OLD National Bancorp IN Increases Position in Amazon.com, Inc. $AMZN

OLD National Bancorp IN lifted its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 388,455 shares of the e-commerce giant’s stock after buying an additional 9,520 shares during the period. Amazon.com makes up approximately 1.4% of OLD National Bancorp IN’s holdings, making the stock its 12th largest position. OLD National Bancorp IN’s holdings in Amazon.com were worth $80,904,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Amazon.com during the fourth quarter worth $32,868,735,000. Auto Owners Insurance Co increased its stake in Amazon.com by 27,376.7% in the 4th quarter. Auto Owners Insurance Co now owns 98,448,885 shares of the e-commerce giant’s stock valued at $2,272,397,000 after buying an additional 98,090,585 shares during the period. J. Stern & Co. LLP increased its stake in Amazon.com by 20,598.0% in the 4th quarter. J. Stern & Co. LLP now owns 87,982,814 shares of the e-commerce giant’s stock valued at $20,308,193,000 after buying an additional 87,557,736 shares during the period. Nuveen LLC purchased a new position in Amazon.com during the 1st quarter worth $11,674,091,000. Finally, Cardano Risk Management B.V. raised its position in Amazon.com by 879.4% during the 4th quarter. Cardano Risk Management B.V. now owns 27,862,400 shares of the e-commerce giant’s stock worth $6,431,199,000 after buying an additional 25,017,588 shares during the last quarter. Hedge funds and other institutional investors own 72.20% of the company’s stock.

Insider Transactions at Amazon.com

In other Amazon.com news, SVP David Zapolsky sold 9,270 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $268.53, for a total transaction of $2,489,273.10. Following the sale, the senior vice president directly owned 41,190 shares in the company, valued at approximately $11,060,750.70. The trade was a 18.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew R. Jassy sold 31,352 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $275.00, for a total value of $8,621,800.00. Following the completion of the sale, the chief executive officer directly owned 2,175,766 shares in the company, valued at $598,335,650. This trade represents a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 195,774 shares of company stock valued at $51,643,704. Company insiders own 8.90% of the company’s stock.

Amazon.com Stock Up 0.4%

AMZN stock opened at $242.67 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $254.82 and its 200 day moving average price is $234.51. Amazon.com, Inc. has a 52 week low of $196.00 and a 52 week high of $278.56. The company has a market cap of $2.61 trillion, a P/E ratio of 29.03, a P/E/G ratio of 1.80 and a beta of 1.46.

Amazon.com (NASDAQ:AMZN) last issued its earnings results on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $1.15. Amazon.com had a net margin of 12.22% and a return on equity of 19.92%. The company had revenue of $181.52 billion during the quarter, compared to analysts’ expectations of $177.28 billion. During the same period last year, the company posted $1.59 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, research analysts expect that Amazon.com, Inc. will post 7.75 earnings per share for the current fiscal year.

Amazon.com News Summary

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

• Positive Sentiment: Amazon said its Leo satellite network has enough satellites to begin initial broadband service this year, creating a new growth avenue in space-based internet. Reuters: Amazon to start initial Leo internet service this year as network nears 400 satellites
• Positive Sentiment: Amazon is deepening its AI strategy by developing custom chips for consumer devices and expanding AWS AI engineering support, which could strengthen margins and enterprise adoption. CNBC: Amazon is designing its own AI chips for Echo, Fire TV and future devices
• Positive Sentiment: Prime Day sales reportedly rose to a record $26.4 billion, signaling strong e-commerce demand and improving sentiment ahead of quarterly results. Yahoo Finance/Reuters: Online Spending Rises 5.3% on First Day of Amazon’s Prime Day

Wall Street Analysts Forecast Growth

AMZN has been the topic of several analyst reports. Mizuho lifted their target price on shares of Amazon.com from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $330.00 price objective (up from $280.00) on shares of Amazon.com in a research report on Thursday, April 30th. Monness Crespi & Hardt lifted their price objective on Amazon.com from $280.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Canaccord Genuity Group boosted their target price on Amazon.com from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Guggenheim reissued a “buy” rating and set a $320.00 target price (up from $300.00) on shares of Amazon.com in a research note on Thursday, April 30th. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $312.79.

About Amazon.com

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.