Summit Asset Management LLC Invests $10.06 Million in Amazon.com, Inc. $AMZN

Summit Asset Management LLC acquired a new stake in shares of Amazon.com, Inc. (NASDAQ:AMZN) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 42,223 shares of the e-commerce giant’s stock, valued at approximately $10,063,000. Amazon.com accounts for about 1.3% of Summit Asset Management LLC’s portfolio, making the stock its 9th largest holding.

Other large investors also recently modified their holdings of the company. Trust Asset Management LLC lifted its holdings in shares of Amazon.com by 3.3% in the 2nd quarter. Trust Asset Management LLC now owns 107,563 shares of the e-commerce giant’s stock worth $26,000 after acquiring an additional 3,414 shares during the last quarter. MilWealth Group LLC lifted its stake in Amazon.com by 79.0% in the fourth quarter. MilWealth Group LLC now owns 179 shares of the e-commerce giant’s stock worth $41,000 after purchasing an additional 79 shares during the last quarter. Lifetime Wealth Management P.C. bought a new stake in Amazon.com in the fourth quarter worth $45,000. Elkhorn Partners Limited Partnership boosted its position in Amazon.com by 900.0% during the fourth quarter. Elkhorn Partners Limited Partnership now owns 200 shares of the e-commerce giant’s stock valued at $46,000 after buying an additional 180 shares during the period. Finally, Fairway Wealth LLC boosted its position in Amazon.com by 95.6% during the fourth quarter. Fairway Wealth LLC now owns 221 shares of the e-commerce giant’s stock valued at $51,000 after buying an additional 108 shares during the period. 72.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AMZN shares. Robert W. Baird set a $310.00 price objective on Amazon.com and gave the stock an “outperform” rating in a report on Friday, July 31st. Raymond James Financial restated an “outperform” rating and set a $390.00 target price (up from $280.00) on shares of Amazon.com in a report on Friday, July 31st. Roth Capital restated a “buy” rating and set a $325.00 price target on shares of Amazon.com in a research report on Monday, August 3rd. Royal Bank Of Canada lifted their price target on Amazon.com from $320.00 to $330.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, UBS Group set a $318.00 price objective on Amazon.com and gave the company a “buy” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifty-six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $323.26.

Amazon.com Price Performance

AMZN opened at $256.97 on Wednesday. The stock has a market capitalization of $2.77 trillion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 1.99 and a beta of 1.44. The stock’s 50 day moving average price is $254.88 and its 200-day moving average price is $243.41. Amazon.com, Inc. has a 52-week low of $196.00 and a 52-week high of $287.20. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 1.03.

Amazon.com (NASDAQ:AMZN) last issued its quarterly earnings data on Thursday, July 30th. The e-commerce giant reported $5.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. The business had revenue of $200.61 billion for the quarter, compared to the consensus estimate of $197.03 billion. During the same period in the previous year, the firm earned $1.68 EPS. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts predict that Amazon.com, Inc. will post 8.05 EPS for the current year.

Key Amazon.com News

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

• Positive Sentiment: AWS expands its custom-chip strategy. Amazon and Qualcomm announced a multi-generation collaboration to develop customized AI data-center silicon, initially focused on AWS inference, along with optical-connectivity solutions of up to 1.6T. The agreement diversifies Amazon’s supply chain beyond Nvidia, Broadcom and its internally developed Trainium chips, while supporting AWS’s long-term AI infrastructure buildout. Qualcomm Announces Multi-Generational Product Collaboration with Amazon
• Positive Sentiment: Profitability remains a key investment argument. Commentary highlighted AWS’s roughly 39% operating margin and recent acceleration in cloud growth as reasons investors may view Amazon’s valuation as attractive, particularly with the stock trading near its 50-day moving average and below its recent high. Amazon’s AWS Operating Margin
• Neutral Sentiment: Amazon is preparing a sterling bond offering. The company has hired banks for its first sterling-denominated bond sale, apparently seeking additional funding sources for major AI and infrastructure investments. The move may improve financing flexibility, but it also underscores the scale of Amazon’s capital requirements. Amazon Hires Banks for First Sterling Bond Sale
• Negative Sentiment: Fatal Prime Air crash increases operational and reputational risk. Federal investigators are examining why a contractor-operated Boeing 767 cargo jet overshot the Miami runway by about 1,300 feet, killing five people. The investigation could bring additional scrutiny to Amazon Air’s contractor oversight, logistics practices and potential liability. Investigators Probe Amazon Cargo Plane Crash
• Negative Sentiment: Employment lawsuit adds legal and regulatory uncertainty. Four former warehouse workers allege Amazon discriminated against pregnant employees by penalizing medically necessary breaks and absences. The class-action complaint could create litigation costs and renewed scrutiny of warehouse labor policies. Amazon Sued for Allegedly Discriminating Against Pregnant Workers

Insider Activity at Amazon.com

In related news, CEO Andrew Jassy sold 20,000 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $259.01, for a total value of $5,180,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,235,766 shares of the company’s stock, valued at $579,085,751.66. This represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew S. Garman sold 14,541 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $259.06, for a total transaction of $3,766,991.46. Following the completion of the sale, the chief executive officer owned 17,794 shares of the company’s stock, valued at $4,609,713.64. This trade represents a 44.97% 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 71,589 shares of company stock valued at $18,568,785 over the last three months. Corporate insiders own 8.90% of the company’s stock.

About Amazon.com

Amazon.com, Inc is a global technology and e-commerce company that operates online marketplaces and provides a broad range of consumer products and services. Its retail business sells merchandise directly to customers and enables third-party sellers to offer products through Amazon’s websites and applications. The company also operates physical stores and provides services such as digital content, subscriptions, and consumer devices, including Kindle and Echo products.

Amazon Web Services (AWS) provides cloud computing, storage, database, analytics, artificial intelligence, machine learning, and other technology services to businesses, governments, and organizations.