Amazon.com, Inc. $AMZN Stock Sold by Provident Investment Management Inc.

Provident Investment Management Inc. reduced its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 6.9% in the 3rd quarter, Holdings Channel reports. The firm owned 191,141 shares of the e-commerce giant’s stock after selling 14,174 shares during the period. Amazon.com accounts for approximately 4.8% of Provident Investment Management Inc.’s holdings, making the stock its 6th largest position. Provident Investment Management Inc.’s holdings in Amazon.com were worth $47,623,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AMZN. Trust Asset Management LLC raised its holdings in shares of Amazon.com by 3.3% during the 2nd quarter. Trust Asset Management LLC now owns 107,563 shares of the e-commerce giant’s stock worth $26,000 after buying an additional 3,414 shares in the last quarter. TOP Private Wealth LLC. bought a new stake in shares of Amazon.com during the 2nd quarter worth $29,000. Bard Associates Inc. acquired a new stake in Amazon.com in the second quarter valued at about $32,000. Longfellow Investment Management Co. LLC acquired a new stake in Amazon.com in the second quarter valued at about $33,000. Finally, Atomic Invest LLC grew its position in Amazon.com by 41.2% in the second quarter. Atomic Invest LLC now owns 168 shares of the e-commerce giant’s stock valued at $40,000 after acquiring an additional 49 shares during the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on AMZN shares. Yorkville Ives began coverage on Amazon.com in a research note on Monday, October 19th. They set an “outperform” rating and a $300.00 target price for the company. Citizens Jmp reduced their price target on shares of Amazon.com from $315.00 to $275.00 and set a “market outperform” rating on the stock in a research note on Friday, October 30th. Piper Sandler reaffirmed an “overweight” rating on shares of Amazon.com in a report on Friday, October 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Amazon.com in a report on Tuesday, October 20th. Finally, DA Davidson set a $250.00 price objective on shares of Amazon.com and gave the stock a “neutral” rating in a research report on Friday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, fifty-five have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $321.74.

Amazon.com News Summary

Here are the key news stories impacting Amazon.com this week:

• Positive Sentiment: AWS growth and backlog support the AI investment case. AWS revenue grew 39.3% in the latest quarter, its fastest pace in nearly five years, while its reported backlog reached $578 billion. That contracted demand may help justify Amazon’s substantial infrastructure investment. Article: Andy Jassy Just Delivered Great News for Amazon Stock Investors
• Positive Sentiment: Anthropic’s planned IPO could highlight the value of Amazon’s stake and cloud relationship. Reports describe Amazon as a major investor and cloud provider to Anthropic; the proposed offering could put a substantial valuation on its stake, while Anthropic’s infrastructure commitments could also generate AWS business. Any stake valuation remains a paper estimate until shares trade. Article: Amazon and Google Will See Big Paydays from Anthropic IPO
• Positive Sentiment: UK approval expands Amazon’s drone-delivery opportunity. Regulatory clearance allows Amazon to extend eligible deliveries in Darlington to about 8,000 customers, providing a potential route to faster service and more efficient fulfillment. Article: UK aviation regulator clears Amazon for expanded drone delivery
• Neutral Sentiment: Ring’s new home-security devices and Amazon’s holiday promotions add product and seasonal-sales visibility, but their financial contribution is not yet clear. Article: Amazon’s Ring launches flying camera, autonomous security robot
• Negative Sentiment: AI infrastructure spending remains a key risk. Amazon’s large capital-spending plans could pressure cash flow if cloud and AI demand do not translate into returns quickly enough; data-center power, permitting and cost concerns add uncertainty. Article: Amazon Faces a $1.2 Trillion AI Spending Question
• Negative Sentiment: Amazon agreed to pay $3 million to Arizona Prime members to resolve allegations related to its subscription-cancellation process, a modest financial cost but a potential reputational and regulatory concern. Article: Amazon agrees to pay $3M to Arizona Prime members

Amazon.com Price Performance

Shares of AMZN opened at $270.87 on Wednesday. Amazon.com, Inc. has a 12-month low of $196.00 and a 12-month high of $287.20. The business has a 50-day simple moving average of $254.19 and a two-hundred day simple moving average of $243.93. The company has a quick ratio of 0.82, a current ratio of 0.99 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.93 trillion, a PE ratio of 21.90, a PEG ratio of 2.03 and a beta of 1.49.

Amazon.com (NASDAQ:AMZN) last posted its earnings results on Thursday, October 29th. The e-commerce giant reported $1.89 EPS for the quarter, missing the consensus estimate of $1.97 by ($0.08). Amazon.com had a net margin of 16.90% and a return on equity of 15.72%. The firm had revenue of $201.94 billion during the quarter, compared to the consensus estimate of $202.22 billion. During the same quarter in the prior year, the business posted $1.95 earnings per share. Amazon.com’s revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts anticipate that Amazon.com, Inc. will post 7.80 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP David Zapolsky sold 9,258 shares of Amazon.com stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $259.77, for a total transaction of $2,404,950.66. Following the sale, the senior vice president directly owned 41,190 shares in the company, valued at $10,699,926.30. This trade represents a 18.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian T. Olsavsky sold 6,172 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $260.31, for a total transaction of $1,606,633.32. Following the sale, the chief financial officer directly owned 109,207 shares in the company, valued at $28,427,674.17. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 71,589 shares of company stock valued at $18,545,595 over the last three months. Insiders own 8.90% of the company’s stock.

Amazon.com Profile

Amazon.com, Inc. is a technology and e-commerce company founded by Jeff Bezos in 1994 as an online bookstore. It has since grown into a global business serving consumers, sellers, developers, enterprises and content creators. Amazon operates online stores and marketplaces, where it sells products directly and enables third-party sellers to reach customers. Its other businesses include Amazon Web Services, which provides cloud computing and related services; digital advertising; Prime memberships; and entertainment offerings such as streaming video and music.