Foundry Financial LLC Raises Stock Position in Amazon.com, Inc. $AMZN

Key Points

• Foundry Financial LLC increased its Amazon stake by 87.3% in the first quarter, buying 2,343 additional shares and bringing its total to 5,028 shares valued at about $1.05 million.
• Several other hedge funds also boosted or initiated positions in Amazon, and 72.20% of the stock is now held by hedge funds and other institutional investors.
• Analysts remain bullish on AMZN, with multiple firms raising price targets; the stock currently has a Moderate Buy consensus and an average target price of $312.79.

Foundry Financial LLC lifted its holdings in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 87.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,028 shares of the e-commerce giant's stock after buying an additional 2,343 shares during the period. Foundry Financial LLC's holdings in Amazon.com were worth $1,047,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. MilWealth Group LLC raised its position in Amazon.com by 79.0% during the fourth quarter. MilWealth Group LLC now owns 179 shares of the e-commerce giant's stock valued at $41,000 after purchasing an additional 79 shares during the period. Lifetime Wealth Management P.C. bought a new position in shares of Amazon.com during the 4th quarter valued at approximately $45,000. Elkhorn Partners Limited Partnership increased its position in shares of Amazon.com by 900.0% during the 4th quarter. Elkhorn Partners Limited Partnership now owns 200 shares of the e-commerce giant's stock valued at $46,000 after purchasing an additional 180 shares during the last quarter. Fairway Wealth LLC raised its holdings in Amazon.com by 95.6% during the 4th quarter. Fairway Wealth LLC now owns 221 shares of the e-commerce giant's stock valued at $51,000 after buying an additional 108 shares during the period. Finally, Prudent Man Investment Management Inc. raised its holdings in Amazon.com by 87.7% during the 4th quarter. Prudent Man Investment Management Inc. now owns 229 shares of the e-commerce giant's stock valued at $53,000 after buying an additional 107 shares during the period. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on AMZN shares. Mizuho lifted their price objective on shares of Amazon.com from $315.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Morgan Stanley increased their target price on shares of Amazon.com from $300.00 to $330.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Wolfe Research restated an "outperform" rating and issued a $320.00 target price (up from $245.00) on shares of Amazon.com in a report on Thursday, April 30th. BNP Paribas Exane lifted their price target on shares of Amazon.com from $320.00 to $345.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Finally, Bank of America increased their price objective on shares of Amazon.com from $298.00 to $310.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Fifty-seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $312.79.

Insider Transactions at Amazon.com

In related news, CEO Douglas J. Herrington sold 27,500 shares of Amazon.com stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $275.00, for a total value of $7,562,500.00. Following the completion of the sale, the chief executive officer directly owned 471,361 shares in the company, valued at $129,624,275. The trade was a 5.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew R. Jassy sold 31,352 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $275.00, for a total transaction of $8,621,800.00. Following the transaction, the chief executive officer owned 2,175,766 shares in the company, valued at approximately $598,335,650. The trade was a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 195,774 shares of company stock worth $51,643,704. Corporate insiders own 8.90% of the company's stock.

Amazon.com Stock Performance

AMZN opened at $242.67 on Monday. The stock's fifty day moving average is $254.57 and its two-hundred day moving average is $234.65. The company has a market capitalization of $2.61 trillion, a P/E ratio of 29.03, a PEG ratio of 1.81 and a beta of 1.46. Amazon.com, Inc. has a 52 week low of $196.00 and a 52 week high of $278.56. The company has a quick ratio of 1.01, a current ratio of 1.18 and a debt-to-equity ratio of 0.27.

Amazon.com (NASDAQ:AMZN - Get Free Report) last issued its earnings results on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.63 by $1.15. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.The business had revenue of $181.52 billion during the quarter, compared to analyst estimates of $177.28 billion. During the same period in the previous year, the company posted $1.59 EPS. Amazon.com's revenue was up 16.6% on a year-over-year basis. Analysts forecast that Amazon.com, Inc. will post 7.75 earnings per share for the current year.

Amazon.com News Roundup

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

• Positive Sentiment: Amazon said its Leo satellite network has enough satellites to begin initial broadband service this year, opening a new growth opportunity in satellite internet. Reuters: Amazon to start initial Leo internet service this year as network nears 400 satellites
• Positive Sentiment: Amazon is expanding its AI strategy with custom device chips and broader AWS AI capabilities, which could support future margins and growth. CNBC: Amazon is designing its own AI chips for Echo, Fire TV and future devices
• Positive Sentiment: Prime Day-related reports pointed to strong online shopping demand, reinforcing confidence in Amazon’s retail momentum heading into earnings. Yahoo Finance/Reuters: Online Spending Rises 5.3% on First Day of Amazon’s Prime Day

Amazon.com Profile

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon's online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

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