Amazon.com, Inc. (NASDAQ:AMZN) Shares Sold by Chemung Canal Trust Co.

Key Points

• Chemung Canal Trust Co. reduced its stake in Amazon.com, Inc. by 14.0% during Q1, retaining 55,493 shares valued at approximately $10.56 million.
• Amazon reported Q2 earnings of $1.68 per share, exceeding estimates, and had a revenue of $167.7 billion, reflecting a 13.3% increase year-over-year.
• Several analysts have raised their price targets for Amazon, with an average target price now at $262.45, and a consensus rating of "Buy" from analysts.

Chemung Canal Trust Co. cut its stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 14.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,493 shares of the e-commerce giant's stock after selling 9,046 shares during the period. Amazon.com accounts for about 2.3% of Chemung Canal Trust Co.'s portfolio, making the stock its 11th largest position. Chemung Canal Trust Co.'s holdings in Amazon.com were worth $10,558,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Amazon.com in the fourth quarter worth $27,000. LSV Asset Management acquired a new stake in Amazon.com during the fourth quarter valued at $35,000. Perritt Capital Management Inc grew its position in Amazon.com by 72.7% during the fourth quarter. Perritt Capital Management Inc now owns 190 shares of the e-commerce giant's stock valued at $42,000 after buying an additional 80 shares during the period. Cooksen Wealth LLC acquired a new stake in Amazon.com during the first quarter valued at $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in Amazon.com during the first quarter valued at $40,000. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Amazon.com Price Performance

Shares of AMZN traded up $8.44 during trading hours on Wednesday, reaching $222.19. 54,656,017 shares of the company traded hands, compared to its average volume of 45,179,059. The stock has a market capitalization of $2.37 trillion, a PE ratio of 33.87, a price-to-earnings-growth ratio of 1.45 and a beta of 1.31. The stock has a fifty day simple moving average of $218.57 and a 200 day simple moving average of $208.96. Amazon.com, Inc. has a fifty-two week low of $161.38 and a fifty-two week high of $242.52. The company has a quick ratio of 0.81, a current ratio of 1.02 and a debt-to-equity ratio of 0.15.

Amazon.com (NASDAQ:AMZN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.37. The business had revenue of $167.70 billion during the quarter, compared to the consensus estimate of $161.80 billion. Amazon.com had a net margin of 10.54% and a return on equity of 23.84%. The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.26 earnings per share. As a group, research analysts predict that Amazon.com, Inc. will post 6.31 EPS for the current fiscal year.

Insider Transactions at Amazon.com

In other news, CEO Douglas J. Herrington sold 2,500 shares of Amazon.com stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $217.00, for a total transaction of $542,500.00. Following the completion of the sale, the chief executive officer directly owned 512,050 shares in the company, valued at $111,114,850. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeffrey P. Bezos sold 2,643,142 shares of Amazon.com stock in a transaction dated 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 of the company's stock, valued at approximately $203,649,402,587.43. This trade represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,102,037 shares of company stock valued at $5,674,937,048. Insiders own 10.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on AMZN. Citizens Jmp started coverage on shares of Amazon.com in a research report on Thursday, July 10th. They set a "strong-buy" rating on the stock. BNP Paribas raised shares of Amazon.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Needham & Company LLC reissued a "buy" rating and set a $265.00 target price on shares of Amazon.com in a research note on Friday, August 1st. Royal Bank Of Canada boosted their target price on shares of Amazon.com from $230.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Monness Crespi & Hardt boosted their target price on shares of Amazon.com from $265.00 to $275.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. One research analyst has 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.com, the company has an average rating of "Buy" and an average target price of $262.45.

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.