Covey Capital Advisors LLC Boosts Stock Position in Amazon.com, Inc. (NASDAQ:AMZN)

Covey Capital Advisors LLC grew its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,103 shares of the e-commerce giant’s stock after buying an additional 98 shares during the period. Amazon.com accounts for approximately 3.7% of Covey Capital Advisors LLC’s portfolio, making the stock its 11th largest holding. Covey Capital Advisors LLC’s holdings in Amazon.com were worth $3,254,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMZN. Castlekeep Investment Advisors LLC bought a new position in Amazon.com during the fourth quarter valued at approximately $25,000. Prudent Man Investment Management Inc. purchased a new stake in Amazon.com during the fourth quarter valued at about $27,000. LSV Asset Management bought a new stake in shares of Amazon.com in the 4th quarter valued at about $35,000. Cooksen Wealth LLC bought a new position in shares of Amazon.com in the first quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Amazon.com during the first quarter valued at about $40,000. Institutional investors own 72.20% of the company’s stock.

Amazon.com Trading Up 3.9%

Amazon.com stock opened at $222.19 on Thursday. Amazon.com, Inc. has a 52 week low of $161.38 and a 52 week high of $242.52. The company has a quick ratio of 0.81, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.37 trillion, a price-to-earnings ratio of 33.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.31. The stock has a 50-day moving average price of $218.92 and a 200 day moving average price of $209.05.

Amazon.com (NASDAQ:AMZN) last issued its earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.37. The firm had revenue of $167.70 billion for the quarter, compared to the consensus estimate of $161.80 billion. Amazon.com had a return on equity of 23.84% and a net margin of 10.54%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 earnings per share. Sell-side analysts anticipate that Amazon.com, Inc. will post 6.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. HSBC lifted their price target on shares of Amazon.com from $240.00 to $256.00 in a report on Tuesday, July 22nd. Citigroup raised their price target on shares of Amazon.com from $265.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, August 1st. BMO Capital Markets increased their price target on Amazon.com from $270.00 to $280.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Jefferies Financial Group boosted their price target on Amazon.com from $255.00 to $265.00 in a report on Wednesday, July 16th. Finally, Stifel Nicolaus increased their target price on Amazon.com from $245.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a hold rating, forty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Amazon.com has an average rating of “Buy” and an average price target of $262.45.

Insider Buying and Selling at Amazon.com

In related news, insider Jeffrey P. Bezos sold 4,273,237 shares of Amazon.com stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $224.81, for a total value of $960,666,409.97. Following the completion of the transaction, the insider owned 897,722,088 shares in the company, valued at $201,816,902,603.28. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 25,102,037 shares of company stock valued at $5,674,937,048 in the last three months. Corporate insiders own 9.70% of the company’s stock.

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.