NorthCrest Asset Management LLC has increased its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 4.6% during the third quarter of 2023, as disclosed in its latest 13F filing with the Securities and Exchange Commission. The firm now owns 329,981 shares of the e-commerce giant, having acquired an additional 14,596 shares during the reporting period. This investment makes Amazon approximately 1.8% of NorthCrest’s total portfolio, ranking as its eighth-largest position. At the end of the quarter, NorthCrest’s stake in Amazon was valued at around $73.2 million.
Several other institutional investors have also adjusted their positions in Amazon. Cooksen Wealth LLC raised its stake by 23.5% in the second quarter, now holding 247 shares valued at $54,000. PayPay Securities Corp increased its holdings by an impressive 62.3% in the third quarter, bringing its total to 250 shares worth $55,000. Access Investment Management LLC and Sagard Holdings Management Inc. have also made notable investments, with new stakes estimated at $74,000 and $79,000, respectively. Overall, hedge funds and institutional investors control approximately 72.2% of Amazon’s shares.
Analyst Ratings and Market Performance
Research firms have actively analyzed Amazon’s stock, with Rothschild & Co Redburn setting a price target of $230.00 in a report dated January 21, 2023. Argus reaffirmed a “buy” rating, establishing a price objective of $325.00. Additionally, Citizens JMP increased its target from $300.00 to $315.00, while JPMorgan Chase & Co. and the Canadian Imperial Bank of Commerce also restated their positive outlook on the stock with price targets set at $315.00.
As of the latest reports, Amazon.com holds an average rating of “Moderate Buy” from analysts, with a consensus target price of $290.28. The stock opened at $210.27 recently, with a one-year range between a low of $161.38 and a high of $258.60. The company boasts a market capitalization of $2.25 trillion and a price-to-earnings ratio of 29.33.
Recent Earnings and Insider Transactions
On February 5, 2023, Amazon announced its quarterly earnings, reporting earnings per share of $1.95, slightly below analysts’ expectations of $1.97. The company achieved a net revenue of $213.39 billion, surpassing the anticipated $211.02 billion. Year-over-year, revenue increased by 13.6%.
In recent insider transactions, Director Daniel P. Huttenlocher sold 1,237 shares of Amazon stock on November 20, 2023, at an average price of $226.61, totaling $280,316.57. Following the sale, he holds 26,148 shares valued at approximately $5.93 million. In a separate transaction, CEO Andrew R. Jassy sold 19,872 shares on November 21, 2023, for a total of $4.31 million, reducing his ownership to 2,208,310 shares valued at around $479.07 million. Over the last ninety days, insiders have sold a total of 47,061 shares valued at over $10.35 million.
As Amazon continues to navigate the market, its strategic investments and solid earnings performance highlight its ongoing significance within the tech and e-commerce sectors.
