Summit Asset Management LLC Boosts Stock Position in Amazon.com, Inc. (NASDAQ:AMZN)

Summit Asset Management LLC lifted its position in Amazon.com, Inc. (NASDAQ:AMZN) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,777 shares of the e-commerce giant’s stock after purchasing an additional 225 shares during the quarter. Amazon.com comprises 0.7% of Summit Asset Management LLC’s holdings, making the stock its 24th largest position. Summit Asset Management LLC’s holdings in Amazon.com were worth $3,685,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Prospect Financial Services LLC boosted its position in Amazon.com by 5.3% in the 2nd quarter. Prospect Financial Services LLC now owns 24,588 shares of the e-commerce giant’s stock worth $4,752,000 after purchasing an additional 1,243 shares in the last quarter. Sapient Capital LLC boosted its holdings in Amazon.com by 0.4% during the second quarter. Sapient Capital LLC now owns 538,657 shares of the e-commerce giant’s stock worth $104,095,000 after buying an additional 2,280 shares in the last quarter. Sharp Financial Services LLC acquired a new stake in Amazon.com during the second quarter valued at $477,000. New Hampshire Trust increased its holdings in Amazon.com by 1.4% in the second quarter. New Hampshire Trust now owns 65,937 shares of the e-commerce giant’s stock valued at $12,742,000 after buying an additional 937 shares in the last quarter. Finally, Udine Wealth Management Inc. raised its position in shares of Amazon.com by 1.4% in the second quarter. Udine Wealth Management Inc. now owns 17,209 shares of the e-commerce giant’s stock worth $3,326,000 after acquiring an additional 243 shares during the period. 72.20% of the stock is owned by hedge funds and other institutional investors.

Amazon.com Stock Performance

Shares of AMZN stock opened at $229.05 on Wednesday. The company has a market cap of $2.41 trillion, a P/E ratio of 49.05, a PEG ratio of 1.54 and a beta of 1.16. The firm has a fifty day moving average price of $206.58 and a 200 day moving average price of $191.74. The company has a current ratio of 1.09, a quick ratio of 0.87 and a debt-to-equity ratio of 0.21. Amazon.com, Inc. has a 12 month low of $144.05 and a 12 month high of $233.00.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AMZN shares. Loop Capital upped their target price on Amazon.com from $225.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Pivotal Research assumed coverage on shares of Amazon.com in a report on Friday, October 11th. They set a “buy” rating and a $260.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of Amazon.com from $224.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Bank of America raised their price target on shares of Amazon.com from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Maxim Group boosted their price objective on Amazon.com from $251.00 to $260.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Amazon.com presently has an average rating of “Moderate Buy” and a consensus price target of $243.00.

Insider Transactions at Amazon.com

In other Amazon.com news, Director Daniel P. Huttenlocher sold 1,237 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $199.06, for a total transaction of $246,237.22. Following the transaction, the director now owns 24,912 shares of the company’s stock, valued at approximately $4,958,982.72. This trade represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Douglas J. Herrington sold 3,500 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $210.00, for a total value of $735,000.00. Following the completion of the sale, the chief executive officer now directly owns 524,567 shares of the company’s stock, valued at $110,159,070. The trade was a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,032,344 shares of company stock worth $1,253,456,822. 10.80% of the stock is currently owned by insiders.

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.