Summit Global Investments Reduces Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

Summit Global Investments decreased its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 88.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,866 shares of the e-commerce giant’s stock after selling 45,117 shares during the quarter. Summit Global Investments’ holdings in Amazon.com were worth $1,116,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Amazon.com during the fourth quarter valued at approximately $800,000. Capital & Planning LLC lifted its holdings in Amazon.com by 72.1% during the fourth quarter. Capital & Planning LLC now owns 3,902 shares of the e-commerce giant’s stock valued at $856,000 after purchasing an additional 1,635 shares in the last quarter. LaFleur & Godfrey LLC lifted its holdings in Amazon.com by 1.8% during the fourth quarter. LaFleur & Godfrey LLC now owns 49,407 shares of the e-commerce giant’s stock valued at $10,839,000 after purchasing an additional 860 shares in the last quarter. Red Door Wealth Management LLC lifted its holdings in Amazon.com by 3.6% during the fourth quarter. Red Door Wealth Management LLC now owns 106,358 shares of the e-commerce giant’s stock valued at $23,334,000 after purchasing an additional 3,652 shares in the last quarter. Finally, Seros Financial LLC purchased a new position in Amazon.com during the fourth quarter valued at approximately $1,602,000. Hedge funds and other institutional investors own 72.20% of the company’s stock.

Amazon.com Trading Up 0.3%

Shares of AMZN opened at $217.61 on Wednesday. Amazon.com, Inc. has a twelve month low of $151.61 and a twelve month high of $242.52. The company has a market cap of $2.31 trillion, a P/E ratio of 39.35, a P/E/G ratio of 1.50 and a beta of 1.33. The company has a current ratio of 1.06, a quick ratio of 0.87 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $193.04 and its 200-day simple moving average is $209.02.

Amazon.com (NASDAQ:AMZN) last announced its earnings results on Thursday, May 1st. The e-commerce giant reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.21. Amazon.com had a net margin of 9.29% and a return on equity of 24.25%. The business had revenue of $155.67 billion for the quarter, compared to the consensus estimate of $154.96 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, analysts expect that Amazon.com, Inc. will post 6.31 EPS for the current year.

Wall Street Analyst Weigh In

AMZN has been the topic of several analyst reports. Benchmark reaffirmed a “buy” rating and set a $260.00 price target on shares of Amazon.com in a report on Friday, May 2nd. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Amazon.com in a report on Thursday, February 13th. Jefferies Financial Group lowered their price target on shares of Amazon.com from $250.00 to $240.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company lowered their price target on shares of Amazon.com from $207.00 to $203.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 25th. Finally, Evercore ISI reduced their price objective on shares of Amazon.com from $270.00 to $260.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the company’s stock. According to MarketBeat, Amazon.com currently has an average rating of “Moderate Buy” and an average price target of $244.89.

Insider Activity

In other news, CEO Douglas J. Herrington sold 2,500 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $187.99, for a total value of $469,975.00. Following the transaction, the chief executive officer now directly owns 509,474 shares in the company, valued at approximately $95,776,017.26. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith Brian Alexander sold 1,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $210.68, for a total transaction of $210,680.00. Following the completion of the transaction, the director now owns 5,465 shares in the company, valued at approximately $1,151,366.20. The trade was a 15.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,037 shares of company stock valued at $20,531,075. 9.70% of the stock is currently owned by company 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.