Twin Capital Management Inc. has reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 22.2% during the third quarter of 2024, according to a report from HoldingsChannel.com. Following the sale of 32,393 shares, the fund now holds 113,606 shares of the e-commerce giant. This adjustment represents 3.1% of Twin Capital’s investment portfolio, making Amazon its sixth-largest position.
As of the end of the third quarter, Twin Capital Management’s holdings in Amazon were valued at approximately $24,944,000. The movement in Twin Capital’s investment comes as several other institutional investors have also adjusted their positions in Amazon. For example, Norges Bank acquired a new position worth $27.4 billion in the second quarter, while Nuveen LLC purchased shares valued at $11.7 billion during the first quarter.
Vanguard Group Inc. increased its holdings in Amazon by 2.1% in the second quarter, now owning a total of 849,721,601 shares, valued at around $186.4 billion. Laurel Wealth Advisors LLC’s stake grew significantly by 22,085.8% during the same quarter, bringing their total to 12,177,557 shares worth approximately $2.67 billion. Additionally, Goldman Sachs Group Inc. raised its holdings by 21.3%, now owning 57,908,424 shares valued at about $11 billion.
Approximately 72.20% of Amazon’s stock is currently held by institutional investors.
Insider Trading Activity
In related news, Amazon’s Vice President, Shelley Reynolds, sold 2,695 shares of the company’s stock on February 23, 2024, at an average price of $205.90. This transaction totaled around $554,900.50 and reduced her holdings to 119,780 shares, valued at approximately $24.66 million. Similarly, CEO Matthew S. Garman sold 17,751 shares on the same date for an aggregate value of $3.64 million, decreasing his holdings to 9,405 shares, worth about $1.93 million.
Over the past three months, insiders have sold a total of 73,186 shares valued at $15,067,539. Currently, corporate insiders hold 9.70% of Amazon’s stock.
Performance Metrics and Analyst Ratings
Amazon’s stock opened at $210.00 on the last trading day. The company has a market capitalization of $2.25 trillion and a price-to-earnings (P/E) ratio of 29.29. Its 52-week range shows a low of $161.38 and a high of $258.60. Analysts expect Amazon to post earnings per share (EPS) of $6.31 for the current fiscal year.
Several research firms have recently updated their ratings on Amazon. New Street Research lowered its price target from $350.00 to $285.00 while maintaining a “buy” rating. JPMorgan Chase & Co. reiterated a “buy” rating, and Raymond James Financial reduced its target from $260.00 to $225.00. According to MarketBeat.com, the consensus rating for Amazon is “Moderate Buy,” with a target price of $287.29.
Founded in 1994 by Jeff Bezos, Amazon.com, Inc. has evolved from an online bookstore into a diversified technology and retail leader. The company’s offerings now span e-commerce, cloud computing through Amazon Web Services (AWS), and digital content. As it continues to expand, Amazon remains a focal point for both investors and analysts in the technology sector.
