Summit Asset Management LLC Acquires 17,400 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

Summit Asset Management LLC raised its position in shares of Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 88.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,177 shares of the e-commerce giant's stock after acquiring an additional 17,400 shares during the period. Amazon.com makes up 1.4% of Summit Asset Management LLC's portfolio, making the stock its 18th biggest holding. Summit Asset Management LLC's holdings in Amazon.com were worth $8,156,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMZN. State Street Corp boosted its holdings in Amazon.com by 3.3% in the 3rd quarter. State Street Corp now owns 359,179,990 shares of the e-commerce giant's stock valued at $66,926,008,000 after purchasing an additional 11,370,309 shares during the period. Geode Capital Management LLC raised its position in shares of Amazon.com by 3.4% during the third quarter. Geode Capital Management LLC now owns 199,915,046 shares of the e-commerce giant's stock valued at $37,116,341,000 after buying an additional 6,545,944 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Amazon.com by 3.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,833,954 shares of the e-commerce giant's stock valued at $10,776,201,000 after buying an additional 1,984,592 shares during the period. Charles Schwab Investment Management Inc. grew its position in Amazon.com by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 57,308,094 shares of the e-commerce giant's stock worth $10,678,217,000 after buying an additional 1,980,663 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Amazon.com by 0.5% during the third quarter. Franklin Resources Inc. now owns 47,156,540 shares of the e-commerce giant's stock valued at $8,843,714,000 after acquiring an additional 257,072 shares during the period. 72.20% of the stock is owned by institutional investors and hedge funds.

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Amazon.com Price Performance

Shares of NASDAQ:AMZN traded up $2.45 during midday trading on Tuesday, hitting $205.71. The stock had a trading volume of 31,105,980 shares, compared to its average volume of 38,443,934. The company's 50-day moving average price is $218.60 and its 200-day moving average price is $208.62. Amazon.com, Inc. has a fifty-two week low of $151.61 and a fifty-two week high of $242.52. The company has a quick ratio of 0.87, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $2.18 trillion, a P/E ratio of 37.20, a price-to-earnings-growth ratio of 1.50 and a beta of 1.19.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The e-commerce giant reported $1.86 EPS for the quarter, beating the consensus estimate of $1.52 by $0.34. Amazon.com had a net margin of 9.29% and a return on equity of 24.25%. As a group, equities research analysts predict that Amazon.com, Inc. will post 6.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on AMZN. Jefferies Financial Group raised their price objective on Amazon.com from $235.00 to $275.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Needham & Company LLC reissued a "buy" rating and issued a $250.00 price target on shares of Amazon.com in a report on Friday, February 7th. Rosenblatt Securities increased their price objective on shares of Amazon.com from $236.00 to $287.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and issued a $265.00 price objective (up from $225.00) on shares of Amazon.com in a research note on Friday, February 7th. Finally, Stifel Nicolaus increased their price objective on Amazon.com from $245.00 to $275.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $260.65.

Insider Buying and Selling

In related news, SVP David Zapolsky sold 5,848 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $220.72, for a total transaction of $1,290,770.56. Following the completion of the transaction, the senior vice president now directly owns 69,162 shares in the company, valued at $15,265,436.64. This represents a 7.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Douglas J. Herrington sold 5,501 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $228.44, for a total value of $1,256,648.44. Following the completion of the transaction, the chief executive officer now owns 505,318 shares of the company's stock, valued at $115,434,843.92. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 102,298 shares of company stock worth $22,871,828 in the last ninety days. 10.80% of the stock is owned by insiders.

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.