Alta Fox Capital Management LLC has reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) by nearly 20%, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 83,000 shares of the e-commerce giant, down from 103,652 shares after selling 20,652 shares during the first quarter of 2023. This reduction means Amazon.com constitutes 6.3% of Alta Fox’s investment portfolio, making it the fund’s fifth largest holding, valued at approximately $15.8 million.
Despite Alta Fox’s decrease in shares, several other large investors have increased their positions in Amazon.com. Notably, AQR Capital Management LLC raised its stake by 11.0%, acquiring an additional 591,572 shares for a total of nearly 6 million shares, valued at over $1.1 billion. AlphaQ Advisors LLC also increased its holdings by 15.1%, bringing its total to 10,722 shares valued at $2.04 million.
Similarly, Altimeter Capital Management LP boosted its stake by 20.0%, now owning 1,045,155 shares worth about $198.9 million. The most significant increase came from Alyeska Investment Group L.P., which raised its position by an astonishing 457.7%, acquiring 2,596,566 shares to reach a total of 3,163,853 shares, valued at approximately $602 million. Amundi also reported a 15.1% increase, now owning over 55 million shares worth around $9.88 billion. Overall, institutional investors and hedge funds own approximately 72.20% of Amazon.com stock.
Amazon Stock Performance and Analyst Insights
As of the most recent trading session, shares of Amazon.com opened at $228.15. The company maintains a market capitalization of $2.43 trillion and has a relatively low debt-to-equity ratio of 0.15. Amazon’s stock has had a fifty-two week range of $161.38 to $242.52, with a 50-day moving average of $226.87. The company recently reported earnings that exceeded analysts’ expectations, with $1.68 earnings per share for the last quarter, surpassing the consensus estimate of $1.31. Revenue for the quarter reached $167.7 billion, a year-over-year increase of 13.3%.
Analysts remain bullish on Amazon’s future, with a consensus rating of “Buy” and an average target price of $262.87. Recently, Bank of America raised its price target from $265.00 to $272.00 and maintained a “buy” rating. Susquehanna also increased its target price from $225.00 to $260.00, reaffirming a “positive” outlook for the company.
Insider Transactions and Company Overview
In related news, significant insider transactions have occurred at Amazon. Senior Vice President David Zapolsky sold 13,570 shares on August 22, 2023, at an average price of $222.76, totaling approximately $3.02 million. Following the transaction, his holdings decreased to 44,110 shares, valued at around $9.83 million. CEO Andrew R. Jassy also sold 19,872 shares on August 21, 2023, at an average price of $221.58, amounting to about $4.4 million. After this sale, he retained 2,178,502 shares valued at approximately $482.71 million.
Amazon.com, Inc. operates as a major player in the retail market, engaging in the sale of consumer products, advertising, and subscription services across various platforms. The company also produces a range of electronic devices, including Kindle and Echo products, and provides cloud computing services through Amazon Web Services (AWS).
As investment strategies evolve, the actions of both Alta Fox and other investors highlight the dynamic nature of the market surrounding Amazon. Investors will continue to monitor these developments as they assess the company’s future performance and market position.