Atreides Management LP Buys 265,761 Shares of Amazon.com, Inc. $AMZN

Key Points

• Atreides Management increased its Amazon stake by 38.6% in the first quarter, buying 265,761 additional shares to own 953,560 shares valued at approximately $198.6 million. Institutional investors and hedge funds collectively own 72.2% of Amazon.
• Amazon reported a strong quarter, with $5.75 earnings per share versus the $1.82 consensus estimate and revenue of $200.61 billion, up 19.6% year over year and above analyst expectations.
• Wall Street remains broadly bullish: Amazon has a “Moderate Buy” consensus rating and an average price target of $322.56, compared with a reported share price of $278.09.

Atreides Management LP lifted its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 38.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 953,560 shares of the e-commerce giant's stock after purchasing an additional 265,761 shares during the quarter. Amazon.com comprises approximately 4.0% of Atreides Management LP's portfolio, making the stock its 6th biggest position. Atreides Management LP's holdings in Amazon.com were worth $198,598,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMZN. Encore Global Management LP purchased a new position in Amazon.com during the 1st quarter worth $3,436,000. Opal Capital LLC raised its holdings in Amazon.com by 92.4% during the first quarter. Opal Capital LLC now owns 26,834 shares of the e-commerce giant's stock worth $5,589,000 after purchasing an additional 12,889 shares in the last quarter. Kanen Wealth Management LLC acquired a new stake in Amazon.com in the first quarter valued at about $444,000. Sunbelt Securities Inc. lifted its position in Amazon.com by 1.9% in the first quarter. Sunbelt Securities Inc. now owns 88,838 shares of the e-commerce giant's stock valued at $18,502,000 after purchasing an additional 1,658 shares during the period. Finally, Guardian Partners Inc. boosted its holdings in Amazon.com by 10.4% in the 1st quarter. Guardian Partners Inc. now owns 23,088 shares of the e-commerce giant's stock valued at $4,820,000 after purchasing an additional 2,182 shares in the last quarter. 72.20% of the stock is owned by institutional investors and hedge funds.

Amazon.com Price Performance

AMZN opened at $278.09 on Tuesday. Amazon.com, Inc. has a 1 year low of $196.00 and a 1 year high of $287.20. The company's 50 day simple moving average is $246.69 and its 200 day simple moving average is $237.78. The stock has a market capitalization of $3.00 trillion, a PE ratio of 22.37, a P/E/G ratio of 1.83 and a beta of 1.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 1.03.

Amazon.com (NASDAQ:AMZN - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 EPS for the quarter, topping the consensus estimate of $1.82 by $3.93. The firm had revenue of $200.61 billion during the quarter, compared to analyst estimates of $197.03 billion. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. Amazon.com's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.68 earnings per share. As a group, sell-side analysts expect that Amazon.com, Inc. will post 8.05 EPS for the current year.

Insider Buying and Selling at Amazon.com

In related news, SVP David Zapolsky sold 9,270 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $268.53, for a total value of $2,489,273.10. Following the transaction, the senior vice president directly owned 41,190 shares of the company's stock, valued at approximately $11,060,750.70. This trade represents a 18.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Shelley Reynolds sold 2,363 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $262.38, for a total value of $620,003.94. Following the sale, the vice president directly owned 119,780 shares of the company's stock, valued at approximately $31,427,876.40. This trade represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 77,867 shares of company stock worth $20,532,092. 8.90% of the stock is currently owned by company insiders.

Amazon.com News Summary

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

• Positive Sentiment: Amazon’s recent earnings breakout is attracting continued investor interest. Renewed AWS growth and accelerating AI demand could support earnings momentum and a post-earnings drift higher. Amazon: A Post-Earnings Drift Candidate
• Positive Sentiment: Analysts and market commentators point to accelerating cloud revenue as a potential long-term driver that could help Amazon grow beyond its recently achieved $3 trillion market capitalization. Amazon Just Joined the $3 Trillion Club
• Positive Sentiment: A reported institutional and retail “Power Inflow” alert provided a short-term bullish trading signal, helping reinforce buying momentum in AMZN. Amazon Shares Up After Key Trading Signal
• Positive Sentiment: Amazon’s Zoox robotaxi subsidiary began paid rides in Las Vegas after receiving a federal commercial exemption, marking a meaningful commercialization milestone for the company’s autonomous-vehicle investment. Zoox to Begin Paid Rides
• Positive Sentiment: Amazon Pharmacy is offering eligible Medicare patients access to certain weight-loss drugs for $50 per month, potentially expanding customer engagement and the company’s healthcare presence. Amazon Pharmacy Rolls Out Low-Cost Weight-Loss Drugs

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMZN. Robert W. Baird set a $310.00 target price on Amazon.com and gave the stock an "outperform" rating in a research note on Friday, July 31st. Benchmark lifted their price target on Amazon.com from $370.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Telsey Advisory Group set a $335.00 price objective on Amazon.com and gave the stock an "outperform" rating in a report on Friday, July 31st. HSBC reiterated a "buy" rating and issued a $310.00 price target on shares of Amazon.com in a report on Friday, July 31st. Finally, Citigroup reaffirmed a "buy" rating and set a $350.00 price objective (up from $325.00) on shares of Amazon.com in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fifty-six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Amazon.com has an average rating of "Moderate Buy" and an average price target of $322.56.

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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