Correct Capital Wealth Management Purchases 2,744 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

Correct Capital Wealth Management grew its stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 13.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,095 shares of the e-commerce giant's stock after purchasing an additional 2,744 shares during the period. Amazon.com comprises approximately 0.7% of Correct Capital Wealth Management's investment portfolio, making the stock its 16th largest position. Correct Capital Wealth Management's holdings in Amazon.com were worth $4,394,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in shares of Amazon.com by 10.9% during the fourth quarter. Brighton Jones LLC now owns 4,036,091 shares of the e-commerce giant's stock valued at $885,478,000 after purchasing an additional 397,007 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of Amazon.com by 4.1% during the fourth quarter. Revolve Wealth Partners LLC now owns 25,045 shares of the e-commerce giant's stock valued at $5,495,000 after purchasing an additional 986 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Amazon.com by 2.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,016,869 shares of the e-commerce giant's stock valued at $442,481,000 after acquiring an additional 54,987 shares in the last quarter. Highview Capital Management LLC DE increased its holdings in Amazon.com by 5.5% during the fourth quarter. Highview Capital Management LLC DE now owns 28,975 shares of the e-commerce giant's stock worth $6,357,000 after buying an additional 1,518 shares during the last quarter. Finally, Liberty Square Wealth Partners LLC bought a new position in Amazon.com during the fourth quarter valued at $2,153,000. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Amazon.com Stock Performance

Amazon.com stock traded down $0.44 during midday trading on Friday, reaching $222.69. 32,911,537 shares of the company traded hands, compared to its average volume of 45,060,172. The firm has a market capitalization of $2.37 trillion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 1.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.81. Amazon.com, Inc. has a 12 month low of $161.38 and a 12 month high of $242.52. The business has a 50 day moving average of $219.27 and a two-hundred day moving average of $209.03.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMZN. Citigroup boosted their price target on shares of Amazon.com from $265.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Wedbush upped their price target on Amazon.com from $235.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group restated a "buy" rating on shares of Amazon.com in a research report on Friday, August 1st. BNP Paribas raised shares of Amazon.com from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Telsey Advisory Group raised their price target on Amazon.com from $235.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a hold rating, forty-seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Amazon.com currently has an average rating of "Buy" and a consensus target price of $262.45.

Insiders Place Their Bets

In other Amazon.com news, insider Jeffrey P. Bezos sold 2,643,142 shares of the firm's 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 directly owned 883,779,901 shares of the company's stock, valued at $203,649,402,587.43. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Douglas J. Herrington sold 2,500 shares of the 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 transaction, the chief executive officer directly owned 512,050 shares of the company's stock, valued at $111,114,850. This trade represents a 0.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,102,037 shares of company stock valued at $5,674,937,048. Corporate insiders own 9.70% of the company's stock.

Amazon.com Company Profile

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.