Fortis Capital Management LLC Lowers Stake in Amazon.com, Inc. (NASDAQ:AMZN)

Posted by Defense World Staff on Mar 13th, 2023

Fortis Capital Management LLC cut its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,400 shares of the e-commerce giant’s stock after selling 1,704 shares during the quarter. Amazon.com makes up 1.4% of Fortis Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Fortis Capital Management LLC’s holdings in Amazon.com were worth $1,627,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Buckhead Capital Management LLC grew its holdings in shares of Amazon.com by 9.8% during the third quarter. Buckhead Capital Management LLC now owns 49,597 shares of the e-commerce giant’s stock worth $5,604,000 after buying an additional 4,422 shares in the last quarter. Bwcp LP grew its holdings in shares of Amazon.com by 16.1% during the third quarter. Bwcp LP now owns 119,560 shares of the e-commerce giant’s stock worth $12,248,000 after buying an additional 16,540 shares in the last quarter. Baker Avenue Asset Management LP grew its holdings in shares of Amazon.com by 33.5% during the third quarter. Baker Avenue Asset Management LP now owns 242,265 shares of the e-commerce giant’s stock worth $27,376,000 after buying an additional 60,813 shares in the last quarter. Banco BTG Pactual S.A. grew its holdings in Amazon.com by 162.3% in the third quarter. Banco BTG Pactual S.A. now owns 14,111 shares of the e-commerce giant’s stock valued at $1,595,000 after purchasing an additional 8,731 shares during the period. Finally, Bayesian Capital Management LP grew its holdings in Amazon.com by 63.3% in the third quarter. Bayesian Capital Management LP now owns 27,100 shares of the e-commerce giant’s stock valued at $3,062,000 after purchasing an additional 10,500 shares during the period. 57.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Amazon.com

In related news, CEO Douglas J. Herrington sold 4,000 shares of the stock in a transaction dated 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 owns 560,298 shares in the company, valued at approximately $52,555,952.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Amazon.com news, CEO Douglas J. Herrington sold 7,456 shares of the company’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $94.90, for a total value of $707,574.40. Following the completion of the sale, the chief executive officer now directly owns 564,298 shares of the company’s stock, valued at approximately $53,551,880.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Douglas J. Herrington sold 4,000 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $93.80, for a total transaction of $375,200.00. Following the completion of the sale, 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. Insiders sold 71,394 shares of company stock worth $6,994,626 in the last 90 days. Corporate insiders own 12.70% of the company’s stock.

Amazon.com Stock Down 1.6 %

Amazon.com stock opened at $90.73 on Monday. The company has a 50-day simple moving average of $95.85 and a 200-day simple moving average of $102.56. The firm has a market capitalization of $929.73 billion, a P/E ratio of -338.53, a P/E/G ratio of 3.74 and a beta of 1.25. 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 one year low of $81.43 and a one year high of $170.83.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JMP Securities restated a “market outperform” rating and issued a $140.00 target price on shares of Amazon.com in a report on Friday, February 3rd. New Street Research assumed coverage on shares of Amazon.com in a report on Wednesday, January 4th. They issued a “buy” rating and a $130.00 target price for the company. Moffett Nathanson assumed coverage on shares of Amazon.com in a report on Tuesday, November 15th. They issued an “outperform” rating and a $118.00 target price for the company. Erste Group Bank downgraded shares of Amazon.com from a “buy” rating to a “hold” rating in a report on Friday, November 18th. Finally, Roth Capital restated a “buy” rating on shares of Amazon.com in a report on Friday, February 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and forty-one have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

Amazon.com Company Profile

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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.