Orion Capital Management LLC has increased its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 2.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the investment firm now holds 31,261 shares of the e-commerce giant, having added 725 shares during this period. Amazon represents 2.6% of Orion’s investment portfolio, making it the firm’s eighth largest holding, valued at approximately $6,858,000.
A number of institutional investors have also adjusted their positions in Amazon. For instance, Carderock Capital Management Inc. purchased a new stake in Amazon valued at around $27,000 during the second quarter. Similarly, Cooksen Wealth LLC acquired shares worth approximately $36,000 earlier in the year. Maryland Capital Advisors Inc. increased its position by an impressive 81.9%, now holding 211 shares valued at $46,000 after buying an additional 95 shares. Furthermore, Ryan Investment Management Inc. and MJT & Associates Financial Advisory Group Inc. also reported new investments in Amazon during the second quarter, valued at $48,000 and $59,000, respectively. Currently, 72.20% of Amazon’s stock is owned by hedge funds and other institutional investors.
In related news, a couple of insider transactions have recently come to light. Keith Brian Alexander, a member of Amazon’s board of directors, sold 900 shares on November 17, 2023, for an average price of $233.00, totaling $209,700. Following this sale, he retains 7,170 shares, valued at around $1,670,610. This transaction reflects an 11.15% decrease in his ownership.
Another notable transaction involved David Zapolsky, Senior Vice President of Amazon, who sold 13,570 shares on August 22, 2023, at an average price of $222.76, resulting in a total of $3,022,853.20. Zapolsky now holds 44,110 shares, valued at approximately $9,825,943.60, which marks a 23.53% decrease in his position. Over the last ninety days, insiders have sold a total of 56,927 shares, valued at $13,630,068. Currently, corporate insiders own 10.80% of the company’s stock.
On October 30, 2023, Amazon released its quarterly earnings, reporting $1.95 earnings per share, surpassing analysts’ expectations of $1.57 by $0.38. The company recorded revenues of $180.17 billion against a consensus estimate of $177.53 billion, marking a year-over-year revenue growth of 13.4%. During the same quarter in the previous year, Amazon earned $1.43 EPS. The company has provided guidance for the fourth quarter of 2025, with analysts projecting an EPS of 6.31 for the current year.
Recent reports from equity research analysts indicate a positive outlook for Amazon. On October 31, 2023, Roth Capital raised its price target for Amazon shares from $250.00 to $270.00, maintaining a “buy” rating. BMO Capital Markets confirmed an “outperform” rating along with a price target of $300.00. Daiwa Capital Markets and Telsey Advisory Group have also increased their price targets to $300.00. Meanwhile, Loop Capital raised its price objective to $360.00, continuing to endorse the stock as a buy. Overall, the consensus rating on Amazon stands at a “Moderate Buy” with an average target price of $294.70.
Amazon.com, Inc. engages in retail sales of consumer products, advertising, and subscription services through both online and physical stores across North America and globally. The company operates through three main segments: North America, International, and Amazon Web Services (AWS). Additionally, Amazon produces and sells a range of electronic devices, including Kindle e-readers, Fire tablets, and Echo smart speakers, while also developing and distributing media content.
