Amazon.com, Inc. $AMZN Shares Sold by AMG Asset Management Group Inc.

Key Points

• AMG Asset Management Group cut its Amazon stake by 25.1% in the third quarter, selling 4,291 shares and retaining 12,809 shares valued at about $3.19 million.
• Institutional ownership of Amazon stands at 72.2%; several large investors, including State Street, increased their positions during the second quarter.
• Amazon’s latest quarterly earnings and revenue slightly missed analyst estimates, although revenue grew 12.1% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $321.74.

AMG Asset Management Group Inc. decreased its position in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 25.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,809 shares of the e-commerce giant's stock after selling 4,291 shares during the period. Amazon.com makes up 2.0% of AMG Asset Management Group Inc.'s holdings, making the stock its 13th biggest position. AMG Asset Management Group Inc.'s holdings in Amazon.com were worth $3,191,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp raised its position in shares of Amazon.com by 5.5% in the 2nd quarter. State Street Corp now owns 411,848,346 shares of the e-commerce giant's stock valued at $95,504,904,000 after buying an additional 21,398,025 shares in the last quarter. Bank of America Corp DE bought a new stake in Amazon.com during the second quarter worth $22,218,775,000. Bank of New York Mellon Corp bought a new stake in Amazon.com during the second quarter worth $16,341,405,000. Amundi lifted its stake in Amazon.com by 3.9% during the second quarter. Amundi now owns 63,822,242 shares of the e-commerce giant's stock worth $15,211,393,000 after purchasing an additional 2,421,739 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Amazon.com in the 2nd quarter valued at $12,831,376,000. Institutional investors and hedge funds own 72.20% of the company's stock.

Trending Headlines about Amazon.com

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

• Positive Sentiment: AWS growth and demand are driving optimism. AWS revenue grew nearly 40% in the latest quarter, while its $578 billion backlog points to substantial future demand. Management expects AWS growth above 40% in 2027 and 2028, helping bolster the long-term AI and cloud outlook. Article: Amazon Has Erased Its Earnings Sell-Off, But Is the Biggest Opportunity Still Ahead?
• Positive Sentiment: Market conditions favored large technology companies. A post-election rally lifted Big Tech, with investors appearing less concerned that potential data-center restrictions would derail the largest cloud providers’ expansion plans. A reported cloud-capacity shortage may also give Amazon and peers room to raise prices. Article: Microsoft and Amazon combine for a $400 billion market-cap boost
• Positive Sentiment: Amazon is expanding Alexa shopping access. A new merchant workspace lets eligible sellers connect their stores to Alexa for Shopping and Amazon’s online properties, potentially broadening product selection and shopping engagement. Article: Amazon Offers Merchants New Connection to Alexa for Shopping
• Neutral Sentiment: Worldwide Amazon Stores CEO Douglas Herrington sold 1,000 shares under a pre-arranged Rule 10b5-1 plan, a small portion of his remaining holdings; the planned transaction is not necessarily a signal about the company’s outlook. SEC filing
• Negative Sentiment: AI investment is weighing on cash generation. Amazon’s roughly $220 billion spending plan is contributing to negative free cash flow, leaving investors focused on when infrastructure spending will produce returns. AI shopping agents could also challenge the advertising revenue and customer-data model used by Amazon and other retailers. Article: AI shopping agents could threaten Amazon and Walmart's ad business

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Pivotal Research reiterated a "buy" rating and issued a $333.00 price target (up from $320.00) on shares of Amazon.com in a research note on Friday, July 31st. Piper Sandler restated an "overweight" rating on shares of Amazon.com in a research report on Friday, October 30th. KeyCorp set a $345.00 price objective on Amazon.com and gave the company an "overweight" rating in a research note on Friday, October 30th. TD Cowen reiterated a "buy" rating and issued a $340.00 target price (down from $350.00) on shares of Amazon.com in a research report on Friday, October 30th. Finally, Tigress Financial reissued a "buy" rating and set a $385.00 target price (up from $315.00) on shares of Amazon.com in a research note on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, fifty-five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $321.74.

Insider Activity at Amazon.com

In related news, CEO Andrew R. Jassy sold 20,000 shares of Amazon.com stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $259.01, for a total transaction of $5,180,200.00. Following the sale, the chief executive officer directly owned 2,235,766 shares in the company, valued at $579,085,751.66. This trade represents a 0.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Shelley Reynolds sold 2,343 shares of Amazon.com stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $259.01, for a total transaction of $606,860.43. Following the sale, the vice president owned 119,780 shares in the company, valued at approximately $31,024,217.80. This represents a 1.92% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 71,589 shares of company stock valued at $18,545,595. Corporate insiders own 8.90% of the company's stock.

Amazon.com Trading Up 6.2%

NASDAQ AMZN opened at $266.31 on Thursday. The company has a market cap of $2.88 trillion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 1.90 and a beta of 1.49. Amazon.com, Inc. has a twelve month low of $196.00 and a twelve month high of $287.20. The company has a quick ratio of 0.82, a current ratio of 0.99 and a debt-to-equity ratio of 0.28. The business's fifty day moving average is $253.90 and its 200 day moving average is $243.32.

Amazon.com (NASDAQ:AMZN - Get Free Report) last issued its earnings results on Thursday, October 29th. The e-commerce giant reported $1.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.97 by ($0.08). The firm had revenue of $201.94 billion during the quarter, compared to analyst estimates of $202.22 billion. Amazon.com had a return on equity of 15.72% and a net margin of 16.90%. Amazon.com's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. As a group, sell-side analysts expect that Amazon.com, Inc. will post 7.80 EPS for the current fiscal year.

About Amazon.com

Amazon.com, Inc is a global technology and e-commerce company founded by Jeff Bezos in 1994. Originally launched as an online bookstore, the company has expanded into a broad digital marketplace offering consumer products across numerous categories, including electronics, household goods, apparel, groceries and other merchandise. Amazon also sells products under its own brands and provides logistics, fulfillment and delivery services that support its retail operations and third-party sellers.

The company's principal businesses include online and physical retail, Amazon Web Services (AWS), digital advertising, subscription services and consumer technology.

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