FWG Investments LLC has strengthened its portfolio by purchasing 2,899 shares of Amazon.com, Inc. (NASDAQ: AMZN) in the second quarter of 2023. The acquisition, valued at approximately $636,000, was disclosed in a recent filing with the Securities and Exchange Commission (SEC). This move is part of a broader trend, as several institutional investors and hedge funds have recently adjusted their holdings in Amazon.
During the same quarter, Carderock Capital Management Inc. acquired a new position in Amazon, valued at about $27,000. Additionally, Cooksen Wealth LLC invested $36,000 in the first quarter. Maryland Capital Advisors Inc. significantly increased its stake by 81.9% in the second quarter, now holding 211 shares worth approximately $46,000 after purchasing an additional 95 shares. Ryan Investment Management Inc. also bought a new position valued at around $48,000 during the same period.
Currently, institutional investors own approximately 72.20% of Amazon’s stock, reflecting significant confidence in the company’s performance.
Analysts Raise Price Targets for Amazon
Amazon has garnered attention from various Wall Street analysts, who have recently increased their price targets for the company’s shares. New Street Research raised its target price from $270.00 to $340.00, assigning a “buy” rating on November 4. Similarly, TD Cowen lifted its price target from $255.00 to $300.00, also recommending a “buy” rating.
Other analysts like Stifel Nicolaus and Citigroup adjusted their price objectives to $295.00 and $320.00, respectively, maintaining a positive outlook. As a result, one analyst has rated Amazon with a Strong Buy rating, while fifty-six have given it a Buy rating, three have issued a Hold, and one has provided a Sell rating. The average rating across analysts is a “Moderate Buy,” with a target price of $295.78.
Insider Transactions and Company Performance
In recent insider transactions, Andrew R. Jassy, Amazon’s CEO, sold 19,872 shares on November 21 at an average price of $216.94, totaling approximately $4,311,031.68. Following this sale, Jassy retains 2,208,310 shares, valued at around $479,070,771.40. This transaction reflects a 0.89% reduction in his ownership.
Additionally, Matthew S. Garman, another CEO, sold 17,768 shares the same day for about $3,853,879.20. Garman now owns 6,273 shares, worth approximately $1,360,613.70, representing a significant 73.91% decrease in his position. Insider trading activity has seen a total of 82,234 shares sold during the last quarter, valued at $19,052,442. Insiders currently hold 9.70% of Amazon’s stock.
Amazon shares opened at $229.67 on Wednesday, reflecting a 1.5% increase. The company’s market capitalization stands at $2.46 trillion, with a price-to-earnings ratio of 35.01. Over the past year, Amazon’s stock has fluctuated between a low of $161.38 and a high of $258.60.
In its latest quarterly earnings report on October 30, Amazon reported an earnings per share (EPS) of $1.95, surpassing analyst expectations of $1.57 by $0.38. The company generated revenue of $180.17 billion, exceeding estimates of $177.53 billion. Amazon’s net margin stood at 10.54%, with a return on equity of 23.84%, showing a year-over-year revenue increase of 13.4%.
Looking forward, analysts anticipate that Amazon.com, Inc. will achieve an EPS of 6.31 for the current year, signaling strong growth potential for the e-commerce giant.
