Granite Bay Wealth Management LLC Buys 4,648 Shares of Amazon.com, Inc. $AMZN

Granite Bay Wealth Management LLC raised its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 10.2% during the first quarter, HoldingsChannel reports. The fund owned 50,120 shares of the e-commerce giant’s stock after acquiring an additional 4,648 shares during the quarter. Amazon.com accounts for approximately 2.2% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 11th largest holding. Granite Bay Wealth Management LLC’s holdings in Amazon.com were worth $10,424,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Amazon.com in the fourth quarter worth about $32,868,735,000. Auto Owners Insurance Co grew its stake in shares of Amazon.com by 27,376.7% during the fourth quarter. Auto Owners Insurance Co now owns 98,448,885 shares of the e-commerce giant’s stock valued at $2,272,397,000 after buying an additional 98,090,585 shares during the last quarter. J. Stern & Co. LLP grew its stake in shares of Amazon.com by 20,598.0% during the fourth quarter. J. Stern & Co. LLP now owns 87,982,814 shares of the e-commerce giant’s stock valued at $20,308,193,000 after buying an additional 87,557,736 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Amazon.com in the first quarter worth approximately $11,674,091,000. Finally, Cardano Risk Management B.V. raised its holdings in shares of Amazon.com by 879.4% in the fourth quarter. Cardano Risk Management B.V. now owns 27,862,400 shares of the e-commerce giant’s stock worth $6,431,199,000 after buying an additional 25,017,588 shares during the period. Hedge funds and other institutional investors own 72.20% of the company’s stock.

Analysts Set New Price Targets

AMZN has been the subject of a number of recent analyst reports. HSBC boosted their price objective on Amazon.com from $280.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Jefferies Financial Group reiterated a “buy” rating on shares of Amazon.com in a research report on Thursday, June 18th. Oppenheimer boosted their target price on shares of Amazon.com from $275.00 to $320.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. UBS Group set a $315.00 price target on shares of Amazon.com in a report on Monday, June 1st. Finally, William Blair reaffirmed an “outperform” rating on shares of Amazon.com in a research note on Thursday, April 9th. Fifty-seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $312.91.

Amazon.com News Summary

Here are the key news stories impacting Amazon.com this week:

• Positive Sentiment: Analysts continue to see Amazon as a leading AI beneficiary, with AWS growth expected to stay strong into earnings. Amazon Viewed as Leading AI Beneficiary, AWS Acceleration Supports Buy Rating with Price Target Unchanged at $310
• Positive Sentiment: India loosened e-commerce investment rules for exports, which could help Amazon expand cross-border sales. India relaxes e-commerce investment rules for exports in win for Amazon
• Positive Sentiment: Amazon is adding games to Prime Video and integrating Luna, supporting its bundled services strategy. Amazon is bringing games to Prime Video
• Neutral Sentiment: Amazon reorganized its artificial general intelligence team, with layoffs framed as a reset to focus on higher-priority AI initiatives. Amazon cuts some jobs in its artificial general intelligence unit
• Negative Sentiment: A U.S. Senate panel is probing whether Amazon allowed Chinese influence to affect marketplace decisions, raising regulatory risk. Amazon Faces Senate Probe Over Alleged China Influence
• Negative Sentiment: Investors are questioning whether Amazon’s aggressive AI capex plans could pressure margins and earnings near term. Magnificent 7 Loses $767 Billion as AI Skeptics Dump Tech Stocks

Insider Activity at Amazon.com

In other Amazon.com news, SVP David Zapolsky sold 9,270 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $268.53, for a total transaction of $2,489,273.10. Following the sale, the senior vice president owned 41,190 shares of the company’s stock, valued at approximately $11,060,750.70. This trade represents a 18.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jonathan Rubinstein sold 3,706 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $273.02, for a total value of $1,011,812.12. Following the completion of the transaction, the director directly owned 74,948 shares of the company’s stock, valued at approximately $20,462,302.96. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 140,425 shares of company stock valued at $37,715,464 over the last quarter. 8.90% of the stock is owned by insiders.

Amazon.com Stock Down 4.6%

NASDAQ:AMZN opened at $233.66 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.18 and a quick ratio of 1.01. Amazon.com, Inc. has a 1-year low of $196.00 and a 1-year high of $278.56. The company has a 50-day moving average of $248.90 and a 200 day moving average of $236.35. The firm has a market cap of $2.51 trillion, a PE ratio of 27.95, a price-to-earnings-growth ratio of 1.82 and a beta of 1.46.

Amazon.com (NASDAQ:AMZN) last posted its earnings results on Wednesday, April 29th. The e-commerce giant reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $1.15. Amazon.com had a net margin of 12.22% and a return on equity of 19.92%. The business had revenue of $181.52 billion for the quarter, compared to the consensus estimate of $177.28 billion. During the same quarter last year, the firm posted $1.59 EPS. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, research analysts anticipate that Amazon.com, Inc. will post 7.75 EPS for the current fiscal year.

About Amazon.com

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.