Amazon.com, Inc. $AMZN is Elite Wealth Management Inc.’s 2nd Largest Position

Elite Wealth Management Inc. lessened its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 24.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 167,813 shares of the e-commerce giant’s stock after selling 53,974 shares during the period. Amazon.com makes up about 12.1% of Elite Wealth Management Inc.’s portfolio, making the stock its 2nd biggest holding. Elite Wealth Management Inc.’s holdings in Amazon.com were worth $36,816,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Western Wealth Management LLC increased its stake in shares of Amazon.com by 0.9% in the 1st quarter. Western Wealth Management LLC now owns 140,122 shares of the e-commerce giant’s stock valued at $26,660,000 after purchasing an additional 1,297 shares in the last quarter. Flaharty Asset Management LLC increased its stake in shares of Amazon.com by 87.7% in the 1st quarter. Flaharty Asset Management LLC now owns 5,088 shares of the e-commerce giant’s stock valued at $968,000 after purchasing an additional 2,377 shares in the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Amazon.com in the first quarter valued at approximately $514,000. Border to Coast Pensions Partnership Ltd increased its position in shares of Amazon.com by 6.0% in the second quarter. Border to Coast Pensions Partnership Ltd now owns 1,136,311 shares of the e-commerce giant’s stock valued at $249,295,000 after buying an additional 63,924 shares in the last quarter. Finally, Abel Hall LLC increased its position in shares of Amazon.com by 7.3% in the second quarter. Abel Hall LLC now owns 12,740 shares of the e-commerce giant’s stock valued at $2,795,000 after buying an additional 863 shares in the last quarter. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Amazon.com Stock Performance

NASDAQ:AMZN opened at $230.30 on Thursday. 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 stock has a market capitalization of $2.46 trillion, a P/E ratio of 35.11, a PEG ratio of 1.51 and a beta of 1.28. The company has a 50 day moving average price of $225.17 and a 200 day moving average price of $215.34. Amazon.com, Inc. has a fifty-two week low of $161.38 and a fifty-two week high of $242.52.

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

Insider Activity at Amazon.com

In other news, CFO Brian T. Olsavsky sold 17,750 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $222.74, for a total value of $3,953,635.00. Following the completion of the transaction, the chief financial officer owned 49,000 shares of the company’s stock, valued at approximately $10,914,260. This trade represents a 26.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Douglas J. Herrington sold 6,835 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $221.62, for a total transaction of $1,514,772.70. Following the completion of the transaction, the chief executive officer directly owned 520,507 shares of the company’s stock, valued at approximately $115,354,761.34. The trade was a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,911 shares of company stock worth $21,765,202 over the last ninety days. Company insiders own 9.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMZN. Piper Sandler boosted their price target on shares of Amazon.com from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Pivotal Research boosted their target price on shares of Amazon.com from $260.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Bank of America boosted their target price on shares of Amazon.com from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Jefferies Financial Group reiterated a “buy” rating on shares of Amazon.com in a research note on Monday, October 20th. Finally, Truist Financial boosted their price objective on Amazon.com from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Four research analysts have rated the stock with a Strong Buy rating, forty-eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $268.54.

Amazon.com 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.