Granite Bay Wealth Management LLC Has $7.90 Million Stock Position in Amazon.com, Inc. (NASDAQ:AMZN)

Granite Bay Wealth Management LLC reduced its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 98.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,420 shares of the e-commerce giant’s stock after selling 2,311,474 shares during the quarter. Amazon.com comprises approximately 4.4% of Granite Bay Wealth Management LLC’s holdings, making the stock its 9th largest position. Granite Bay Wealth Management LLC’s holdings in Amazon.com were worth $7,904,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Amazon.com by 1.9% during the first quarter. Vanguard Group Inc. now owns 785,811,114 shares of the e-commerce giant’s stock valued at $141,744,609,000 after acquiring an additional 14,724,687 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Amazon.com by 8.5% during the first quarter. Capital Research Global Investors now owns 86,982,857 shares of the e-commerce giant’s stock valued at $15,689,968,000 after buying an additional 6,810,145 shares during the last quarter. Legal & General Group Plc increased its position in shares of Amazon.com by 1.5% during the second quarter. Legal & General Group Plc now owns 69,686,374 shares of the e-commerce giant’s stock valued at $13,466,933,000 after acquiring an additional 1,042,177 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Amazon.com by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 67,745,972 shares of the e-commerce giant’s stock valued at $13,091,909,000 after acquiring an additional 289,532 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Amazon.com by 0.5% in the 1st quarter. Jennison Associates LLC now owns 56,666,183 shares of the e-commerce giant’s stock worth $10,221,446,000 after acquiring an additional 295,132 shares during the last quarter. Hedge funds and other institutional investors own 72.20% of the company’s stock.

Amazon.com Stock Down 3.3 %

Shares of AMZN stock opened at $186.40 on Friday. The company’s fifty day simple moving average is $184.40 and its two-hundred day simple moving average is $183.65. Amazon.com, Inc. has a 52 week low of $131.71 and a 52 week high of $201.20. The stock has a market cap of $1.96 trillion, a P/E ratio of 44.59, a PEG ratio of 1.38 and a beta of 1.14. The company has a quick ratio of 0.88, a current ratio of 1.10 and a debt-to-equity ratio of 0.23.

Amazon.com (NASDAQ:AMZN) last released its quarterly earnings data on Thursday, August 1st. The e-commerce giant reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. The business had revenue of $147.98 billion for the quarter, compared to the consensus estimate of $148.63 billion. Amazon.com had a return on equity of 21.39% and a net margin of 7.35%. Analysts predict that Amazon.com, Inc. will post 4.85 EPS for the current fiscal year.

Insider Activity at Amazon.com

In other news, SVP David Zapolsky sold 2,190 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $195.00, for a total value of $427,050.00. Following the sale, the senior vice president now directly owns 62,420 shares in the company, valued at $12,171,900. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 stock was sold at an average price of $180.77, for a total value of $3,757,123.68. Following the completion of the transaction, the chief executive officer now owns 2,056,534 shares in the company, valued at approximately $371,759,651.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David Zapolsky sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $195.00, for a total value of $427,050.00. Following the transaction, the senior vice president now directly owns 62,420 shares in the company, valued at approximately $12,171,900. This represents a 0.00 % decrease in their position. 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 owned by corporate insiders.

Wall Street Analyst Weigh In

AMZN has been the topic of several recent analyst reports. Rosenblatt Securities increased their target price on Amazon.com from $220.00 to $221.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Sanford C. Bernstein lifted their price objective on Amazon.com from $210.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. BMO Capital Markets restated an “outperform” rating and set a $230.00 target price on shares of Amazon.com in a research note on Thursday, September 19th. Maxim Group lifted their price target on shares of Amazon.com from $238.00 to $251.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Scotiabank initiated coverage on shares of Amazon.com in a research report on Friday, October 11th. They set a “sector outperform” rating and a $245.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.