Amazon.com, Inc. $AMZN Shares Sold by Angeles Wealth Management LLC

Key Points

• Angeles Wealth Management cut its Amazon stake by 5.2% in the third quarter, selling 6,105 shares and retaining 112,419 shares valued at about $28 million.
• Institutional ownership remains substantial: hedge funds and other institutions own 72.2% of Amazon shares, while analysts’ consensus rating is “Moderate Buy” with a $321.74 price target.
• Amazon’s latest quarterly results slightly missed analyst expectations for both earnings and revenue, though revenue increased 12.1% year over year.

Angeles Wealth Management LLC reduced its position in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 5.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,419 shares of the e-commerce giant's stock after selling 6,105 shares during the quarter. Amazon.com makes up about 1.1% of Angeles Wealth Management LLC's holdings, making the stock its 16th largest position. Angeles Wealth Management LLC's holdings in Amazon.com were worth $28,009,000 at the end of the most recent reporting period.

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

Recent Amazon.com Headlines

These are some of the AMZN headlines that stood out recently:

• Neutral Sentiment: A planned launch of 40 Amazon Leo satellites could advance its satellite-internet service, although the launch itself does not establish the service’s eventual commercial returns. TipRanks article
• Negative Sentiment: Amazon’s European unit and managers could face a criminal trial in Italy over alleged unpaid import VAT and customs duties on third-party cross-border sales. A trial could bring legal costs, penalties, or reputational risk; the allegations have not been resolved. Yahoo Finance article
• Negative Sentiment: United Airlines’ CEO reportedly criticized Amazon Leo as a mistake while praising Starlink’s competitive position, highlighting execution and competition risks for Amazon’s satellite initiative. Benzinga article

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AMZN shares. Phillip Securities upgraded Amazon.com from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, November 2nd. Evercore reissued an "outperform" rating on shares of Amazon.com in a research report on Friday, October 30th. Mizuho lifted their price objective on Amazon.com from $330.00 to $335.00 and gave the company an "outperform" rating in a research note on Friday, October 30th. TD Cowen restated a "buy" rating and issued a $340.00 price target (down from $350.00) on shares of Amazon.com in a research note on Friday, October 30th. Finally, Guggenheim restated a "buy" rating and set a $320.00 price objective on shares of Amazon.com in a research report on Friday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fifty-five have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Amazon.com has an average rating of "Moderate Buy" and a consensus price target of $321.74.

Insiders Place Their Bets

In other Amazon.com news, CFO Brian Olsavsky sold 6,172 shares of Amazon.com stock in a transaction on Friday, August 21st. The shares were sold at an average price of $260.31, for a total value of $1,606,633.32. Following the sale, the chief financial officer directly owned 109,207 shares in the company, valued at approximately $28,427,674.17. The trade was a 5.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Jassy sold 20,000 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $259.01, for a total value 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 71,589 shares of company stock worth $18,545,595 over the last ninety days. 8.90% of the stock is owned by company insiders.

Amazon.com Stock Down 0.3%

AMZN stock opened at $266.66 on Friday. 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 stock has a market cap of $2.88 trillion, a P/E ratio of 21.56, a PEG ratio of 2.03 and a beta of 1.49. The business's 50-day moving average price is $254.82 and its 200-day moving average price is $244.32.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its earnings results on Thursday, October 29th. The e-commerce giant reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.97 by ($0.08). Amazon.com had a return on equity of 15.72% and a net margin of 16.90%. The firm had revenue of $201.94 billion during the quarter, compared to analysts' expectations of $202.22 billion. During the same period in the prior year, the company posted $1.95 earnings per share. The company's revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Amazon.com, Inc. will post 7.80 EPS for the current year.

About Amazon.com

Amazon.com, Inc. is a technology and e-commerce company founded by Jeff Bezos in 1994 as an online bookstore. It has since grown into a global business serving consumers, sellers, developers, enterprises and content creators. Amazon operates online stores and marketplaces, where it sells products directly and enables third-party sellers to reach customers. Its other businesses include Amazon Web Services, which provides cloud computing and related services; digital advertising; Prime memberships; and entertainment offerings such as streaming video and music.

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