Independent Wealth Network Inc. Cuts Position in Amazon.com, Inc. (NASDAQ:AMZN)

Independent Wealth Network Inc. cut its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 4.5% during the first quarter, HoldingsChannel reports. The fund owned 12,864 shares of the e-commerce giant’s stock after selling 601 shares during the quarter. Amazon.com comprises about 1.0% of Independent Wealth Network Inc.’s holdings, making the stock its 23rd largest position. Independent Wealth Network Inc.’s holdings in Amazon.com were worth $2,448,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Carson Advisory Inc. boosted its position in shares of Amazon.com by 2.9% in the 1st quarter. Carson Advisory Inc. now owns 4,777 shares of the e-commerce giant’s stock worth $909,000 after purchasing an additional 136 shares in the last quarter. Sachetta LLC boosted its position in shares of Amazon.com by 3.6% in the 1st quarter. Sachetta LLC now owns 10,401 shares of the e-commerce giant’s stock worth $1,979,000 after purchasing an additional 361 shares in the last quarter. Burling Wealth Partners LLC boosted its position in shares of Amazon.com by 1.4% in the 1st quarter. Burling Wealth Partners LLC now owns 109,257 shares of the e-commerce giant’s stock worth $20,787,000 after purchasing an additional 1,523 shares in the last quarter. Mystic Asset Management Inc. boosted its position in shares of Amazon.com by 82.1% in the 1st quarter. Mystic Asset Management Inc. now owns 33,071 shares of the e-commerce giant’s stock worth $6,292,000 after purchasing an additional 14,910 shares in the last quarter. Finally, Acas LLC boosted its position in shares of Amazon.com by 1.5% in the 1st quarter. Acas LLC now owns 24,712 shares of the e-commerce giant’s stock worth $4,700,000 after purchasing an additional 369 shares in the last quarter. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMZN has been the subject of a number of recent analyst reports. Telsey Advisory Group reissued an “outperform” rating and issued a $265.00 price objective on shares of Amazon.com in a research report on Wednesday. Monness Crespi & Hardt raised their price objective on Amazon.com from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Raymond James Financial reissued an “outperform” rating and issued a $195.00 price objective (down previously from $275.00) on shares of Amazon.com in a research report on Monday, April 21st. Royal Bank Of Canada raised their price objective on Amazon.com from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Pivotal Research boosted their price target on Amazon.com from $260.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a hold rating, forty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $262.87.

Insider Buying and Selling

In other news, CEO Douglas J. Herrington sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $217.00, for a total value of $542,500.00. Following the completion of the sale, the chief executive officer directly owned 512,050 shares in the company, valued at $111,114,850. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey P. Bezos sold 2,643,142 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $230.43, for a total value of $609,059,211.06. Following the completion of the transaction, the insider owned 883,779,901 shares of the company’s stock, valued at $203,649,402,587.43. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,096,253 shares of company stock valued at $5,673,745,409 over the last 90 days. Company insiders own 9.70% of the company’s stock.

Amazon.com Price Performance

NASDAQ:AMZN opened at $231.03 on Friday. Amazon.com, Inc. has a 12 month low of $161.38 and a 12 month high of $242.52. The stock has a 50 day moving average of $221.41 and a two-hundred day moving average of $208.64. The company has a current ratio of 1.02, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.46 trillion, a P/E ratio of 35.22, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31.

Amazon.com (NASDAQ:AMZN) last posted its quarterly earnings data on Thursday, July 31st. The e-commerce giant reported $1.68 EPS for the quarter, topping the consensus estimate of $1.31 by $0.37. The company had revenue of $167.70 billion during the quarter, compared to analyst estimates of $161.80 billion. Amazon.com had a return on equity of 23.84% and a net margin of 10.54%. Amazon.com’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. On average, analysts expect that Amazon.com, Inc. will post 6.31 earnings per share for the current fiscal year.

Amazon.com Profile

Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.