Summit Financial LLC Sells 6,676 Shares of Amazon.com, Inc. $AMZN

Key Points

• Summit Financial LLC trimmed its Amazon stake by 1.8% in the fourth quarter, selling 6,676 shares and leaving it with 354,731 shares valued at about $81.9 million.
• Despite some investor concerns about heavy AI spending and new borrowing, Amazon continues to get positive attention for its AWS AI/chip momentum, logistics expansion, and a patent deal that reduces legal uncertainty around Prime Video and devices.
• Wall Street remains bullish overall: 57 analysts rate AMZN a Buy, and the consensus price target is $312.78, while the company also recently beat earnings expectations with strong revenue growth.

Summit Financial LLC lowered its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,731 shares of the e-commerce giant's stock after selling 6,676 shares during the period. Amazon.com makes up about 1.2% of Summit Financial LLC's holdings, making the stock its 12th biggest position. Summit Financial LLC's holdings in Amazon.com were worth $81,879,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AMZN. Brighton Jones LLC grew its stake in Amazon.com by 10.9% during the fourth quarter. Brighton Jones LLC now owns 4,036,091 shares of the e-commerce giant's stock worth $885,478,000 after purchasing an additional 397,007 shares during the period. Revolve Wealth Partners LLC grew its stake in Amazon.com by 4.1% during the fourth quarter. Revolve Wealth Partners LLC now owns 25,045 shares of the e-commerce giant's stock worth $5,495,000 after purchasing an additional 986 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Amazon.com by 2.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,016,869 shares of the e-commerce giant's stock worth $442,481,000 after purchasing an additional 54,987 shares during the period. Highview Capital Management LLC DE grew its stake in Amazon.com by 5.5% during the fourth quarter. Highview Capital Management LLC DE now owns 28,975 shares of the e-commerce giant's stock worth $6,357,000 after purchasing an additional 1,518 shares during the period. Finally, Liberty Square Wealth Partners LLC acquired a new stake in Amazon.com during the fourth quarter worth approximately $2,153,000. Institutional investors and hedge funds own 72.20% of the company's stock.

Key Headlines Impacting Amazon.com

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

• Positive Sentiment: Amazon continues to strengthen its AI and cloud position, with reports saying its custom chips are seeing strong demand in AWS and that its growing AI capabilities could help drive long-term upside. Article Title
• Positive Sentiment: Amazon expanded its logistics moat by launching less-than-truckload freight service for all U.S. businesses, which could improve its supply-chain offering and deepen its role in e-commerce infrastructure. Article Title
• Positive Sentiment: Amazon also signed a major patent license agreement with InterDigital covering Prime Video and devices, removing legal uncertainty and reinforcing its streaming and devices ecosystem. Article Title
• Neutral Sentiment: Analysts and commentators remain constructive on Amazon’s long-term fundamentals, pointing to e-commerce efficiency, AWS AI dominance, and potential value in its Anthropic investment, but these are more long-term catalysts than immediate trading drivers. Article Title
• Negative Sentiment: Investors are worried about Amazon’s heavy AI capital spending and new borrowing, which may pressure margins and free cash flow before the payback shows up. Article Title
• Negative Sentiment: Broader market pieces note that Amazon has lagged the S&P 500 recently and that its valuation has been hit by concerns over capex and softer near-term sentiment. Article Title

Analyst Upgrades and Downgrades

AMZN has been the subject of several recent analyst reports. Benchmark raised their target price on Amazon.com from $275.00 to $370.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. HSBC raised their price objective on Amazon.com from $280.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Truist Financial raised their price objective on Amazon.com from $310.00 to $320.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Raymond James Financial reissued an "outperform" rating and issued a $280.00 price objective on shares of Amazon.com in a research note on Friday, May 1st. Finally, Canaccord Genuity Group raised their price objective on Amazon.com from $300.00 to $330.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Fifty-seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $312.78.

Insider Buying and Selling at Amazon.com

In related news, CEO Andrew R. Jassy sold 20,000 shares of Amazon.com stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $263.42, for a total transaction of $5,268,400.00. Following the sale, the chief executive officer directly owned 2,205,766 shares in the company, valued at approximately $581,042,879.72. This trade represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Monday, June 1st. The stock was sold at an average price of $266.19, for a total value of $266,190.00. Following the sale, the chief executive officer owned 485,527 shares in the company, valued at $129,242,432.13. This trade represents a 0.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 195,774 shares of company stock valued at $51,614,434 in the last ninety days. 8.90% of the stock is owned by corporate insiders.

Amazon.com Stock Down 1.2%

Shares of NASDAQ:AMZN opened at $238.55 on Friday. The stock has a market cap of $2.57 trillion, a price-to-earnings ratio of 28.53, a PEG ratio of 1.81 and a beta of 1.44. 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, Inc. has a 12-month low of $196.00 and a 12-month high of $278.56. The business's 50 day moving average is $253.49 and its 200 day moving average is $233.62.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its earnings results on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $1.15. The company had revenue of $181.52 billion for the quarter, compared to analysts' expectations of $177.28 billion. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.Amazon.com's quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.59 earnings per share. On average, sell-side analysts forecast that Amazon.com, Inc. will post 7.71 earnings per share for the current fiscal year.

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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