S.E.E.D. Planning Group increased its Amazon holding by 8% in the third quarter, adding to evidence of sustained institutional confidence despite recent insider selling.
S.E.E.D. Planning Group LLC increased its stake in Amazon.com during the third quarter, adding 5,366 shares and lifting its holding by 8.0%, according to a filing with the US Securities and Exchange Commission. The investment firm ended the period with 72,399 shares worth about $18.0 million, making Amazon its fourth-largest position and 4.2% of its portfolio.
The filing adds to evidence that large institutions remain heavily exposed to the e-commerce and cloud giant. MarketBeat said institutional investors and hedge funds collectively own 72.2% of Amazon’s shares, underscoring the stock’s continued appeal among professional money managers even after a strong run.
Amazon’s latest reported quarterly results, released on July 30, showed earnings per share of $5.75, easily ahead of Wall Street’s estimate of $1.82. Revenue climbed 19.6% year on year to $200.61 billion, while net margin reached 17.44%. Analysts surveyed by MarketBeat now expect full-year earnings of $8.03 per share.
Sentiment on Wall Street remains broadly constructive. MarketBeat said 56 analysts rate the stock a buy and three rate it a hold, leaving the shares with a consensus “Moderate Buy” and an average target price of $322.53. KeyCorp and Truist Financial both lifted their price targets to $350 in July, while TD Cowen reaffirmed its buy rating and $350 target earlier this month.
The stock has also attracted selling from insiders. Amazon chief executive Andrew Jassy sold 20,000 shares in August, while senior vice-president David Zapolsky sold 9,258 shares in a separate transaction, both through pre-arranged trading plans. MarketBeat said insiders have sold 71,589 shares worth about $18.6 million over the past 90 days.
Amazon stock was trading at $259.53 at Tuesday’s open, giving the company a market value of roughly $2.8 trillion. The shares have ranged from $196 to $287.20 over the past year and were trading just above their 50-day and 200-day moving averages, a sign that the stock has remained relatively steady despite volatility elsewhere in the market.
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