Amazon.com, Inc. $AMZN Stock: Convergence Financial LLC Decreases Holdings

Convergence Financial LLC trimmed its position in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 41.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,971 shares of the e-commerce giant's stock after selling 26,115 shares during the period. Amazon.com accounts for about 1.3% of Convergence Financial LLC's investment portfolio, making the stock its 21st biggest holding. Convergence Financial LLC's holdings in Amazon.com were worth $9,211,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Trust Asset Management LLC grew its position in shares of Amazon.com by 3.3% in the 2nd quarter. Trust Asset Management LLC now owns 107,563 shares of the e-commerce giant's stock worth $26,000 after acquiring an additional 3,414 shares in the last quarter. TOP Private Wealth LLC. bought a new stake in shares of Amazon.com in the 2nd quarter valued at approximately $29,000. Bard Associates Inc. bought a new stake in shares of Amazon.com in the 2nd quarter valued at approximately $32,000. Longfellow Investment Management Co. LLC acquired a new stake in shares of Amazon.com during the 2nd quarter valued at approximately $33,000. Finally, Atomic Invest LLC raised its position in shares of Amazon.com by 41.2% during the 2nd quarter. Atomic Invest LLC now owns 168 shares of the e-commerce giant's stock valued at $40,000 after acquiring an additional 49 shares in the last quarter. 72.20% of the stock is owned by institutional investors.

Amazon.com Stock Performance

Shares of Amazon.com stock traded down $0.78 on Friday, reaching $266.66. 31,035,709 shares of the company were exchanged, compared to its average volume of 50,501,436. The firm has a market cap of $2.88 trillion, a price-to-earnings ratio of 21.56, a P/E/G ratio of 2.03 and a beta of 1.49. Amazon.com, Inc. has a 1-year low of $196.00 and a 1-year high of $287.20. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.99. The company's 50-day moving average is $254.82 and its two-hundred day moving average is $244.32.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its quarterly earnings data 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 company had revenue of $201.94 billion for the quarter, compared to analyst estimates of $202.22 billion. Amazon.com had a net margin of 16.90% and a return on equity of 15.72%. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.95 EPS. As a group, research analysts expect that Amazon.com, Inc. will post 7.80 earnings per share for the current fiscal year.

Latest Amazon.com News

These are some of the AMZN news items that stood out recently:

• Positive Sentiment: Amazon’s planned World Product Graph would catalog products available across the internet, including items Amazon doesn’t stock. If it makes Amazon a starting point for more shopping searches, it could strengthen product discovery and attract advertising revenue. Reuters article
• 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

Analyst Ratings Changes

Several equities analysts recently issued reports on AMZN shares. The Goldman Sachs Group restated a "conviction-buy" rating and set a $370.00 price objective on shares of Amazon.com in a research note on Friday, October 30th. Wedbush lowered their target price on shares of Amazon.com from $310.00 to $298.00 and set an "outperform" rating for the company in a research note on Friday, October 30th. Morgan Stanley lowered their target price on shares of Amazon.com from $350.00 to $335.00 and set an "overweight" rating for the company in a research note on Friday, October 30th. Robert W. Baird set a $310.00 target price on shares of Amazon.com and gave the stock an "outperform" rating in a report on Friday, July 31st. Finally, Freedom Broker raised their price target on shares of Amazon.com from $255.00 to $330.00 and gave the stock a "buy" rating in a research report on Tuesday, November 3rd. 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 company's stock. According to data from MarketBeat, Amazon.com presently has an average rating of "Moderate Buy" and an average price target of $321.74.

Insider Transactions at Amazon.com

In other Amazon.com news, CEO Douglas Herrington sold 1,000 shares of the firm's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $243.47, for a total value of $243,470.00. Following the sale, the chief executive officer directly owned 473,681 shares in the company, valued at approximately $115,327,113.07. This trade represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a 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 2,343 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $259.01, for a total value of $606,860.43. Following the completion of the sale, the vice president owned 119,780 shares in the company, valued at $31,024,217.80. The trade was a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 71,589 shares of company stock valued at $18,545,595 over the last three months. 8.90% of the stock is currently owned by company insiders.

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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