NorthCrest Asset Management LLC has increased its stake in Amazon.com, Inc. (NASDAQ:AMZN) by acquiring an additional 14,596 shares in the third quarter of 2023. According to the firm’s recent filing with the Securities and Exchange Commission, this move has raised NorthCrest’s total holdings in the e-commerce giant to 329,981 shares, valued at approximately $73,183,000. This investment now constitutes about 1.8% of NorthCrest’s total portfolio, making Amazon its eighth largest position.
Several other institutional investors have also made adjustments to their holdings of Amazon. For instance, Cooksen Wealth LLC increased its position by 23.5% during the second quarter, now owning 247 shares worth $54,000 after acquiring an additional 47 shares. Similarly, PayPay Securities Corp raised its stake by 62.3% in the third quarter, bringing its total to 250 shares valued at $55,000. Other firms, including Access Investment Management LLC and Sagard Holdings Management Inc., have also entered the Amazon market with new positions worth approximately $74,000 and $79,000 respectively.
Institutional Investor Trends and Analyst Ratings
Currently, institutional investors own 72.20% of Amazon’s stock, indicating significant confidence in the company’s future. Analyst ratings further bolster this sentiment, with 55 investment analysts giving Amazon a “Buy” rating and four assigning a “Hold” rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” along with a consensus target price of $290.28.
Recent reports from various research firms have adjusted their price targets for Amazon. Rothschild & Co Redburn set a target of $230.00, while Argus reaffirmed a “buy” rating with a price objective of $325.00. Additionally, JPMorgan Chase & Co. maintained a “buy” rating, reflecting a positive outlook on the stock’s performance.
Amazon’s Stock Performance and Earnings Report
As of the last trading session, Amazon.com stock opened at $210.27. Over the past year, it has experienced a low of $161.38 and a high of $258.60. The company boasts a market capitalization of $2.25 trillion and a price-to-earnings ratio of 29.33.
On February 5, 2023, Amazon reported its quarterly earnings, revealing earnings per share (EPS) of $1.95, slightly below analyst expectations of $1.97. The company achieved a net margin of 10.83% with a revenue of $213.39 billion, surpassing estimates of $211.02 billion. Compared to the same quarter last year, revenue has increased by 13.6%.
In recent insider trading activity, Director Daniel P. Huttenlocher sold 1,237 shares at an average price of $226.61, totaling approximately $280,316.57. Following this transaction, he retained 26,148 shares valued at about $5,925,398.28. Additionally, CEO Andrew R. Jassy sold 19,872 shares for approximately $4,311,031.68, which represents a 0.89% decrease in his ownership.
Overall, Amazon continues to captivate investor interest, driven by its robust performance in e-commerce and cloud services. With ongoing developments and strategic investments, the company remains a focal point in the technology and retail sectors.
