First County Bank CT Sells Shares of Amazon.com, Inc. (NASDAQ:AMZN)

First County Bank CT has reduced its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 8.7% during the second quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission. Following the sale of 2,401 shares in the period, the bank now owns 25,168 shares of the well-known e-commerce company. This investment represents approximately 2.5% of First County Bank CT’s total portfolio, making Amazon.com its eighth largest investment. As of the end of the most recent reporting period, the value of First County Bank CT's holdings in Amazon stood at around $4,864,000.

Several other institutional investors and hedge funds have also adjusted their positions in AMZN. For instance, Annex Advisory Services LLC increased its stake in Amazon by 12.7% during the first quarter, amassing a total of 172,590 shares worth about $31,132,000 after acquiring an additional 19,478 shares. Similarly, Riverview Trust Co raised its holdings in the company by 2.9%, now owning 19,261 shares valued at $3,474,000 after purchasing 534 extra shares. Fermata Advisors LLC also expanded its stake by 12.4%, owning 16,292 shares now worth approximately $2,939,000 following the acquisition of an additional 1,799 shares. Additionally, Bourne Lent Asset Management Inc. increased its share count by 2.3% during the first quarter, holding 26,190 shares with a value of $4,724,000 after adding 600 shares. Finally, Retirement Planning Group LLC significantly grew its stake by 29.6%, and now owns 10,109 shares worth about $1,823,000 after buying 2,311 additional shares. Currently, institutional investors and hedge funds together hold 72.20% of Amazon's stock.

Analyst Ratings and Price Targets

Various research firms have provided insights on AMZN. Scotiabank started coverage of Amazon.com on October 11, issuing a “sector outperform” rating and a price target of $245.00. Similarly, Royal Bank of Canada maintained an “outperform” rating with a price target of $215.00 in a report on August 2. Wedbush echoed this by reiterating an “outperform” rating and setting a price target at $225.00 on the same date. Pivotal Research also initiated coverage on Amazon.com on October 11, recommending a “buy” rating with a target price of $260.00. Moreover, Sanford C. Bernstein raised their price target from $210.00 to $215.00, maintaining an “outperform” rating in their report from July 22. Overall, two analysts classify the stock as a hold, while forty-two recommend buying, and one assigned a strong buy rating. MarketBeat reports that Amazon currently holds an average rating of “Moderate Buy” with an average price target of $236.78.

Insider Trading Activity

In other news related to Amazon.com, SVP David Zapolsky sold 2,190 shares on September 24 at an average price of $195.00, which totaled approximately $427,050. After this sale, Zapolsky holds 62,420 shares valued at around $12,171,900, reflecting no change in his ownership percentage. This transaction was reported in a filing with the SEC. Additionally, CEO Andrew R. Jassy divested 20,784 shares on August 21, selling them at an average price of $180.77, for a total of $3,757,123.68. Consequently, he retains ownership of 2,056,534 shares valued approximately at $371,759,651.18, again showing no shift in ownership percentage. In the previous ninety days, insiders have sold 54,355 shares valued at about $9,877,423, with insiders currently owning about 10.80% of the stock.

Amazon's Stock Performance

As of Friday, Amazon's shares opened at $187.83. The company has a current ratio of 1.10, a quick ratio of 0.88, and a debt-to-equity ratio of 0.23. The overall market capitalization of Amazon.com, Inc. is approximately $1.95 trillion. The price-to-earnings ratio stands at 52.61, with a PEG ratio of 1.38, and the stock has a beta of 1.14. The 50-day moving average is $183.50, while the 200-day moving average is $183.56. Over the past year, Amazon.com shares have seen a low of $118.35 and a peak of $201.20.

On August 1, Amazon.com released its latest earnings report, revealing earnings per share (EPS) of $1.23 for the quarter, surpassing analysts' expectations of $1.05 by $0.18. The company recorded a return on equity of 21.39% and a net margin of 7.35%. Total revenue for the quarter was $147.98 billion, slightly below the consensus estimate of $148.63 billion. Analysts project that Amazon.com, Inc. will achieve an EPS of 4.85 for the current fiscal year.

About Amazon.com, Inc.

Amazon.com, Inc. is involved in the retail sale of consumer products, advertising, and subscription services, both through online platforms and physical stores across the globe. The company operates through three key segments: North America, International, and Amazon Web Services (AWS). Furthermore, Amazon manufactures and sells various electronic devices, including Kindle e-readers, Fire tablets, Fire TVs, Echo devices, Ring products, Blink cameras, and eero networking devices; in addition, it develops and produces media content.

Amazon, Shares, Bank