Orion Capital Management LLC has increased its investment 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 (SEC), the institutional investor now holds 31,261 shares of Amazon, having acquired an additional 725 shares in the period. This investment represents 2.6% of Orion’s total portfolio, making Amazon its eighth largest holding, valued at approximately $6.86 million.
Several other institutional investors have also adjusted their positions in Amazon.com. Carderock Capital Management Inc. purchased a new stake valued at around $27,000 during the second quarter, while Cooksen Wealth LLC bought in with a stake worth approximately $36,000 in the first quarter. Moreover, Maryland Capital Advisors Inc. expanded its holdings in Amazon by 81.9% in the second quarter, bringing its total to 211 shares worth about $46,000. Ryan Investment Management Inc. and MJT & Associates Financial Advisory Group Inc. also acquired new positions in Amazon during the same timeframe, valued at $48,000 and $59,000, respectively. Currently, hedge funds and institutional investors collectively own approximately 72.20% of Amazon’s shares.
In related news, insider transactions at Amazon have seen notable activity. On November 17, 2023, Keith Brian Alexander, a director at the company, sold 900 shares at an average price of $233.00, totaling $209,700.00. Following this transaction, Alexander retains 7,170 shares, valued at around $1.67 million, reflecting an 11.15% decrease in his ownership.
On August 22, 2023, David Zapolsky, a senior vice president, sold 13,570 shares at an average price of $222.76, amounting to $3,022,853.20. Post-sale, Zapolsky holds 44,110 shares, worth approximately $9.83 million, marking a 23.53% reduction in his stake. In total, insiders have sold 56,927 shares valued at about $13.63 million over the past ninety days, with corporate insiders owning 10.80% of Amazon’s stock.
Amazon’s Financial Performance and Analyst Ratings
Amazon.com recently released its quarterly earnings report on October 30, 2023. The company reported earnings of $1.95 per share, surpassing analysts’ expectations of $1.57 by $0.38. Amazon’s revenues reached $180.17 billion, exceeding the consensus estimate of $177.53 billion. The company achieved a net margin of 10.54% and a return on equity of 23.84%, with year-over-year revenue growth of 13.4%. In the same quarter last year, Amazon reported earnings of $1.43 per share.
Looking ahead, Amazon has set its guidance for Q4 2025. Analysts expect the company to post an earnings per share (EPS) of $6.31 for the current year, reflecting a positive outlook for the e-commerce giant.
A number of equities research analysts have recently updated their ratings on Amazon’s stock. Roth Capital increased their price target from $250.00 to $270.00 and maintained a “buy” rating. BMO Capital Markets reaffirmed an “outperform” rating with a price target of $300.00. Daiwa Capital Markets raised their price target from $254.00 to $300.00, also giving the stock a “buy” rating. Additionally, Telsey Advisory Group and Loop Capital have increased their price targets to $300.00 and $360.00, respectively, with both maintaining a “buy” rating.
As of now, the stock is rated as a “Moderate Buy” with an average target price of $294.70, according to data from MarketBeat.com.
About Amazon.com, Inc.
Amazon.com, Inc. operates in the retail sector, providing a wide array of consumer products and services through both online and physical platforms. The company is structured into three main segments: North America, International, and Amazon Web Services (AWS). In addition to retailing, Amazon manufactures and sells various electronic devices, including the Kindle, Fire tablets, and Echo products, and it also develops media content.
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