MGB Wealth Management LLC Cuts Stake in Amazon.com, Inc. (NASDAQ:AMZN)

MGB Wealth Management LLC cut its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 24.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,950 shares of the e-commerce giant’s stock after selling 2,950 shares during the quarter. MGB Wealth Management LLC’s holdings in Amazon.com were worth $1,669,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in shares of Amazon.com by 20,897.2% during the third quarter. International Assets Investment Management LLC now owns 39,135,449 shares of the e-commerce giant’s stock worth $72,921,080,000 after acquiring an additional 38,949,065 shares during the last quarter. Parnassus Investments LLC increased its position in shares of Amazon.com by 82,457.3% during the third quarter. Parnassus Investments LLC now owns 11,405,294 shares of the e-commerce giant’s stock worth $2,125,148,000 after acquiring an additional 11,391,479 shares during the last quarter. Strategic Financial Concepts LLC increased its position in shares of Amazon.com by 13,606.7% during the second quarter. Strategic Financial Concepts LLC now owns 3,932,580 shares of the e-commerce giant’s stock worth $759,971,000 after acquiring an additional 3,903,889 shares during the last quarter. Wulff Hansen & CO. increased its position in shares of Amazon.com by 20,517.4% during the second quarter. Wulff Hansen & CO. now owns 3,884,325 shares of the e-commerce giant’s stock worth $750,646,000 after acquiring an additional 3,865,485 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Amazon.com during the third quarter worth about $492,144,000. 72.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on AMZN shares. Bank of America lifted their target price on Amazon.com from $210.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Tigress Financial boosted their price objective on Amazon.com from $245.00 to $290.00 and gave the company a “buy” rating in a report on Friday, December 20th. Piper Sandler boosted their price objective on Amazon.com from $215.00 to $225.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Robert W. Baird boosted their price objective on Amazon.com from $220.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Scotiabank boosted their price objective on Amazon.com from $245.00 to $246.00 and gave the company a “sector outperform” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.44.

Amazon.com Price Performance

NASDAQ AMZN opened at $224.19 on Friday. The stock has a market capitalization of $2.36 trillion, a P/E ratio of 48.01, a P/E/G ratio of 1.54 and a beta of 1.16. Amazon.com, Inc. has a 1 year low of $144.05 and a 1 year high of $233.00. The business’s fifty day moving average is $213.07 and its two-hundred day moving average is $194.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.87 and a current ratio of 1.09.

Amazon.com (NASDAQ:AMZN) last posted its quarterly earnings results on Thursday, October 31st. The e-commerce giant reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.29. Amazon.com had a return on equity of 22.41% and a net margin of 8.04%. The company had revenue of $158.88 billion for the quarter, compared to analysts’ expectations of $157.28 billion. During the same quarter in the prior year, the company earned $0.85 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. On average, research analysts forecast that Amazon.com, Inc. will post 5.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Amazon.com

In related news, Director Jonathan Rubinstein sold 5,004 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $199.85, for a total value of $1,000,049.40. Following the completion of the sale, the director now owns 99,396 shares of the company’s stock, valued at approximately $19,864,290.60. The trade was a 4.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeffrey P. Bezos sold 2,996,362 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $208.85, for a total value of $625,790,203.70. Following the completion of the sale, the insider now directly owns 917,416,976 shares of the company’s stock, valued at approximately $191,602,535,437.60. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,032,344 shares of company stock valued at $1,253,456,822 in the last three months. 10.80% of the stock is currently owned by company insiders.

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.