Financial Gravity Asset Management Inc. Invests $6.04 Million in Amazon.com, Inc. (NASDAQ:AMZN)

Key Points

• Financial Gravity Asset Management Inc. has made a significant investment of $6.04 million in Amazon.com, acquiring approximately 31,726 shares in the first quarter, representing about 1.3% of its total holdings.
• Other institutional investors have also increased their stakes in Amazon, with Norges Bank purchasing a new stake worth $27.27 billion, and Vanguard Group increasing its holdings by 2.2%.
• Analysts have generally positive ratings for Amazon, with the stock receiving 47 buy ratings and an average price target of $262.45, following strong quarterly earnings that exceeded expectations.

Financial Gravity Asset Management Inc. acquired a new position in shares of Amazon.com, Inc. (NASDAQ:AMZN) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 31,726 shares of the e-commerce giant's stock, valued at approximately $6,036,000. Amazon.com makes up approximately 1.3% of Financial Gravity Asset Management Inc.'s holdings, making the stock its 20th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in AMZN. Norges Bank purchased a new stake in Amazon.com during the fourth quarter worth approximately $27,266,582,000. GAMMA Investing LLC lifted its stake in Amazon.com by 21,420.5% during the first quarter. GAMMA Investing LLC now owns 30,245,061 shares of the e-commerce giant's stock worth $5,754,425,000 after purchasing an additional 30,104,520 shares during the last quarter. Capital World Investors lifted its stake in Amazon.com by 36.8% during the fourth quarter. Capital World Investors now owns 65,709,496 shares of the e-commerce giant's stock worth $14,416,078,000 after purchasing an additional 17,681,004 shares during the last quarter. Vanguard Group Inc. lifted its stake in Amazon.com by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 823,360,597 shares of the e-commerce giant's stock worth $180,637,081,000 after purchasing an additional 17,635,391 shares during the last quarter. Finally, Capital International Investors lifted its stake in Amazon.com by 26.5% during the fourth quarter. Capital International Investors now owns 57,268,523 shares of the e-commerce giant's stock worth $12,564,961,000 after purchasing an additional 12,000,745 shares during the last quarter. 72.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Pivotal Research boosted their target price on Amazon.com from $260.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Jefferies Financial Group boosted their target price on Amazon.com from $255.00 to $265.00 in a research note on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Amazon.com from $230.00 to $266.00 in a research note on Tuesday, July 22nd. Moffett Nathanson boosted their price objective on Amazon.com from $250.00 to $253.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $195.00 price objective (down previously from $275.00) on shares of Amazon.com in a research note on Monday, April 21st. One equities research analyst has rated the stock with a hold rating, forty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $262.45.

Insider Buying and Selling at Amazon.com

In related news, insider Jeffrey P. Bezos sold 4,273,237 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $224.81, for a total transaction of $960,666,409.97. Following the completion of the sale, the insider owned 897,722,088 shares of the company's stock, valued at approximately $201,816,902,603.28. This represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 25,102,037 shares of company stock valued at $5,674,937,048. Insiders own 10.80% of the company's stock.

Amazon.com Stock Up 1.0%

Shares of NASDAQ:AMZN opened at $213.75 on Wednesday. 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, Inc. has a 52-week low of $158.54 and a 52-week high of $242.52. The stock's fifty day simple moving average is $218.57 and its 200-day simple moving average is $208.96. The company has a market capitalization of $2.28 trillion, a P/E ratio of 32.58, a P/E/G ratio of 1.45 and a beta of 1.31.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its 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 return on equity of 23.84% and a net margin of 10.54%. The firm had revenue of $167.70 billion for the quarter, compared to the consensus estimate of $161.80 billion. During the same period in the prior year, the business posted $1.26 earnings per share. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities research analysts forecast 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.