Pinnacle Associates Ltd. increased its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 33.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,824 shares of the e-commerce giant’s stock after acquiring an additional 1,709 shares during the period. Pinnacle Associates Ltd.’s holdings in Amazon.com were worth $6,560,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of AMZN. CI Investments Inc. raised its stake in shares of Amazon.com by 0.7% during the third quarter. CI Investments Inc. now owns 56,995 shares of the e-commerce giant’s stock valued at $54,792,000 after acquiring an additional 400 shares during the last quarter. Perpetual Ltd bought a new position in shares of Amazon.com during the second quarter valued at about $25,356,000. R. G. Niederhoffer Capital Management Inc. bought a new position in shares of Amazon.com during the second quarter valued at about $871,000. Schaper Benz & Wise Investment Counsel Inc. WI raised its stake in shares of Amazon.com by 13.7% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 904 shares of the e-commerce giant’s stock valued at $869,000 after acquiring an additional 109 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of Amazon.com during the second quarter valued at about $1,984,000. Institutional investors and hedge funds own 59.31% of the company’s stock.
In related news, Chief Executive Officer of Worldwide Consumer Jeffrey A. Wilke sold 2,800 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $1,160.34, for a total value of $3,248,952.00. Following the sale, the insider now owns 10,000 shares in the company, valued at $11,603,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tom A. Alberg sold 835 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $1,202.74, for a total transaction of $1,004,287.90. Following the completion of the sale, the director now owns 17,114 shares in the company, valued at approximately $20,583,692.36. The disclosure for this sale can be found here. Insiders sold 6,179 shares of company stock worth $7,957,482 in the last 90 days. 17.00% of the stock is currently owned by corporate insiders.
Amazon.com (NASDAQ:AMZN) last issued its earnings results on Thursday, February 1st. The e-commerce giant reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.31. Amazon.com had a net margin of 1.71% and a return on equity of 9.23%. The company had revenue of $60.45 billion for the quarter, compared to analysts’ expectations of $59.85 billion. During the same quarter last year, the company posted $1.54 earnings per share. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. analysts expect that Amazon.com, Inc. will post 8.49 EPS for the current fiscal year.
Several brokerages have recently commented on AMZN. Cantor Fitzgerald reaffirmed a “buy” rating and set a $1,150.00 price objective on shares of Amazon.com in a research note on Tuesday, October 24th. They noted that the move was a valuation call. Bank of America reaffirmed a “buy” rating and set a $1,460.00 price objective (up from $1,220.00) on shares of Amazon.com in a research note on Tuesday, January 16th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and set a $1,250.00 price objective (up from $1,200.00) on shares of Amazon.com in a research note on Friday, October 27th. Jefferies Group reaffirmed a “buy” rating and set a $1,350.00 price objective on shares of Amazon.com in a research note on Friday, October 27th. Finally, Goldman Sachs Group reaffirmed a “buy” rating on shares of Amazon.com in a research note on Friday, January 26th. Six equities research analysts have rated the stock with a hold rating, forty-eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $1,437.43.
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Amazon.com, Inc offers a range of products and services through its Websites. The Company operates through three segments: North America, International and Amazon Web Services (AWS). The Company’s products include merchandise and content that it purchases for resale from vendors and those offered by third-party sellers.
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