NorthCrest Asset Management LLC has increased its investment in Amazon.com, Inc. (NASDAQ:AMZN) by acquiring an additional 14,596 shares during the third quarter of 2023. This acquisition represents a 4.6% increase in their total holdings, bringing the firm’s stake to 329,981 shares. Following this purchase, Amazon.com now accounts for approximately 1.8% of NorthCrest’s portfolio, making it the firm’s eighth-largest position. The value of NorthCrest’s holdings in Amazon stood at about $73,183,000 at the end of the reporting period.
Other institutional investors have also made significant adjustments to their Amazon holdings. For instance, Cooksen Wealth LLC increased its stake by 23.5% during the second quarter, now holding 247 shares valued at $54,000. PayPay Securities Corp expanded its position by 62.3% in the third quarter, owning 250 shares worth $55,000 after purchasing an additional 96 shares.
Furthermore, Access Investment Management LLC and Sagard Holdings Management Inc. each acquired new stakes in Amazon valued at approximately $74,000 and $79,000, respectively. MJT & Associates Financial Advisory Group Inc. also increased its position by 17.1%, now owning 363 shares valued at $80,000. Currently, institutional investors hold 72.20% of Amazon’s stock.
Analysts Weigh In on Amazon’s Future
Several research firms have recently provided insights on Amazon’s stock performance. Rothschild & Co Redburn set a price target of $230.00 on January 21, 2024. Argus maintained a “buy” rating with a price objective of $325.00, while Citizens JMP raised their target from $300.00 to $315.00 on February 2, 2024. Additionally, JPMorgan Chase & Co. reiterated a “buy” rating, and Canadian Imperial Bank of Commerce adjusted their target to $315.00.
The consensus among analysts is largely positive, with 55 investment analysts rating the stock as a “buy” and four suggesting a “hold.” According to data from MarketBeat.com, the average rating for Amazon is a “Moderate Buy,” with a consensus target price of $290.28.
Amazon’s Recent Performance and Insider Transactions
As of the latest trading session, Amazon’s stock opened at $210.27. Over the past year, the stock has seen a low of $161.38 and a high of $258.60. The company’s market capitalization is currently at $2.25 trillion, with a price-to-earnings ratio of 29.33 and a PEG ratio of 1.39.
In its most recent quarterly earnings report, released on February 5, 2024, Amazon reported earnings of $1.95 per share, slightly missing analysts’ expectations of $1.97. The company achieved a revenue of $213.39 billion, which exceeded projections of $211.02 billion and marked a 13.6% increase compared to the same quarter the previous year.
Recent insider transactions have also drawn attention. Daniel P. Huttenlocher, a director at Amazon, sold 1,237 shares on November 20, 2023, at an average price of $226.61. This sale totaled approximately $280,316.57, reducing his holdings to 26,148 shares, valued at around $5,925,398.28. Meanwhile, CEO Andrew R. Jassy sold 19,872 shares on November 21, 2023, for approximately $4.31 million, bringing his total ownership to 2,208,310 shares valued at about $479 million.
Overall, Amazon continues to attract significant interest from both institutional investors and analysts, reflecting its robust market position and growth potential.
