State of Michigan Retirement System Trims Stock Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

State of Michigan Retirement System decreased its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 0.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,131,620 shares of the e-commerce giant’s stock after selling 16,200 shares during the quarter. Amazon.com makes up 3.4% of State of Michigan Retirement System’s portfolio, making the stock its 5th largest position. State of Michigan Retirement System’s holdings in Amazon.com were worth $595,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Castlekeep Investment Advisors LLC acquired a new position in Amazon.com during the 4th quarter valued at about $25,000. Prudent Man Investment Management Inc. purchased a new position in shares of Amazon.com during the 4th quarter valued at approximately $27,000. LSV Asset Management acquired a new position in shares of Amazon.com during the fourth quarter valued at approximately $35,000. Cooksen Wealth LLC purchased a new position in shares of Amazon.com in the first quarter worth about $36,000. Finally, Inlight Wealth Management LLC acquired a new position in Amazon.com during the first quarter worth $40,000. Institutional investors own 72.20% of the company’s stock.

Analyst Ratings Changes

AMZN has been the topic of several recent analyst reports. Monness Crespi & Hardt upped their price target on Amazon.com from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Citizens Jmp assumed coverage on Amazon.com in a research note on Thursday, July 10th. They set a “strong-buy” rating on the stock. 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 note on Tuesday, July 29th. Mizuho lowered their price objective on shares of Amazon.com from $285.00 to $255.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Scotiabank boosted their price objective on shares of Amazon.com from $250.00 to $275.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, forty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Amazon.com has an average rating of “Buy” and an average target price of $262.45.

Amazon.com Stock Up 3.9%

Amazon.com stock opened at $222.19 on Thursday. The firm has a market capitalization of $2.37 trillion, a P/E ratio of 33.87, a P/E/G ratio of 1.44 and a beta of 1.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 1.02. The company has a 50-day simple moving average of $218.92 and a 200-day simple moving average of $209.05. Amazon.com, Inc. has a one year low of $161.38 and a one year high of $242.52.

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

Insider Activity at Amazon.com

In related news, insider Jeffrey P. Bezos sold 4,273,237 shares of the business’s stock in a transaction on Friday, July 11th. The shares were sold at an average price of $224.81, for a total transaction of $960,666,409.97. Following the transaction, the insider owned 897,722,088 shares of the company’s stock, valued at approximately $201,816,902,603.28. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 25,102,037 shares of company stock valued at $5,674,937,048 over the last 90 days. Company insiders own 9.70% of the company’s stock.

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.