Summit Asset Management LLC Grows Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

Summit Asset Management LLC grew its position in Amazon.com, Inc. (NASDAQ:AMZN) by 88.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,177 shares of the e-commerce giant’s stock after acquiring an additional 17,400 shares during the period. Amazon.com comprises approximately 1.4% of Summit Asset Management LLC’s investment portfolio, making the stock its 18th biggest position. Summit Asset Management LLC’s holdings in Amazon.com were worth $8,156,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AMZN. Rench Wealth Management Inc. increased its holdings in Amazon.com by 7.9% in the 3rd quarter. Rench Wealth Management Inc. now owns 50,403 shares of the e-commerce giant’s stock worth $9,392,000 after acquiring an additional 3,703 shares in the last quarter. Blankinship & Foster LLC grew its position in shares of Amazon.com by 216.4% in the third quarter. Blankinship & Foster LLC now owns 6,930 shares of the e-commerce giant’s stock valued at $1,291,000 after purchasing an additional 4,740 shares during the period. Umpqua Bank increased its stake in shares of Amazon.com by 0.4% during the third quarter. Umpqua Bank now owns 35,120 shares of the e-commerce giant’s stock worth $6,544,000 after purchasing an additional 137 shares in the last quarter. One Wealth Capital Management LLC acquired a new position in shares of Amazon.com during the 4th quarter worth about $4,270,000. Finally, Floyd Financial Group LLC purchased a new position in Amazon.com in the 4th quarter valued at about $4,494,000. 72.20% of the stock is owned by hedge funds and other institutional investors.

Amazon.com Stock Up 3.6 %

Shares of NASDAQ:AMZN opened at $203.26 on Tuesday. The firm has a market capitalization of $2.15 trillion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 1.50 and a beta of 1.19. Amazon.com, Inc. has a 1 year low of $151.61 and a 1 year high of $242.52. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.87. The firm’s 50-day moving average is $218.60 and its two-hundred day moving average is $208.62.

Amazon.com (NASDAQ:AMZN) last announced its earnings results on Thursday, February 6th. The e-commerce giant reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.34. Amazon.com had a net margin of 9.29% and a return on equity of 24.25%. Analysts predict that Amazon.com, Inc. will post 6.31 EPS for the current year.

Insider Activity at Amazon.com

In other Amazon.com news, SVP David Zapolsky sold 19,212 shares of Amazon.com stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $217.50, for a total transaction of $4,178,610.00. Following the completion of the sale, the senior vice president now directly owns 49,950 shares of the company’s stock, valued at $10,864,125. The trade was a 27.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Douglas J. Herrington sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $230.27, for a total value of $6,332,425.00. Following the sale, the chief executive officer now directly owns 497,067 shares in the company, valued at $114,459,618.09. This trade represents a 5.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,298 shares of company stock worth $22,871,828. Company insiders own 10.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on AMZN shares. Roth Mkm boosted their price objective on Amazon.com from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Phillip Securities lowered Amazon.com from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 10th. Canaccord Genuity Group reissued a “buy” rating on shares of Amazon.com in a research note on Thursday, February 13th. Wolfe Research lifted their target price on shares of Amazon.com from $250.00 to $270.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, HSBC upped their target price on shares of Amazon.com from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $260.65.

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.