SmartHarvest Portfolios LLC Sells 11,338 Shares of Amazon.com, Inc. $AMZN

Key Points

• SmartHarvest Portfolios LLC cut its Amazon stake by 24.4% in the first quarter, selling 11,338 shares and leaving it with 35,187 shares worth about $7.33 million. Amazon remains its 5th-largest holding, representing 3.1% of the portfolio.
• Several Amazon insiders sold shares recently, including CEO Matthew S. Garman and SVP David Zapolsky, with total insider sales over the last quarter reaching 195,774 shares valued at $51.6 million. Despite those sales, insiders still own 8.9% of the company.
• Wall Street sentiment remains bullish on AMZN, with multiple analysts raising targets and the consensus rating sitting at Moderate Buy with an average price target of $312.79. The stock also recently reported strong quarterly results, including earnings and revenue above estimates.

SmartHarvest Portfolios LLC decreased its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 24.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,187 shares of the e-commerce giant's stock after selling 11,338 shares during the period. Amazon.com accounts for 3.1% of SmartHarvest Portfolios LLC's investment portfolio, making the stock its 5th biggest position. SmartHarvest Portfolios LLC's holdings in Amazon.com were worth $7,328,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in AMZN. Narwhal Capital Management increased its stake in Amazon.com by 2.3% in the fourth quarter. Narwhal Capital Management now owns 216,606 shares of the e-commerce giant's stock valued at $49,997,000 after purchasing an additional 4,854 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Amazon.com by 21.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 24,653,228 shares of the e-commerce giant's stock valued at $5,690,463,000 after buying an additional 4,275,942 shares during the period. Weaver Capital Management LLC increased its stake in shares of Amazon.com by 13.6% during the 4th quarter. Weaver Capital Management LLC now owns 39,264 shares of the e-commerce giant's stock valued at $9,063,000 after acquiring an additional 4,713 shares during the last quarter. Ethos Financial Group LLC lifted its holdings in shares of Amazon.com by 9.6% during the 4th quarter. Ethos Financial Group LLC now owns 36,485 shares of the e-commerce giant's stock worth $8,421,000 after acquiring an additional 3,196 shares during the period. Finally, Baltimore Washington Financial Advisors Inc. lifted its holdings in shares of Amazon.com by 1.9% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 239,862 shares of the e-commerce giant's stock worth $52,667,000 after acquiring an additional 4,558 shares during the period. 72.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Matthew S. Garman sold 15,467 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $263.40, for a total transaction of $4,074,007.80. Following the transaction, the chief executive officer directly owned 14,159 shares of the company's stock, valued at approximately $3,729,480.60. The trade was a 52.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP David Zapolsky sold 9,270 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $268.53, for a total value of $2,489,273.10. Following the completion of the transaction, the senior vice president owned 41,190 shares of the company's stock, valued at approximately $11,060,750.70. This represents a 18.37% 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. Over the last quarter, insiders sold 195,774 shares of company stock valued at $51,643,704. Insiders own 8.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AMZN shares. Wells Fargo & Company restated an "overweight" rating and issued a $313.00 target price (up from $312.00) on shares of Amazon.com in a report on Thursday. Robert W. Baird increased their price target on shares of Amazon.com from $285.00 to $300.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Scotiabank reiterated an "outperform" rating and issued a $325.00 price target (up from $275.00) on shares of Amazon.com in a report on Thursday, April 30th. Citigroup reissued a "market outperform" rating on shares of Amazon.com in a research note on Monday, June 1st. Finally, Oppenheimer upped their price objective on Amazon.com from $275.00 to $320.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Amazon.com currently has a consensus rating of "Moderate Buy" and an average target price of $312.79.

Amazon.com Trading Up 0.4%

NASDAQ:AMZN opened at $242.67 on Friday. The business's 50-day moving average is $254.82 and its two-hundred day moving average is $234.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.18 and a quick ratio of 1.01. Amazon.com, Inc. has a 12 month low of $196.00 and a 12 month high of $278.56. The firm has a market capitalization of $2.61 trillion, a PE ratio of 29.03, a price-to-earnings-growth ratio of 1.80 and a beta of 1.46.

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, topping the consensus estimate of $1.63 by $1.15. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.The company had revenue of $181.52 billion during the quarter, compared to the consensus estimate of $177.28 billion. During the same quarter in the prior year, the business earned $1.59 earnings per share. The company's revenue was up 16.6% compared to the same quarter last year. Research analysts predict that Amazon.com, Inc. will post 7.75 earnings per share for the current fiscal year.

Key Stories Impacting Amazon.com

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, creating a new growth avenue in space-based internet. Reuters: Amazon to start initial Leo internet service this year as network nears 400 satellites
• Positive Sentiment: Amazon is deepening its AI strategy by developing custom chips for consumer devices and expanding AWS AI engineering support, which could strengthen margins and enterprise adoption. CNBC: Amazon is designing its own AI chips for Echo, Fire TV and future devices
• Positive Sentiment: Prime Day sales reportedly rose to a record $26.4 billion, signaling strong e-commerce demand and improving sentiment ahead of quarterly results. Yahoo Finance/Reuters: Online Spending Rises 5.3% on First Day of Amazon’s Prime Day

Amazon.com Company 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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