Amazon.com, Inc. (NASDAQ:AMZN) Shares Bought by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC lifted its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 6,590.8% in the second quarter, Holdings Channel reports. The institutional investor owned 2,353,894 shares of the e-commerce giant’s stock after acquiring an additional 2,318,713 shares during the period. Amazon.com makes up about 14.6% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 3rd largest position. Granite Bay Wealth Management LLC’s holdings in Amazon.com were worth $432,394,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Phillips Wealth Planners LLC raised its stake in Amazon.com by 9.2% in the first quarter. Phillips Wealth Planners LLC now owns 2,655 shares of the e-commerce giant’s stock valued at $487,000 after purchasing an additional 224 shares in the last quarter. Stonekeep Investments LLC acquired a new position in Amazon.com in the second quarter valued at about $2,588,000. Northwestern Mutual Wealth Management Co. raised its stake in Amazon.com by 0.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,847,177 shares of the e-commerce giant’s stock valued at $550,217,000 after purchasing an additional 14,766 shares in the last quarter. Rockport Wealth LLC raised its stake in Amazon.com by 2,240.6% in the second quarter. Rockport Wealth LLC now owns 76,749 shares of the e-commerce giant’s stock valued at $14,832,000 after purchasing an additional 73,470 shares in the last quarter. Finally, Concord Investment Counsel Inc. bought a new position in Amazon.com in the first quarter valued at about $20,790,000. Institutional investors and hedge funds own 72.20% of the company’s stock.

Amazon.com Price Performance

Shares of AMZN opened at $188.39 on Tuesday. Amazon.com, Inc. has a 52-week low of $128.56 and a 52-week high of $201.20. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.88 and a current ratio of 1.10. The business’s 50 day moving average price is $183.71 and its two-hundred day moving average price is $183.54. The firm has a market cap of $1.96 trillion, a PE ratio of 52.77, a price-to-earnings-growth ratio of 1.38 and a beta of 1.14.

Amazon.com (NASDAQ:AMZN) last issued its quarterly earnings results on Thursday, August 1st. The e-commerce giant reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.18. Amazon.com had a return on equity of 21.39% and a net margin of 7.35%. The firm had revenue of $147.98 billion for the quarter, compared to analyst estimates of $148.63 billion. On average, equities analysts anticipate that Amazon.com, Inc. will post 4.85 EPS for the current year.

Insider Buying and Selling at Amazon.com

In other news, CEO Douglas J. Herrington sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $189.25, for a total transaction of $662,375.00. Following the transaction, the chief executive officer now directly owns 503,753 shares of the company’s stock, valued at $95,335,255.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Brian T. Olsavsky sold 14,600 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $180.00, for a total transaction of $2,628,000.00. Following the transaction, the chief financial officer now directly owns 49,000 shares of the company’s stock, valued at $8,820,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas J. Herrington sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $189.25, for a total value of $662,375.00. Following the transaction, the chief executive officer now directly owns 503,753 shares in the company, valued at $95,335,255.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,355 shares of company stock valued at $9,877,423. 10.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AMZN shares. Jefferies Financial Group decreased their target price on Amazon.com from $235.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company cut Amazon.com from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $225.00 to $183.00 in a research report on Monday, October 7th. Piper Sandler decreased their target price on Amazon.com from $220.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley reiterated an “overweight” rating and issued a $210.00 target price on shares of Amazon.com in a research report on Thursday, October 3rd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 target price on shares of Amazon.com in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Amazon.com presently has an average rating of “Moderate Buy” and an average price target of $236.76.

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.