Allstate Corp Cuts Stock Holdings in Amazon.com, Inc. (NASDAQ:AMZN)

Posted by Defense World Staff on Mar 10th, 2023

Allstate Corp trimmed its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 15.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 367,182 shares of the e-commerce giant’s stock after selling 69,080 shares during the quarter. Amazon.com makes up about 1.2% of Allstate Corp’s portfolio, making the stock its 13th biggest holding. Allstate Corp’s holdings in Amazon.com were worth $41,492,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AMZN. Bridgefront Capital LLC acquired a new stake in Amazon.com in the 1st quarter valued at $228,000. Krane Funds Advisors LLC grew its stake in Amazon.com by 239.1% in the 1st quarter. Krane Funds Advisors LLC now owns 78 shares of the e-commerce giant’s stock valued at $254,000 after acquiring an additional 55 shares during the period. Range Financial Group LLC acquired a new stake in Amazon.com in the 1st quarter valued at $258,000. My Personal CFO LLC acquired a new stake in Amazon.com in the 1st quarter valued at $261,000. Finally, Worth Asset Management LLC acquired a new stake in Amazon.com in the 1st quarter valued at $191,000. 57.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JMP Securities reissued a “market outperform” rating and issued a $140.00 price target on shares of Amazon.com in a research note on Friday, February 3rd. Wells Fargo & Company dropped their price target on shares of Amazon.com from $155.00 to $145.00 in a research note on Friday, February 3rd. Robert W. Baird lifted their price target on shares of Amazon.com from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, February 3rd. Credit Suisse Group lifted their target price on shares of Amazon.com from $142.00 to $171.00 and gave the stock an “outperform” rating in a research note on Monday, January 30th. Finally, MKM Partners lowered their target price on shares of Amazon.com from $145.00 to $125.00 and set a “buy” rating on the stock in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.87.

Insider Buying and Selling

In related news, CEO Douglas J. Herrington sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $93.80, for a total value of $375,200.00. Following the completion of the transaction, the chief executive officer now directly owns 560,298 shares of the company’s stock, valued at $52,555,952.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Andrew R. Jassy sold 23,874 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $99.15, for a total value of $2,367,107.10. Following the completion of the transaction, the chief executive officer now directly owns 1,964,506 shares of the company’s stock, valued at $194,780,769.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Douglas J. Herrington sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $93.80, for a total value of $375,200.00. Following the completion of the transaction, the chief executive officer now directly owns 560,298 shares of the company’s stock, valued at $52,555,952.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,394 shares of company stock worth $6,994,626. Company insiders own 12.70% of the company’s stock.

Amazon.com Stock Down 1.8 %

AMZN stock opened at $92.25 on Friday. The company’s 50 day moving average price is $95.71 and its 200 day moving average price is $103.29. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.72 and a current ratio of 0.94. Amazon.com, Inc. has a fifty-two week low of $81.43 and a fifty-two week high of $170.83. The firm has a market capitalization of $945.31 billion, a price-to-earnings ratio of -341.67, a PEG ratio of 3.86 and a beta of 1.25.

Amazon.com (NASDAQ:AMZN – Get Rating) last released its earnings results on Thursday, February 2nd. The e-commerce giant reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). Amazon.com had a positive return on equity of 5.33% and a negative net margin of 0.53%. The firm had revenue of $149.20 billion for the quarter, compared to analysts’ expectations of $145.72 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that Amazon.com, Inc. will post 1.34 EPS for the current fiscal year.

About Amazon.com

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Amazon.com, Inc is a multinational technology company, which engages in the provision of online retail shopping services. It operates through the following segments: North America, International, and Amazon Web Services (AWS). The North America segment is involved in the retail sales of consumer products including from sellers and subscriptions through North America-focused online and physical stores.