TLDR
- Strategic Planning Inc. increased its Amazon position by 83.3%, taking its total holding to 115,509 shares.
- Amazon became the firm’s largest portfolio position, accounting for 11.9% of its holdings.
- Strategic Planning valued its Amazon investment at about $23.67 million at the end of the first quarter.
- AMZN stock traded at $278.09, close to its 52-week high of $287.20.
- JPMorgan raised its Amazon price target to $365, while several other analysts maintained buy or outperform ratings.
Strategic Planning Inc. raised its stake in Amazon during the first quarter, making the e-commerce company its largest holding. The firm increased its position by 83.3% and ended the period with 115,509 shares. Its Amazon investment was valued at $23.67 million. AMZN stock accounted for 11.9% of the firm’s portfolio.
Strategic Planning Expands Amazon Position
Strategic Planning bought 52,488 additional Amazon shares during the quarter. The purchase lifted its total holding above 115,000 shares and placed Amazon at the top of its investment portfolio. The filing showed that the firm concentrated a large share of its reported assets in the company.
Other institutional investors also adjusted their positions. Norges Bank opened a new Amazon stake worth about $32.87 billion. Nuveen LLC added a position valued at roughly $11.67 billion during the first quarter. Auto Owners Insurance, J. Stern & Co., and Cardano Risk Management also reported larger Amazon holdings.
AMZN Stock Draws Strong Analyst Ratings
Wall Street analysts maintained a mostly positive view on AMZN stock. JPMorgan Chase raised its price target to $365 from $330 and kept an “overweight” rating after reviewing Amazon’s recent performance.
Arete Research lifted its target to $310 and maintained a “buy” rating. Guggenheim raised its target to $320, while Wolfe Research kept an “outperform” rating with a $315 price objective.
AMZN stock opened Tuesday at $278.09, close to its 52-week high of $287.20. The shares remained above the 50-day moving average of $246.69 and the 200-day moving average of $237.78.
Amazon carried a market value of about $3 trillion. The company reported a price-to-earnings ratio of 22.37 and a debt-to-equity ratio of 0.23. Institutional investors and hedge funds controlled 72.20% of outstanding shares. Amazon also posted a current ratio of 1.03 and a quick ratio of 0.87.
Amazon Earnings Beat Market Estimates
Amazon reported second-quarter earnings of $5.75 per share, well above the $1.82 consensus estimate. The company generated $200.61 billion in quarterly revenue, compared with analyst expectations of $197.03 billion.
Revenue increased 19.6% from the same quarter a year earlier. Amazon also reported a 17.44% net margin and an 18% return on equity. Analysts currently expect the company to post earnings of $8.05 per share for the full fiscal year. The earnings report supported gains.
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