Baron Wealth Management LLC has increased its stake in Amazon.com, Inc. (NASDAQ:AMZN) by an impressive 20.5% during the second quarter of 2023. This change, revealed in the firm’s recent Form 13F filing with the Securities and Exchange Commission, reflects a purchase of an additional 2,346 shares, bringing Baron’s total holdings to 13,774 shares. As of the end of the reporting period, Amazon stock represented 1.1% of Baron Wealth Management’s portfolio, making it the firm’s 14th largest position.
At the conclusion of the recent quarter, Baron’s holdings in Amazon were valued at approximately $3,022,000. Other institutional investors have similarly adjusted their positions in Amazon, reflecting the stock’s continued appeal. For instance, Brighton Jones LLC raised its investment by 10.9%, acquiring an additional 397,007 shares for a total holding of 4,036,091 shares, valued at $885,478,000.
Revolve Wealth Partners LLC also increased its stake by 4.1%, now owning 25,045 shares worth around $5,495,000. Additionally, Bank Pictet & Cie Europe AG raised its holdings by 2.8%, resulting in a total of 2,016,869 shares valued at $442,481,000.
Highview Capital Management LLC DE increased its position by 5.5%, holding 28,975 shares worth $6,357,000 after purchasing an additional 1,518 shares. Furthermore, Liberty Square Wealth Partners LLC entered the market with a new stake valued at approximately $2,153,000. Overall, institutional investors and hedge funds currently own 72.20% of Amazon’s stock.
Amazon Stock Performance and Financial Highlights
As of the latest trading session, shares of Amazon opened at $227.63. The stock has a fifty-day moving average of $227.85 and a two-hundred-day moving average of $209.69. Over the past year, Amazon’s share price has fluctuated, with a low of $161.38 and a high of $242.52. The company’s market capitalization stands at $2.43 trillion, complemented by a price-to-earnings (P/E) ratio of 34.70.
In its most recent quarterly earnings report, released on July 31, 2023, Amazon posted earnings per share (EPS) of $1.68, surpassing the consensus estimate of $1.31 by $0.37. The company reported revenue of $167.70 billion, exceeding analyst expectations of $161.80 billion, and showing a year-on-year revenue increase of 13.3%.
Insider Transactions and Analyst Ratings
Recent insider trading activity has seen significant sales from key executives. On August 22, 2023, Senior Vice President David Zapolsky sold 13,570 shares at an average price of $222.76, resulting in a transaction worth approximately $3,022,853.20. Following this sale, Zapolsky holds 44,110 shares, valued at around $9,825,943.60, indicating a 23.53% reduction in his ownership.
Similarly, CEO Andrew R. Jassy sold 19,872 shares on August 21, 2023, at an average price of $221.58, totaling about $4,403,237.76. After this transaction, Jassy retains direct ownership of 2,178,502 shares, valued at approximately $482,712,473.16, marking a 0.90% decrease in his stake.
In total, insiders sold 25,097,911 shares of Amazon stock over the last quarter, amounting to approximately $5,676,032,574. Insiders currently own about 10.80% of the company’s stock.
Equity analysts have shown strong support for Amazon, with firms such as Morgan Stanley reaffirming an “overweight” rating on the stock. Canaccord Genuity Group maintained a “buy” rating, setting a price target of $280.00. Truist Financial raised their target from $250.00 to $270.00, and Pivotal Research increased their price objective from $260.00 to $285.00. Overall, Amazon currently holds a consensus rating of “Buy” with a target price of $263.30, according to data from MarketBeat.
As Amazon continues to navigate the e-commerce landscape, these developments reflect both the confidence institutional investors have in its future growth and the ongoing interest from analysts monitoring its performance.
