Bank of America Forecasts Strong Price Appreciation for Amazon.com (NASDAQ:AMZN) Stock

Amazon.com (NASDAQ:AMZN) had its price objective hoisted by investment analysts at Bank of America from $210.00 to $230.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the e-commerce giant’s stock. Bank of America‘s price target indicates a potential upside of 16.20% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Piper Sandler lifted their price target on Amazon.com from $215.00 to $225.00 and gave the stock an “overweight” rating in a research report on Friday. Benchmark reiterated a “buy” rating and set a $200.00 price target on shares of Amazon.com in a report on Friday, August 2nd. Pivotal Research started coverage on shares of Amazon.com in a report on Friday, October 11th. They issued a “buy” rating and a $260.00 price objective for the company. Loop Capital increased their target price on Amazon.com from $750.00 to $800.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, UBS Group boosted their price target on Amazon.com from $220.00 to $223.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Two analysts have rated the stock with a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Amazon.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.02.

Amazon.com Stock Performance

Shares of Amazon.com stock opened at $197.93 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.88 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $184.82 and a two-hundred day simple moving average of $183.76. The firm has a market capitalization of $2.08 trillion, a P/E ratio of 42.38, a P/E/G ratio of 1.46 and a beta of 1.14. Amazon.com has a 12 month low of $136.47 and a 12 month high of $201.20.

Amazon.com (NASDAQ:AMZN) last issued its quarterly earnings results on Thursday, October 31st. The e-commerce giant reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.29. Amazon.com had a return on equity of 21.39% and a net margin of 7.35%. The firm had revenue of $158.88 billion for the quarter, compared to analysts’ expectations of $157.28 billion. During the same period in the previous year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts forecast that Amazon.com will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Andrew R. Jassy sold 20,784 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $180.77, for a total value of $3,757,123.68. Following the transaction, the chief executive officer now owns 2,056,534 shares of the company’s stock, valued at $371,759,651.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Andrew R. Jassy sold 20,784 shares of Amazon.com stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $180.77, for a total value of $3,757,123.68. Following the transaction, the chief executive officer now owns 2,056,534 shares of the company’s stock, valued at $371,759,651.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Shelley Reynolds sold 3,791 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.04, for a total value of $686,322.64. Following the transaction, the vice president now owns 121,461 shares in the company, valued at approximately $21,989,299.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,855 shares of company stock valued at $9,215,048. 10.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amazon.com

Hedge funds and other institutional investors have recently bought and sold shares of the business. Costello Asset Management INC increased its stake in shares of Amazon.com by 8.8% in the third quarter. Costello Asset Management INC now owns 38,080 shares of the e-commerce giant’s stock worth $7,095,000 after acquiring an additional 3,080 shares during the period. Avid Wealth Partners LLC raised its stake in shares of Amazon.com by 3.9% during the 3rd quarter. Avid Wealth Partners LLC now owns 2,207 shares of the e-commerce giant’s stock valued at $411,000 after buying an additional 83 shares during the last quarter. Ted Buchan & Co lifted its holdings in shares of Amazon.com by 4.0% in the 3rd quarter. Ted Buchan & Co now owns 15,298 shares of the e-commerce giant’s stock valued at $2,851,000 after buying an additional 593 shares during the period. Covestor Ltd lifted its holdings in shares of Amazon.com by 1.8% in the 3rd quarter. Covestor Ltd now owns 5,339 shares of the e-commerce giant’s stock valued at $994,000 after buying an additional 95 shares during the period. Finally, 17 Capital Partners LLC boosted its stake in shares of Amazon.com by 1.5% in the third quarter. 17 Capital Partners LLC now owns 10,502 shares of the e-commerce giant’s stock worth $1,957,000 after buying an additional 160 shares during the last quarter. Institutional investors and hedge funds own 72.20% of the company’s stock.

Amazon.com Company Profile

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.