Pitti Group Wealth Management LLC Sells 437 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

Posted by on Aug 9th, 2023

Pitti Group Wealth Management LLC lessened its position in shares of Amazon.com, Inc. (NASDAQ:AMZN – Free Report) by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,674 shares of the e-commerce giant’s stock after selling 437 shares during the period. Amazon.com comprises 1.6% of Pitti Group Wealth Management LLC’s holdings, making the stock its 16th largest position. Pitti Group Wealth Management LLC’s holdings in Amazon.com were worth $1,412,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in AMZN. USAdvisors Wealth Management LLC lifted its stake in Amazon.com by 12.5% in the 4th quarter. USAdvisors Wealth Management LLC now owns 3,242 shares of the e-commerce giant’s stock valued at $272,000 after purchasing an additional 359 shares during the last quarter. McGlone Suttner Wealth Management Inc. bought a new position in shares of Amazon.com during the fourth quarter worth approximately $426,000. Veritas Asset Management LLP increased its stake in Amazon.com by 19.6% in the fourth quarter. Veritas Asset Management LLP now owns 7,868,621 shares of the e-commerce giant’s stock valued at $660,964,000 after acquiring an additional 1,286,797 shares during the last quarter. Mayfair Advisory Group LLC increased its stake in Amazon.com by 12.0% in the first quarter. Mayfair Advisory Group LLC now owns 4,561 shares of the e-commerce giant’s stock valued at $468,000 after acquiring an additional 488 shares during the last quarter. Finally, Sarasin & Partners LLP increased its stake in Amazon.com by 0.7% in the fourth quarter. Sarasin & Partners LLP now owns 2,468,455 shares of the e-commerce giant’s stock valued at $207,350,000 after acquiring an additional 17,993 shares during the last quarter. Institutional investors own 56.67% of the company’s stock.

Insider Transactions at Amazon.com

In other news, CEO Douglas J. Herrington sold 50,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $141.00, for a total value of $7,050,000.00. Following the transaction, the chief executive officer now owns 510,301 shares of the company’s stock, valued at $71,952,441. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Adam Selipsky sold 10,760 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $110.33, for a total value of $1,187,150.80. Following the sale, the chief executive officer now owns 150,120 shares in the company, valued at $16,562,739.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Douglas J. Herrington sold 50,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $141.00, for a total transaction of $7,050,000.00. Following the completion of the sale, the chief executive officer now owns 510,301 shares in the company, valued at approximately $71,952,441. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,305 shares of company stock valued at $15,656,808. 12.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Tigress Financial lifted their price objective on shares of Amazon.com from $192.00 to $204.00 in a research note on Thursday, July 13th. Canaccord Genuity Group raised their target price on shares of Amazon.com from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, August 4th. JPMorgan Chase & Co. raised their target price on shares of Amazon.com from $145.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Stifel Nicolaus raised their target price on shares of Amazon.com from $101.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Finally, Rosenblatt Securities upgraded shares of Amazon.com from a “neutral” rating to a “buy” rating and raised their target price for the company from $111.00 to $184.00 in a research report on Friday, August 4th. Two analysts have rated the stock with a hold rating and forty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $157.89.

Check Out Our Latest Stock Analysis on AMZN

Amazon.com Price Performance

AMZN stock opened at $139.94 on Wednesday. Amazon.com, Inc. has a one year low of $81.43 and a one year high of $146.57. The company’s fifty day moving average price is $128.78 and its 200-day moving average price is $111.56. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.70 and a current ratio of 0.95. The company has a market capitalization of $1.44 trillion, a PE ratio of 110.19, a price-to-earnings-growth ratio of 2.67 and a beta of 1.26.

Amazon.com Company Profile

(Free Report)

Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company's products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.

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Institutional Ownership by Quarter for Amazon.com (NASDAQ:AMZN)

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