Amazon.com, Inc. (NASDAQ:AMZN) Position Lessened by First Manhattan Co.

Posted by Defense World Staff on Mar 14th, 2023

First Manhattan Co. cut its stake in Amazon.com, Inc. (NASDAQ:AMZN – Get Rating) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,329,796 shares of the e-commerce giant’s stock after selling 297,516 shares during the quarter. Amazon.com comprises about 1.6% of First Manhattan Co.’s portfolio, making the stock its 10th biggest position. First Manhattan Co.’s holdings in Amazon.com were worth $376,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AMZN. State Street Corp increased its holdings in shares of Amazon.com by 1,869.1% in the 2nd quarter. State Street Corp now owns 326,727,487 shares of the e-commerce giant’s stock valued at $34,701,726,000 after acquiring an additional 310,134,486 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Amazon.com by 1,838.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 311,971,394 shares of the e-commerce giant’s stock worth $33,134,481,000 after purchasing an additional 295,880,050 shares in the last quarter. FMR LLC boosted its position in shares of Amazon.com by 1,792.4% in the 2nd quarter. FMR LLC now owns 286,047,356 shares of the e-commerce giant’s stock worth $30,381,089,000 after purchasing an additional 270,931,640 shares in the last quarter. Northern Trust Corp boosted its position in shares of Amazon.com by 1,867.0% in the 2nd quarter. Northern Trust Corp now owns 94,997,372 shares of the e-commerce giant’s stock worth $10,089,669,000 after purchasing an additional 90,167,792 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Amazon.com by 1,944.4% in the 2nd quarter. Legal & General Group Plc now owns 59,977,393 shares of the e-commerce giant’s stock worth $6,370,223,000 after purchasing an additional 57,043,701 shares in the last quarter. 57.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMZN. Morgan Stanley raised their price objective on Amazon.com from $140.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. New Street Research began coverage on Amazon.com in a research report on Wednesday, January 4th. They issued a “buy” rating and a $130.00 price objective for the company. Robert W. Baird raised their price objective on Amazon.com from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. MKM Partners lowered their price objective on Amazon.com from $145.00 to $125.00 and set a “buy” rating for the company in a research report on Wednesday, January 18th. Finally, Cowen lifted their price target on Amazon.com from $140.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

Amazon.com Stock Up 1.9 %

NASDAQ AMZN opened at $92.43 on Tuesday. The business has a fifty day moving average price of $96.01 and a 200 day moving average price of $102.24. Amazon.com, Inc. has a one year low of $81.43 and a one year high of $170.83. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.72 and a current ratio of 0.94. The company has a market cap of $947.15 billion, a P/E ratio of -344.88, a P/E/G ratio of 3.74 and a beta of 1.25.

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

Insider Activity at Amazon.com

In other Amazon.com news, VP Shelley Reynolds sold 3,500 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $94.91, for a total value of $332,185.00. Following the completion of the sale, the vice president now directly owns 119,780 shares of the company’s stock, valued at approximately $11,368,319.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Amazon.com news, CEO Douglas J. Herrington sold 4,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 560,298 shares of the company’s stock, valued at approximately $52,555,952.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Shelley Reynolds sold 3,500 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $94.91, for a total value of $332,185.00. Following the completion of the sale, the vice president now directly owns 119,780 shares of the company’s stock, valued at $11,368,319.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,394 shares of company stock valued at $6,994,626. 12.70% of the stock is owned by insiders.

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.