Amazon.com, Inc. $AMZN is Jennison Associates LLC's 2nd Largest Position

Key Points

• Jennison Associates trimmed its Amazon stake by 4.4% in the first quarter, but still held 41.5 million shares worth approximately $8.64 billion, making Amazon its second-largest position. Institutional investors collectively own 72.2% of Amazon’s stock.
• Amazon reported a strong second quarter, with revenue rising 19.6% year over year to $200.6 billion and EPS of $5.75, far exceeding the $1.82 consensus estimate. AWS growth accelerated 37% to $42.2 billion, supported by stronger enterprise AI demand.
• Despite widespread analyst price-target increases and a “Moderate Buy” consensus, Amazon raised its 2026 capital-spending outlook to $220 billion and issued third-quarter revenue guidance below expectations. Insiders sold 135,719 shares worth about $36.4 million during the quarter.

Jennison Associates LLC trimmed its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,507,558 shares of the e-commerce giant's stock after selling 1,929,646 shares during the period. Amazon.com comprises about 5.9% of Jennison Associates LLC's holdings, making the stock its 2nd biggest position. Jennison Associates LLC owned about 0.39% of Amazon.com worth $8,644,779,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AMZN. Aviance Capital Partners LLC grew its holdings in shares of Amazon.com by 2.3% in the 1st quarter. Aviance Capital Partners LLC now owns 137,027 shares of the e-commerce giant's stock worth $28,539,000 after acquiring an additional 3,081 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in Amazon.com by 7.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45,912 shares of the e-commerce giant's stock valued at $9,562,000 after purchasing an additional 3,039 shares in the last quarter. Pavion Blue Capital LLC raised its holdings in Amazon.com by 0.8% during the first quarter. Pavion Blue Capital LLC now owns 25,897 shares of the e-commerce giant's stock worth $5,394,000 after purchasing an additional 217 shares during the last quarter. GatePass Capital LLC raised its holdings in Amazon.com by 17.7% during the first quarter. GatePass Capital LLC now owns 7,625 shares of the e-commerce giant's stock worth $1,588,000 after purchasing an additional 1,145 shares during the last quarter. Finally, German American Bancorp Inc. boosted its position in Amazon.com by 1.1% during the first quarter. German American Bancorp Inc. now owns 151,064 shares of the e-commerce giant's stock worth $31,462,000 after purchasing an additional 1,587 shares in the last quarter. Hedge funds and other institutional investors own 72.20% of the company's stock.

Insiders Place Their Bets

In other news, CEO Matthew S. Garman sold 15,467 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $263.40, for a total value of $4,074,007.80. Following the completion of the transaction, the chief executive officer owned 14,159 shares of the company's stock, valued at $3,729,480.60. The trade was a 52.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Douglas J. Herrington sold 27,500 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $275.00, for a total transaction of $7,562,500.00. Following the sale, the chief executive officer owned 471,361 shares in the company, valued at approximately $129,624,275. This trade represents a 5.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 135,719 shares of company stock valued at $36,438,002. 8.90% of the stock is currently owned by insiders.

Amazon.com News Summary

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

• Positive Sentiment: Amazon reported record quarterly sales of $200.6 billion, up nearly 20% year over year, while earnings per share of $5.75 significantly exceeded the $1.82 consensus estimate. Operating income rose 43% to $27.5 billion. Amazon second-quarter results
• Positive Sentiment: AWS revenue accelerated 37% to $42.2 billion—its fastest growth in 18 quarters—beating expectations as enterprise AI demand strengthened. The result helped ease concerns that Amazon’s massive AI infrastructure investments would not produce adequate returns. Amazon AWS growth
• Positive Sentiment: Advertising revenue climbed 26% to approximately $19.8 billion, while stronger e-commerce activity and robotics-supported fulfillment added to the broad-based quarterly beat.
• Positive Sentiment: Multiple firms raised their price targets following the results, including JPMorgan to $365, Benchmark to $400, Truist to $350, and RBC to $330. Analysts cited accelerating AWS growth, AI monetization and margin potential. Amazon analyst price targets
• Positive Sentiment: Amazon completed the remaining $35 billion of its planned OpenAI investment, bringing its total commitment to $50 billion. The partnership could support future AWS demand, although it also increases capital commitments. Amazon OpenAI investment
• Neutral Sentiment: Amazon raised its 2026 capital-spending outlook to $220 billion to expand AI and cloud capacity. Management sees demand extending into 2028, but the scale of spending will keep free cash flow and funding requirements under scrutiny.
• Neutral Sentiment: The company expects third-quarter revenue of $197 billion to $202 billion, below the roughly $204.6 billion analyst consensus, creating a potential near-term headwind despite the strong quarter.
• Negative Sentiment: Amazon faces consumer lawsuits alleging misleading seafood sustainability claims and the sale of protein powder allegedly contaminated with heavy metals. The cases could create legal, reputational and compliance costs, though their financial impact is currently unclear. Amazon consumer lawsuit

Amazon.com Trading Up 15.3%

Shares of AMZN stock opened at $271.58 on Friday. The firm has a 50-day moving average price of $245.70 and a 200 day moving average price of $236.22. Amazon.com, Inc. has a twelve month low of $196.00 and a twelve month high of $278.56. The company has a market capitalization of $2.92 trillion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.75 and a beta of 1.46. The company has a current ratio of 1.18, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 19.59%. The company had revenue of $200.61 billion for the quarter, compared to analyst estimates of $197.03 billion. During the same period in the prior year, the firm earned $1.68 EPS. The firm's quarterly revenue was up 19.6% on a year-over-year basis. Research analysts forecast that Amazon.com, Inc. will post 7.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

AMZN has been the topic of a number of research reports. BNP Paribas Exane increased their price objective on shares of Amazon.com from $320.00 to $345.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Mizuho set a $330.00 target price on shares of Amazon.com and gave the stock an "outperform" rating in a research report on Friday. New Street Research upped their price target on shares of Amazon.com from $280.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 4th. Roth Capital increased their price target on shares of Amazon.com from $285.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Finally, Morgan Stanley reissued an "overweight" rating and set a $335.00 price objective (up from $330.00) on shares of Amazon.com in a research note on Friday. Fifty-six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $322.12.

Amazon.com Company Profile

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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