Legacy Capital Group California Inc. Reduces Stock Position in Amazon.com, Inc. $AMZN

Key Points

• Legacy Capital Group California Inc. cut its Amazon position by 53.9% in the first quarter, selling 5,903 shares and retaining 5,039 shares valued at approximately $1.05 million. Institutional investors and hedge funds collectively own 72.2% of Amazon’s stock.
• Amazon insiders sold 140,425 shares worth about $37.7 million during the last quarter, including sales by CEO Andrew Jassy and SVP David Zapolsky under pre-arranged Rule 10b5-1 plans.
• Wall Street remains broadly positive, with 57 Buy ratings, three Holds, a “Moderate Buy” consensus, and an average price target of $312.91. Amazon’s latest quarterly results beat expectations, with $2.78 in EPS and $181.52 billion in revenue, up 16.6% year over year.

Legacy Capital Group California Inc. lowered its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 53.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,039 shares of the e-commerce giant's stock after selling 5,903 shares during the quarter. Legacy Capital Group California Inc.'s holdings in Amazon.com were worth $1,050,000 at the end of the most recent reporting period.

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

Insider Activity at Amazon.com

In other news, SVP David Zapolsky sold 9,270 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $268.53, for a total transaction of $2,489,273.10. Following the completion of the transaction, the senior vice president owned 41,190 shares in the company, valued at approximately $11,060,750.70. This represents a 18.37% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 Andrew R. Jassy sold 31,352 shares of the company's 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 completion of the transaction, the chief executive officer owned 2,175,766 shares of the company's stock, valued at approximately $598,335,650. This trade represents a 1.42% 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. In the last quarter, insiders have sold 140,425 shares of company stock valued at $37,715,464. Company insiders own 8.90% of the company's stock.

Wall Street Analysts Forecast Growth

AMZN has been the subject of a number of research reports. KeyCorp set a $335.00 price target on shares of Amazon.com and gave the company an "overweight" rating in a research report on Thursday, July 16th. Robert W. Baird upped their target price on shares of Amazon.com from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Thursday, April 30th. Barclays reissued an "overweight" rating on shares of Amazon.com in a research note on Tuesday, June 9th. TD Securities raised shares of Amazon.com to a "buy" rating in a research report on Monday, April 13th. Finally, BMO Capital Markets lifted their target price on Amazon.com from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Amazon.com currently has an average rating of "Moderate Buy" and an average price target of $312.91.

Key Amazon.com News

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

• Positive Sentiment: Options data and several analyst/commentary pieces suggest traders expect a post-earnings move higher, and multiple firms remain bullish on AMZN heading into the July 30 report. Ahead of Amazon Earnings, Here's What Barchart Data Says Comes Next for AMZN Stock
• Positive Sentiment: India eased e-commerce export rules, which is a win for Amazon’s international marketplace ambitions and could support long-term growth. India relaxes e-commerce investment rules for exports in win for Amazon
• Positive Sentiment: Several bullish research notes continue to frame AWS, custom silicon, and Amazon’s AI buildout as long-term growth drivers, with some investors arguing the capex surge should ultimately strengthen Amazon’s competitive moat. Amazon: Why The CapEx Surge Makes Me More Bullish, Not Less

Amazon.com Stock Performance

Amazon.com stock opened at $232.11 on Monday. Amazon.com, Inc. has a 12 month low of $196.00 and a 12 month high of $278.56. The company has a fifty day moving average price of $248.26 and a two-hundred day moving average price of $236.34. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.18 and a quick ratio of 1.01. The company has a market cap of $2.50 trillion, a PE ratio of 27.76, a P/E/G ratio of 1.74 and a beta of 1.46.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $181.52 billion during the quarter, compared to the consensus estimate of $177.28 billion. Amazon.com had a net margin of 12.22% and a return on equity of 19.92%. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.59 EPS. Research analysts expect that Amazon.com, Inc. will post 7.75 earnings per share for the current year.

About Amazon.com

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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