NewEdge Wealth LLC Takes Position in Amazon.com, Inc. $AMZN

NewEdge Wealth LLC purchased a new position in shares of Amazon.com, Inc. (NASDAQ:AMZN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 688,333 shares of the e-commerce giant's stock, valued at approximately $164,057,000. Amazon.com accounts for 1.6% of NewEdge Wealth LLC's portfolio, making the stock its 12th biggest holding.

Several other large investors have also recently added to or reduced their stakes in AMZN. Rockbridge Asset Management LLC purchased a new stake in Amazon.com in the 2nd quarter valued at approximately $14,617,000. Ackerman Asset Management LLC purchased a new position in shares of Amazon.com during the 2nd quarter worth approximately $323,000. Monetta Financial Services Inc. purchased a new position in shares of Amazon.com during the 2nd quarter worth approximately $11,083,000. Generation Investment Management LLP acquired a new stake in shares of Amazon.com in the 2nd quarter valued at approximately $1,237,820,000. Finally, Flossbach Von Storch SE purchased a new stake in shares of Amazon.com in the second quarter valued at approximately $1,310,992,000. 72.20% of the stock is owned by hedge funds and other institutional investors.

Amazon.com News Summary

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

• Positive Sentiment: Amazon’s advertising business is expanding beyond its own properties through a pilot partnership that lets select advertisers extend Amazon campaigns into ChatGPT. The initiative could broaden Amazon DSP’s reach and create a new revenue channel, although financial terms remain undisclosed. Amazon Is Becoming a Gateway to ChatGPT Ads
• Positive Sentiment: Zoox is entering San Francisco’s robotaxi market, increasing Amazon’s exposure to autonomous transportation and creating potential long-term upside if the service scales successfully. Amazon’s Zoox Enters San Francisco’s Crowded Robotaxi Market
• Positive Sentiment: Amazon completed a £4.242 billion sterling-denominated senior debt offering, supporting its U.K. operations and broader funding needs. The issuance improves liquidity flexibility but also adds to the company’s debt load. Amazon Boosts UK Presence With Sterling Debt Offering

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMZN. Zacks Research raised shares of Amazon.com from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. HSBC reissued a "buy" rating and set a $310.00 price objective on shares of Amazon.com in a report on Friday, July 31st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $375.00 target price (up from $335.00) on shares of Amazon.com in a report on Friday, July 31st. Wells Fargo & Company reiterated an "overweight" rating and set a $338.00 price target (up from $328.00) on shares of Amazon.com in a research report on Thursday, September 3rd. Finally, Robert W. Baird set a $310.00 price target on Amazon.com and gave the stock an "outperform" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fifty-six have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $323.26.

Insider Buying and Selling at Amazon.com

In other news, CEO Matthew Garman sold 14,541 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $259.06, for a total transaction of $3,766,991.46. Following the completion of the sale, the chief executive officer directly owned 17,794 shares in the company, valued at $4,609,713.64. This represents a 44.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew R. Jassy sold 20,000 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $259.01, for a total value of $5,180,200.00. Following the sale, the chief executive officer owned 2,235,766 shares of the company's stock, valued at $579,085,751.66. This represents a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 71,589 shares of company stock worth $18,568,785. 8.90% of the stock is currently owned by insiders.

Amazon.com Stock Down 1.3%

Shares of NASDAQ:AMZN opened at $253.54 on Tuesday. Amazon.com, Inc. has a 52-week low of $196.00 and a 52-week high of $287.20. The company has a market capitalization of $2.73 trillion, a P/E ratio of 20.40, a P/E/G ratio of 1.98 and a beta of 1.44. The stock's fifty day simple moving average is $255.75 and its 200-day simple moving average is $244.72. The company has a quick ratio of 0.87, a current ratio of 1.03 and a debt-to-equity ratio of 0.23.

Amazon.com (NASDAQ:AMZN - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. The business had revenue of $200.61 billion during the quarter, compared to the consensus estimate of $197.03 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The company's quarterly revenue was up 19.6% compared to the same quarter last year. As a group, equities research analysts forecast that Amazon.com, Inc. will post 8.05 earnings per share for the current fiscal year.

Amazon.com Company Profile

Amazon.com, Inc is a global technology and e-commerce company that operates online marketplaces and provides a broad range of consumer products and services. Its retail business sells merchandise directly to customers and enables third-party sellers to offer products through Amazon's websites and applications. The company also operates physical stores and provides services such as digital content, subscriptions, and consumer devices, including Kindle and Echo products.

Amazon Web Services (AWS) provides cloud computing, storage, database, analytics, artificial intelligence, machine learning, and other technology services to businesses, governments, and organizations.

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