Amazon.com, Inc. $AMZN Stock: Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Holdings

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,230,027 shares of the e-commerce giant’s stock after selling 18,295 shares during the quarter. Amazon.com accounts for 5.3% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s portfolio, making the stock its 4th largest holding. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Amazon.com were worth $555,611,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Street Corp boosted its position in shares of Amazon.com by 5.5% in the 2nd quarter. State Street Corp now owns 411,848,346 shares of the e-commerce giant’s stock valued at $95,504,904,000 after purchasing an additional 21,398,025 shares during the period. Bank of America Corp DE acquired a new stake in Amazon.com during the 2nd quarter worth about $22,218,775,000. Bank of New York Mellon Corp acquired a new stake in Amazon.com during the 2nd quarter worth about $16,341,405,000. Amundi raised its holdings in Amazon.com by 3.9% during the 2nd quarter. Amundi now owns 63,822,242 shares of the e-commerce giant’s stock worth $15,211,393,000 after buying an additional 2,421,739 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Amazon.com during the second quarter valued at about $12,831,376,000. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP David Zapolsky sold 9,258 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $259.77, for a total transaction of $2,404,950.66. Following the transaction, the senior vice president directly owned 41,190 shares of the company’s stock, valued at approximately $10,699,926.30. The trade was a 18.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Jassy sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $259.01, for a total transaction of $5,180,200.00. Following the completion of the transaction, the chief executive officer owned 2,235,766 shares in the company, valued at approximately $579,085,751.66. This represents a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 71,589 shares of company stock valued at $18,545,595 in the last three months. 8.90% of the stock is currently owned by insiders.

Amazon.com Trading Down 1.7%

NASDAQ:AMZN opened at $266.17 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.99 and a quick ratio of 0.82. Amazon.com, Inc. has a fifty-two week low of $196.00 and a fifty-two week high of $287.20. The stock’s 50-day moving average is $254.41 and its two-hundred day moving average is $244.06. The stock has a market cap of $2.88 trillion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 2.06 and a beta of 1.49.

Amazon.com (NASDAQ:AMZN) last issued its earnings results on Thursday, October 29th. The e-commerce giant reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.97 by ($0.08). The business had revenue of $201.94 billion during the quarter, compared to analyst estimates of $202.22 billion. Amazon.com had a net margin of 16.90% and a return on equity of 15.72%. Amazon.com’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.95 EPS. As a group, equities research analysts forecast that Amazon.com, Inc. will post 7.80 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Telsey Advisory Group reissued an “outperform” rating and issued a $335.00 target price on shares of Amazon.com in a research report on Friday, October 30th. Benchmark upped their price target on shares of Amazon.com from $370.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wedbush decreased their price objective on shares of Amazon.com from $310.00 to $298.00 and set an “outperform” rating for the company in a research note on Friday, October 30th. Wolfe Research reiterated an “outperform” rating and set a $315.00 price objective on shares of Amazon.com in a research report on Friday, July 31st. Finally, Morgan Stanley lowered their price objective on shares of Amazon.com from $350.00 to $335.00 and set an “overweight” rating on the stock in a research report on Friday, October 30th. Two analysts have rated the stock with a Strong Buy rating, fifty-five have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Amazon.com presently has an average rating of “Moderate Buy” and an average price target of $321.74.

Amazon.com News Roundup

Investors following AMZN have been watching these news items:

• Positive Sentiment: Anthropic could add strategic and financial upside. Amazon is a major Anthropic investor and cloud provider; an anticipated IPO could raise the estimated value of its stake substantially, while Anthropic’s infrastructure commitments may generate AWS business. Any IPO valuation gain remains prospective, not cash already realized. Anthropic IPO article
• Neutral Sentiment: AWS expansion offers future capacity but requires substantial investment. Amazon’s planned Chile data centers add to its infrastructure footprint, though investors are weighing that opportunity against the cost of building out capacity. AWS Chile data center article
• Negative Sentiment: Legal proceedings add uncertainty. Italian prosecutors are pursuing allegations involving unpaid import VAT and customs duties, while a U.S. court certified a class action alleging biometric-data violations through Amazon Photos. Both matters could create financial and reputational costs; the allegations have not been proven. Italy VAT case article Biometric-data lawsuit article

About Amazon.com

Amazon.com, Inc. is a technology and e-commerce company founded by Jeff Bezos in 1994 as an online bookstore. It has since grown into a global business serving consumers, sellers, developers, enterprises and content creators. Amazon operates online stores and marketplaces, where it sells products directly and enables third-party sellers to reach customers. Its other businesses include Amazon Web Services, which provides cloud computing and related services; digital advertising; Prime memberships; and entertainment offerings such as streaming video and music.