Elite Wealth Management Inc. Buys 1,541 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

Elite Wealth Management Inc. raised its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 221,787 shares of the e-commerce giant's stock after purchasing an additional 1,541 shares during the quarter. Amazon.com accounts for about 5.5% of Elite Wealth Management Inc.'s holdings, making the stock its 2nd biggest holding. Elite Wealth Management Inc.'s holdings in Amazon.com were worth $42,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Castlekeep Investment Advisors LLC bought a new position in shares of Amazon.com during the fourth quarter valued at about $25,000. Prudent Man Investment Management Inc. bought a new stake in Amazon.com in the fourth quarter worth $27,000. LSV Asset Management purchased a new stake in Amazon.com during the 4th quarter valued at about $35,000. Cooksen Wealth LLC purchased a new position in Amazon.com in the 1st quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Amazon.com during the first quarter valued at $40,000. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jeffrey P. Bezos sold 2,643,142 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $230.43, for a total transaction of $609,059,211.06. Following the completion of the sale, the insider owned 883,779,901 shares of the company's stock, valued at $203,649,402,587.43. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Douglas J. Herrington sold 2,500 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $217.00, for a total value of $542,500.00. Following the completion of the transaction, the chief executive officer owned 512,050 shares in the company, valued at $111,114,850. The trade was a 0.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,101,037 shares of company stock worth $5,674,726,368 in the last quarter. Company insiders own 10.80% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on AMZN. Truist Financial increased their price target on Amazon.com from $226.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Wells Fargo & Company increased their target price on Amazon.com from $238.00 to $245.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Canaccord Genuity Group reissued a "buy" rating and set a $280.00 price target on shares of Amazon.com in a research note on Friday, August 1st. Cantor Fitzgerald boosted their target price on shares of Amazon.com from $260.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. raised their price target on Amazon.com from $255.00 to $265.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a hold rating, forty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $262.45.

Amazon.com Stock Up 1.4%

Shares of AMZN stock traded up $3.19 during trading hours on Wednesday, reaching $224.66. 36,458,831 shares of the company's stock were exchanged, compared to its average volume of 44,874,418. Amazon.com, Inc. has a fifty-two week low of $161.38 and a fifty-two week high of $242.52. The stock's 50 day moving average is $220.25 and its 200-day moving average is $208.61. The company has a current ratio of 1.02, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.40 trillion, a price-to-earnings ratio of 34.25, a P/E/G ratio of 1.49 and a beta of 1.31.

Amazon.com (NASDAQ:AMZN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 earnings per share (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 analysts' expectations of $161.80 billion. Amazon.com had a net margin of 10.54% and a return on equity of 23.84%. The business's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company posted $1.26 earnings per share. Analysts predict that Amazon.com, Inc. will post 6.31 earnings per share for the current fiscal year.

Amazon.com 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.