Senator Markwayne Mullin, representing Oklahoma, has acquired between $100,001 and $250,000 in shares of Amazon.com, Inc. (NASDAQ:AMZN). The purchase was reported in a filing on January 16, 2024, indicating that the transaction occurred on December 29, 2023. This move reflects a significant investment in one of the largest e-commerce companies globally.
During midday trading on January 12, Amazon.com shares climbed by $0.94, reaching $239.12. Approximately 45,817,947 shares changed hands, surpassing the average trading volume of 33,522,880 shares. The company currently holds a market capitalization of $2.56 trillion and has a price-to-earnings (P/E) ratio of 33.77.
Recent Insider Transactions and Hedge Fund Interests
In related developments, several insider transactions at Amazon.com have drawn attention. On October 31, 2023, CEO Douglas J. Herrington sold 22,000 shares at an average price of $250.03, amounting to approximately $5.5 million. Following this transaction, he retained 493,507 shares valued at about $123.4 million, marking a 4.27% reduction in his holdings.
Another notable transaction involved CEO Matthew S. Garman, who sold 17,768 shares on November 21, 2023, at an average price of $216.90, totaling around $3.85 million. Garman now holds 6,273 shares, reflecting a significant 73.91% decrease in his position. Collectively, insiders sold 79,734 shares valued at $18.5 million in the last quarter, with insiders currently owning 9.70% of the company’s stock.
Hedge funds have also been active in adjusting their positions in Amazon.com. Notable transactions include Wilson Asset Management International PTY Ltd. acquiring a new stake worth $11.1 million in the second quarter, while ARK Investment Management LLC increased its holdings by 8.3%, now owning 1,140,494 shares valued at $250.2 million. Institutional investors control 72.20% of Amazon’s stock.
Analyst Ratings and Market Forecasts
Recent evaluations from equities analysts reflect a positive outlook for Amazon.com shares. The Goldman Sachs Group raised its target price from $290.00 to $300.00 while maintaining a “buy” rating. Other firms, including Citigroup and Monness Crespi & Hardt, have also provided optimistic assessments, with the latter increasing its price target to $300.00.
Currently, one analyst rates Amazon with a “Strong Buy,” while fifty-six have assigned a “Buy” rating and four have given a “Hold” rating. The consensus rating is classified as “Moderate Buy,” with a price target of $295.96 according to MarketBeat.com.
Background on Senator Mullin
Senator Markwayne Mullin, a member of the Republican Party, has been serving in the U.S. Senate since assuming office on January 11, 2023. His term is set to conclude on January 3, 2027. Mullin, who won a special election on November 8, 2022, is one of four Native American members of the current Congress and has a diverse background, including experience as a former professional mixed martial artist and business owner.
Founded by Jeff Bezos in 1994, Amazon.com is a leading technology and retail company, initially established as an online bookstore. It has since evolved into a global marketplace offering a vast array of products and services, including cloud computing and digital media. Amazon’s extensive portfolio includes the Amazon Prime membership program and Amazon Web Services (AWS), which provides cloud solutions for various sectors.
This recent investment by Senator Mullin highlights the increasing intersection of politics and business, particularly in the tech sector, as lawmakers navigate their financial interests amid their public duties.
