Leo Wealth LLC Acquires 20,713 Shares of Amazon.com, Inc. $AMZN

Key Points

• Leo Wealth LLC acquired 20,713 Amazon shares in the third quarter, valued at about $5.16 million; Amazon now represents 1.1% of the firm’s portfolio.
• Institutional investors and hedge funds own 72.2% of Amazon shares. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $321.74.
• Amazon’s latest quarterly revenue rose 12.1% year over year to $201.94 billion, but earnings per share of $1.89 fell short of analysts’ $1.97 estimate.

Leo Wealth LLC bought a new stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 20,713 shares of the e-commerce giant's stock, valued at approximately $5,161,000. Amazon.com accounts for 1.1% of Leo Wealth LLC's investment portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. TOP Private Wealth LLC. acquired a new position in shares of Amazon.com during the second quarter worth about $29,000. Bard Associates Inc. purchased a new stake in shares of Amazon.com during the second quarter worth approximately $32,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Amazon.com during the second quarter worth approximately $33,000. Atomic Invest LLC raised its holdings in Amazon.com by 41.2% in the second quarter. Atomic Invest LLC now owns 168 shares of the e-commerce giant's stock valued at $40,000 after acquiring an additional 49 shares in the last quarter. Finally, Strategic Wealth Advisors LLC acquired a new stake in Amazon.com in the second quarter valued at approximately $68,000. 72.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Bank of America reiterated a "buy" rating and issued a $317.00 price target on shares of Amazon.com in a research note on Friday, October 30th. BMO Capital Markets restated an "outperform" rating on shares of Amazon.com in a report on Tuesday, October 20th. Truist Financial set a $390.00 price objective on shares of Amazon.com in a report on Friday, October 30th. Rosenblatt Securities reaffirmed a "buy" rating and set a $360.00 price objective on shares of Amazon.com in a research report on Friday, October 30th. Finally, TD Cowen reiterated a "buy" rating and set a $340.00 target price (down from $350.00) on shares of Amazon.com in a research note on Friday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fifty-five have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Amazon.com presently has an average rating of "Moderate Buy" and a consensus target price of $321.74.

Insiders Place Their Bets

In related news, SVP David Zapolsky sold 9,258 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $259.77, for a total transaction of $2,404,950.66. Following the transaction, the senior vice president owned 41,190 shares in the company, valued at $10,699,926.30. This trade represents a 18.35% decrease in their position. The transaction was disclosed in a 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 Douglas J. Herrington sold 1,000 shares of Amazon.com stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $243.47, for a total value of $243,470.00. Following the transaction, the chief executive officer directly owned 473,681 shares in the company, valued at approximately $115,327,113.07. This trade represents a 0.21% decrease in their position. 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 three months, insiders sold 71,589 shares of company stock worth $18,545,595. Corporate insiders own 8.90% of the company's stock.

Key Stories Impacting Amazon.com

These are some of the AMZN stories that stood out recently:

• Positive Sentiment: AWS growth and backlog support the investment case. AWS grew 39.3% in the latest quarter, its fastest pace in nearly five years, and has a reported $578 billion backlog. That demand could help justify Amazon’s major AI infrastructure buildout. AWS growth and backlog article
• Positive Sentiment: Anthropic could add strategic and financial upside. Amazon is a major Anthropic investor and cloud provider; an anticipated IPO could raise the estimated value of its stake substantially, while Anthropic’s infrastructure commitments may generate AWS business. Any IPO valuation gain remains prospective, not cash already realized. Anthropic IPO article
• Negative Sentiment: Legal proceedings add uncertainty. Italian prosecutors are pursuing allegations involving unpaid import VAT and customs duties, while a U.S. court certified a class action alleging biometric-data violations through Amazon Photos. Both matters could create financial and reputational costs; the allegations have not been proven. Italy VAT case article Biometric-data lawsuit article

Amazon.com Price Performance

Shares of NASDAQ:AMZN opened at $266.17 on Thursday. The company's fifty day moving average price is $254.41 and its 200 day moving average price is $244.06. Amazon.com, Inc. has a 12 month low of $196.00 and a 12 month high of $287.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.99 and a quick ratio of 0.82. The firm has a market capitalization of $2.88 trillion, a P/E ratio of 21.52, a P/E/G ratio of 2.06 and a beta of 1.49.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The e-commerce giant reported $1.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.97 by ($0.08). The company had revenue of $201.94 billion during the quarter, compared to analysts' expectations of $202.22 billion. Amazon.com had a net margin of 16.90% and a return on equity of 15.72%. Amazon.com's revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $1.95 earnings per share. As a group, sell-side analysts predict that Amazon.com, Inc. will post 7.80 earnings per share for the current fiscal year.

About Amazon.com

Amazon.com, Inc. is a technology and e-commerce company founded by Jeff Bezos in 1994 as an online bookstore. It has since grown into a global business serving consumers, sellers, developers, enterprises and content creators. Amazon operates online stores and marketplaces, where it sells products directly and enables third-party sellers to reach customers. Its other businesses include Amazon Web Services, which provides cloud computing and related services; digital advertising; Prime memberships; and entertainment offerings such as streaming video and music.

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