record Prime Day sales that suggest strong consumer demand.

Aaron Wealth Advisors LLC cut its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,868 shares of the e-commerce giant's stock after selling 25,042 shares during the period. Amazon.com comprises approximately 1.2% of Aaron Wealth Advisors LLC's portfolio, making the stock its 16th largest position. Aaron Wealth Advisors LLC's holdings in Amazon.com were worth $21,841,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Amazon.com in the 4th quarter valued at about $32,868,735,000. Auto Owners Insurance Co lifted its stake in shares of Amazon.com by 27,376.7% in the fourth quarter. Auto Owners Insurance Co now owns 98,448,885 shares of the e-commerce giant's stock worth $2,272,397,000 after acquiring an additional 98,090,585 shares during the period. J. Stern & Co. LLP boosted its holdings in Amazon.com by 20,598.0% in the fourth quarter. J. Stern & Co. LLP now owns 87,982,814 shares of the e-commerce giant's stock valued at $20,308,193,000 after acquiring an additional 87,557,736 shares during the last quarter. Nuveen LLC acquired a new stake in Amazon.com during the 1st quarter valued at approximately $11,674,091,000. Finally, Cardano Risk Management B.V. increased its position in Amazon.com by 879.4% during the 4th quarter. Cardano Risk Management B.V. now owns 27,862,400 shares of the e-commerce giant's stock valued at $6,431,199,000 after purchasing an additional 25,017,588 shares during the period. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AMZN. DZ Bank lifted their price objective on Amazon.com from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Monness Crespi & Hardt upped their target price on Amazon.com from $280.00 to $315.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $330.00 target price (up from $280.00) on shares of Amazon.com in a research note on Thursday, April 30th. Benchmark lifted their target price on Amazon.com from $275.00 to $370.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, Oppenheimer boosted their price target on Amazon.com from $275.00 to $320.00 and gave the company an "outperform" rating in a research note on Thursday, April 30th. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Amazon.com has an average rating of "Moderate Buy" and an average price target of $312.79.

Key Stories Impacting Amazon.com

Here are the key news stories impacting Amazon.com this week:

• Positive Sentiment: Amazon said its Leo satellite network has enough satellites to begin initial broadband service this year, creating a new growth avenue in space-based internet. Reuters: Amazon to start initial Leo internet service this year as network nears 400 satellites
• Positive Sentiment: Amazon is deepening its AI strategy by developing custom chips for consumer devices and expanding AWS AI engineering support, which could strengthen margins and enterprise adoption. CNBC: Amazon is designing its own AI chips for Echo, Fire TV and future devices
• Positive Sentiment: Prime Day sales reportedly rose to a record $26.4 billion, signaling strong e-commerce demand and improving sentiment ahead of quarterly results. Yahoo Finance/Reuters: Online Spending Rises 5.3% on First Day of Amazon’s Prime Day

Insider Buying and Selling at Amazon.com

In other news, CEO Matthew S. Garman sold 15,467 shares of Amazon.com stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $263.40, for a total transaction of $4,074,007.80. Following the completion of the sale, the chief executive officer owned 14,159 shares in the company, valued at approximately $3,729,480.60. This trade represents a 52.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Shelley Reynolds sold 2,363 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $262.38, for a total transaction of $620,003.94. Following the completion of the transaction, the vice president directly owned 119,780 shares in the company, valued at $31,427,876.40. The trade was a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 195,774 shares of company stock worth $51,643,704. Company insiders own 8.90% of the company's stock.

Amazon.com Price Performance

AMZN opened at $242.67 on Friday. Amazon.com, Inc. has a 1 year low of $196.00 and a 1 year high of $278.56. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.18 and a quick ratio of 1.01. The company has a market capitalization of $2.61 trillion, a price-to-earnings ratio of 29.03, a P/E/G ratio of 1.80 and a beta of 1.46. The firm's fifty day moving average price is $254.82 and its two-hundred day moving average price is $234.51.

Amazon.com (NASDAQ:AMZN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share for the quarter, topping the consensus estimate of $1.63 by $1.15. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.The business had revenue of $181.52 billion for the quarter, compared to analysts' expectations of $177.28 billion. During the same quarter in the previous year, the firm earned $1.59 earnings per share. The business's revenue was up 16.6% on a year-over-year basis. As a group, analysts anticipate that Amazon.com, Inc. will post 7.75 earnings per share for the current fiscal year.

About Amazon.com

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon's online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

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