Riggs Asset Managment Co. Inc. Has $4.74 Million Stock Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

Key Points

• Riggs Asset Management Co. Inc. reduced its holdings in Amazon.com, Inc. by 31.6% in Q1, owning 24,895 shares after selling 11,490 shares during the quarter, amounting to a value of $4,737,000.
• A multitude of hedge funds modified their positions in Amazon, with several increasing their stakes during the fourth quarter, contributing to a total of 72.20% institutional ownership of the company’s stock.
• Amazon's latest earnings report revealed an EPS of $1.68, exceeding analyst expectations, with revenue of $167.70 billion for the quarter, marking a 13.3% increase year-over-year.

Riggs Asset Managment Co. Inc. trimmed its position in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 31.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,895 shares of the e-commerce giant's stock after selling 11,490 shares during the period. Amazon.com comprises about 1.4% of Riggs Asset Managment Co. Inc.'s investment portfolio, making the stock its 27th largest position. Riggs Asset Managment Co. Inc.'s holdings in Amazon.com were worth $4,737,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC purchased a new position in shares of Amazon.com during the 4th quarter worth about $25,000. Prudent Man Investment Management Inc. purchased a new position in shares of Amazon.com during the 4th quarter worth about $27,000. LSV Asset Management purchased a new position in shares of Amazon.com during the 4th quarter worth about $35,000. Inlight Wealth Management LLC purchased a new position in shares of Amazon.com during the 1st quarter worth about $40,000. Finally, Perritt Capital Management Inc lifted its holdings in shares of Amazon.com by 72.7% during the 4th quarter. Perritt Capital Management Inc now owns 190 shares of the e-commerce giant's stock worth $42,000 after acquiring an additional 80 shares during the period. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Amazon.com Price Performance

NASDAQ:AMZN traded down $19.36 during trading hours on Friday, reaching $214.75. The company had a trading volume of 122,007,379 shares, compared to its average volume of 37,811,656. The stock has a 50-day moving average of $218.20 and a two-hundred day moving average of $209.21. Amazon.com, Inc. has a one year low of $151.61 and a one year high of $242.52. The firm has a market capitalization of $2.28 trillion, a PE ratio of 32.74, a PEG ratio of 1.59 and a beta of 1.31. The company has a quick ratio of 0.84, a current ratio of 1.05 and a debt-to-equity ratio of 0.17.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 EPS for the quarter, topping the consensus estimate of $1.31 by $0.37. The company had revenue of $167.70 billion for the quarter, compared to analysts' expectations of $161.80 billion. Amazon.com had a return on equity of 24.90% and a net margin of 10.54%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 earnings per share. Analysts forecast that Amazon.com, Inc. will post 6.31 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMZN shares. Scotiabank increased their price objective on shares of Amazon.com from $250.00 to $275.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada increased their target price on shares of Amazon.com from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday. BNP Paribas raised shares of Amazon.com from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group reissued a "buy" rating on shares of Amazon.com in a research report on Friday. Finally, Evercore ISI dropped their target price on shares of Amazon.com from $270.00 to $260.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Two research analysts have rated the stock with a hold rating, forty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $260.85.

Insider Activity at Amazon.com

In other news, insider Jeffrey P. Bezos sold 2,643,142 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $230.43, for a total transaction of $609,059,211.06. Following the sale, the insider owned 883,779,901 shares in the company, valued at approximately $203,649,402,587.43. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 25,099,537 shares of company stock worth $5,674,394,548 in the last quarter. 9.70% of the stock is currently owned by corporate insiders.

About Amazon.com

Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.