Truist Financial Corp Increases Stake in Amazon.com, Inc. (NASDAQ:AMZN)

Key Points

• Truist Financial Corp increased its stake in Amazon.com by 1.4%, acquiring an additional 57,016 shares, making it the company's 10th biggest holding.
• Amazon's quarterly earnings report showed an EPS of $1.59, exceeding estimates, with revenue of $155.67 billion, marking an 8.6% year-over-year increase.
• Recent analyst ratings for Amazon include a mix of buy and overweight ratings, with an average price target of $255.52.

Truist Financial Corp lifted its holdings in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 1.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,247,163 shares of the e-commerce giant's stock after purchasing an additional 57,016 shares during the quarter. Amazon.com accounts for approximately 1.3% of Truist Financial Corp's investment portfolio, making the stock its 10th biggest holding. Truist Financial Corp's holdings in Amazon.com were worth $808,065,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Western Wealth Management LLC grew its stake in shares of Amazon.com by 0.9% in the first quarter. Western Wealth Management LLC now owns 140,122 shares of the e-commerce giant's stock valued at $26,660,000 after acquiring an additional 1,297 shares in the last quarter. Momentous Wealth Management Inc. acquired a new stake in Amazon.com during the fourth quarter worth about $749,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Amazon.com during the first quarter worth about $514,000. Segall Bryant & Hamill LLC grew its stake in Amazon.com by 14.3% during the fourth quarter. Segall Bryant & Hamill LLC now owns 317,114 shares of the e-commerce giant's stock worth $69,572,000 after buying an additional 39,696 shares in the last quarter. Finally, Bearing Point Capital LLC acquired a new stake in Amazon.com during the fourth quarter worth about $12,014,000. Institutional investors own 72.20% of the company's stock.

Insider Transactions at Amazon.com

In related news, insider Jeffrey P. Bezos sold 2,643,142 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $230.43, for a total value of $609,059,211.06. Following the sale, the insider directly owned 883,779,901 shares in the company, valued at approximately $203,649,402,587.43. The trade was a 0.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 25,099,537 shares of company stock valued at $5,674,394,548. Insiders own 9.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AMZN. Truist Financial increased their price objective on shares of Amazon.com from $226.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Canaccord Genuity Group reissued a "buy" rating and issued a $280.00 target price on shares of Amazon.com in a report on Friday. Bank of America increased their target price on shares of Amazon.com from $265.00 to $272.00 and gave the stock a "buy" rating in a report on Friday. Westpark Capital reissued a "buy" rating and issued a $280.00 target price on shares of Amazon.com in a report on Friday. Finally, Piper Sandler increased their target price on shares of Amazon.com from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday. Three research analysts have rated the stock with a hold rating, forty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Amazon.com currently has a consensus rating of "Moderate Buy" and an average price target of $260.85.

Amazon.com Stock Performance

Shares of NASDAQ AMZN traded down $19.36 during mid-day trading on Friday, reaching $214.75. 122,007,379 shares of the company's stock were exchanged, compared to its average volume of 37,811,656. The firm has a market capitalization of $2.28 trillion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 1.74 and a beta of 1.31. Amazon.com, Inc. has a 52 week low of $151.61 and a 52 week high of $242.52. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.05 and a quick ratio of 0.84. The firm has a 50-day moving average price of $217.93 and a two-hundred day moving average price of $209.23.

Amazon.com (NASDAQ:AMZN - Get Free Report) last released its earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.37. Amazon.com had a return on equity of 24.90% and a net margin of 10.54%. The company had revenue of $167.70 billion for the quarter, compared to analysts' expectations of $161.80 billion. During the same period in the previous year, the business posted $1.26 EPS. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts predict that Amazon.com, Inc. will post 6.31 EPS for the current year.

About Amazon.com

Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.