Cullinan Associates Inc. Raises Holdings in Amazon.com, Inc. $AMZN

Key Points

• Cullinan Associates increased its Amazon stake by 7.2% in the second quarter, adding 8,500 shares to own 126,253 shares valued at approximately $30.1 million. Institutional investors collectively own 72.2% of Amazon.
• Analysts remain broadly bullish, with 56 Buy ratings and three Holds; Amazon has a consensus “Moderate Buy” rating and an average price target of $321.19.
• Amazon reported quarterly revenue of $200.61 billion, up 19.6% year over year, and significantly beat earnings expectations. However, investors remain focused on the risks of heavy AI infrastructure spending, while insiders sold shares worth roughly $18.6 million over the past 90 days.

Cullinan Associates Inc. boosted its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 7.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 126,253 shares of the e-commerce giant's stock after buying an additional 8,500 shares during the period. Amazon.com accounts for 2.3% of Cullinan Associates Inc.'s portfolio, making the stock its 10th biggest holding. Cullinan Associates Inc.'s holdings in Amazon.com were worth $30,091,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Greenwood Capital Associates LLC increased its position in Amazon.com by 1.3% in the 2nd quarter. Greenwood Capital Associates LLC now owns 79,928 shares of the e-commerce giant's stock worth $19,050,000 after purchasing an additional 1,053 shares during the last quarter. Trustmark Bank Trust Department lifted its stake in shares of Amazon.com by 7.0% in the 2nd quarter. Trustmark Bank Trust Department now owns 60,671 shares of the e-commerce giant's stock valued at $14,460,000 after purchasing an additional 3,993 shares during the last quarter. New Mexico Educational Retirement Board boosted its holdings in Amazon.com by 8.7% in the second quarter. New Mexico Educational Retirement Board now owns 486,696 shares of the e-commerce giant's stock worth $115,999,000 after purchasing an additional 38,796 shares in the last quarter. Royal London Asset Management Ltd. boosted its holdings in Amazon.com by 0.8% in the second quarter. Royal London Asset Management Ltd. now owns 8,904,735 shares of the e-commerce giant's stock worth $2,122,355,000 after purchasing an additional 68,469 shares in the last quarter. Finally, Toth Financial Advisory Corp increased its position in Amazon.com by 1.3% during the second quarter. Toth Financial Advisory Corp now owns 16,596 shares of the e-commerce giant's stock worth $3,956,000 after buying an additional 215 shares during the last quarter. Institutional investors and hedge funds own 72.20% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Monness Crespi & Hardt raised their target price on Amazon.com from $315.00 to $330.00 and gave the company a "buy" rating in a report on Friday, July 31st. Raymond James Financial reiterated an "outperform" rating and issued a $390.00 target price (up from $280.00) on shares of Amazon.com in a research note on Friday, July 31st. KeyCorp upped their price target on shares of Amazon.com from $335.00 to $350.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Phillip Securities downgraded Amazon.com from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, August 3rd. Finally, Telsey Advisory Group set a $335.00 price target on Amazon.com and gave the company an "outperform" rating in a research report on Friday, July 31st. Fifty-six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Amazon.com currently has an average rating of "Moderate Buy" and an average target price of $321.19.

More Amazon.com News

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

• Positive Sentiment: AWS and AI infrastructure remain the central bullish case. Analysts and commentators argue that Amazon’s roughly $200 billion 2026 capital-expenditure plan reflects substantial demand for AWS computing, custom chips and AI capacity. Amazon is also reportedly preparing to receive approximately $2.4 billion in backup-generator orders from Generac in 2027 and 2028, underscoring the scale of its data-center expansion. Amazon AI capital expenditures article Generac data-center orders article
• Positive Sentiment: Expansion of merchant services could broaden revenue beyond Amazon.com. New tools let sellers manage listings, inventory and orders across channels including Walmart, Shopify, TikTok and eBay. Amazon is also extending Prime delivery and fulfillment services to merchants’ own websites, potentially increasing third-party logistics revenue and seller dependence on its ecosystem. Amazon merchant services article
• Neutral Sentiment: Anthropic remains strategically important, but its infrastructure is becoming more diversified. Anthropic committed about $11.6 billion to an Akamai CPU agreement, which can be viewed as a setback for AWS. However, Amazon retains a major equity stake and an ongoing AWS relationship, limiting the immediate financial impact. Anthropic Akamai agreement article
• Negative Sentiment: Investors remain concerned that AI spending may outpace monetization. Goldman Sachs estimates hyperscalers may need roughly $300 billion in additional AI revenue to justify their investments, while Michael Burry and Jefferies’ Chris Wood have warned of leverage, overcapacity and potential write-offs. Those concerns could pressure AMZN’s valuation despite strong AWS demand. Goldman Sachs AI spending article
• Negative Sentiment: Amazon’s $3 billion India quick-commerce investment adds near-term cost and execution risk while the company attempts to catch rivals with a relatively small market share. The decision to block Meta’s Muse shopping agent also risks diverting AI-driven purchases toward Shopify and other platforms. Amazon India investment article

Insiders Place Their Bets

In other Amazon.com news, CEO Matthew Garman sold 14,541 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $259.06, for a total value of $3,766,991.46. Following the sale, the chief executive officer owned 17,794 shares of the company's stock, valued at $4,609,713.64. The trade was a 44.97% decrease in their position. The sale 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, SVP David Zapolsky sold 9,258 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $259.77, for a total transaction of $2,404,950.66. Following the completion of the transaction, the senior vice president owned 41,190 shares of the company's stock, valued at approximately $10,699,926.30. This represents a 18.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 71,589 shares of company stock valued at $18,568,785 in the last ninety days. 8.90% of the stock is currently owned by insiders.

Amazon.com Price Performance

Shares of AMZN opened at $249.67 on Monday. The company has a 50-day simple moving average of $256.39 and a 200-day simple moving average of $247.20. The firm has a market capitalization of $2.69 trillion, a P/E ratio of 20.09, a P/E/G ratio of 1.93 and a beta of 1.44. 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, Inc. has a 52 week low of $196.00 and a 52 week high of $287.20.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 earnings per share for the quarter, beating the consensus estimate of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. The business had revenue of $200.61 billion during the quarter, compared to analysts' expectations of $197.03 billion. During the same quarter last year, the company earned $1.68 earnings per share. The firm's revenue was up 19.6% on a year-over-year basis. On average, equities research analysts expect that Amazon.com, Inc. will post 8.01 earnings per share for the current year.

Amazon.com Profile

Amazon.com, Inc is a global technology and e-commerce company that operates online marketplaces and provides a broad range of consumer products and services. Its retail business sells merchandise directly to customers and enables third-party sellers to offer products through Amazon's websites and applications. The company also operates physical stores and provides services such as digital content, subscriptions, and consumer devices, including Kindle and Echo products.

Amazon Web Services (AWS) provides cloud computing, storage, database, analytics, artificial intelligence, machine learning, and other technology services to businesses, governments, and organizations.

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