DeLarme Wealth Management Inc. Takes Position in Amazon.com, Inc. $AMZN

Key Points

• DeLarme Wealth Management acquired 2,226 Amazon shares worth approximately $531,000 in the second quarter, making Amazon 0.3% of its portfolio. Institutional investors and hedge funds collectively own 72.2% of Amazon’s stock.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $323.26; recent targets range from $310 to $365.
• Amazon beat quarterly expectations with $5.75 in EPS and $200.61 billion in revenue, while revenue increased 19.6% year over year. Company insiders sold 71,589 shares worth approximately $18.6 million during the last quarter under pre-arranged trading plans.

DeLarme Wealth Management Inc. acquired a new position in Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,226 shares of the e-commerce giant's stock, valued at approximately $531,000. Amazon.com accounts for 0.3% of DeLarme Wealth Management Inc.'s investment portfolio, making the stock its 25th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Trust Asset Management LLC increased its holdings in shares of Amazon.com by 3.3% in the 2nd quarter. Trust Asset Management LLC now owns 107,563 shares of the e-commerce giant's stock valued at $26,000 after purchasing an additional 3,414 shares during the period. Longfellow Investment Management Co. LLC acquired a new stake in shares of Amazon.com during the second quarter worth approximately $33,000. MilWealth Group LLC boosted its holdings in shares of Amazon.com by 79.0% during the fourth quarter. MilWealth Group LLC now owns 179 shares of the e-commerce giant's stock worth $41,000 after purchasing an additional 79 shares during the period. Lifetime Wealth Management P.C. purchased a new position in Amazon.com during the fourth quarter valued at approximately $45,000. Finally, Prudent Man Investment Management Inc. grew its position in Amazon.com by 87.7% during the fourth quarter. Prudent Man Investment Management Inc. now owns 229 shares of the e-commerce giant's stock valued at $53,000 after purchasing an additional 107 shares in the last quarter. Institutional investors and hedge funds own 72.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. HSBC reiterated a "buy" rating and issued a $310.00 target price on shares of Amazon.com in a research report on Friday, July 31st. Barclays reaffirmed an "overweight" rating and issued a $365.00 price target (up from $330.00) on shares of Amazon.com in a research note on Friday, July 31st. Wells Fargo & Company reissued an "overweight" rating and set a $338.00 price objective (up from $328.00) on shares of Amazon.com in a research report on Thursday, September 3rd. Morgan Stanley restated an "overweight" rating and issued a $335.00 target price (up from $330.00) on shares of Amazon.com in a research note on Friday, July 31st. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $360.00 target price (up from $355.00) on shares of Amazon.com in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifty-six have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $323.26.

Amazon.com Trading Down 1.3%

NASDAQ:AMZN opened at $253.54 on Tuesday. The company's 50 day moving average is $255.75 and its 200-day moving average is $244.72. The company has a quick ratio of 0.87, a current ratio of 1.03 and a debt-to-equity ratio of 0.23. Amazon.com, Inc. has a 12 month low of $196.00 and a 12 month high of $287.20. The firm has a market cap of $2.73 trillion, a price-to-earnings ratio of 20.40, a P/E/G ratio of 1.98 and a beta of 1.44.

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

Insider Activity at Amazon.com

In other news, CEO Andrew R. Jassy sold 20,000 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $259.01, for a total transaction of $5,180,200.00. Following the completion of the transaction, the chief executive officer owned 2,235,766 shares of the company's stock, valued at approximately $579,085,751.66. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Douglas J. Herrington sold 6,362 shares of Amazon.com stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $259.01, for a total value of $1,647,821.62. Following the sale, the chief executive officer directly owned 476,681 shares in the company, valued at approximately $123,465,145.81. This trade represents a 1.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 71,589 shares of company stock valued at $18,568,785. 8.90% of the stock is owned by corporate insiders.

Key Amazon.com News

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

• Positive Sentiment: Amazon’s advertising business is expanding beyond its own properties through a pilot partnership that lets select advertisers extend Amazon campaigns into ChatGPT. The initiative could broaden Amazon DSP’s reach and create a new revenue channel, although financial terms remain undisclosed. Amazon Is Becoming a Gateway to ChatGPT Ads
• Positive Sentiment: Zoox is entering San Francisco’s robotaxi market, increasing Amazon’s exposure to autonomous transportation and creating potential long-term upside if the service scales successfully. Amazon’s Zoox Enters San Francisco’s Crowded Robotaxi Market
• Positive Sentiment: Amazon completed a £4.242 billion sterling-denominated senior debt offering, supporting its U.K. operations and broader funding needs. The issuance improves liquidity flexibility but also adds to the company’s debt load. Amazon Boosts UK Presence With Sterling Debt Offering

Amazon.com Company 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.

Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.