Absolute Gestao Boosts Stake in Amazon.com Amid Strong Demand
Absolute Gestao de Investimentos Ltda., an investment firm, has significantly increased its stake in Amazon.com, Inc. (NASDAQ:AMZN). The company disclosed that it purchased an additional 18,072 shares of Amazon's stock during the first quarter, representing a 96% increase in its position.
The fund now owns 36,900 shares of Amazon's stock, valued at $7,685,000. This makes Amazon one of Absolute Gestao de Investimentos Ltda.'s largest holdings, accounting for 0.9% of its investment portfolio.
Other institutional investors also increased their stakes in Amazon during the quarter. Gryphon Financial Partners LLC boosted its position by 7.5%, while First Citizens Bank & Trust Co. lifted its stake by 1.7%. Narwhal Capital Management and Arrowstreet Capital Limited Partnership also grew their positions in Amazon.
The e-commerce giant's stock price has been buoyed by strong demand for its cloud computing services, particularly AWS, which saw a growth rate of roughly 37% during the quarter. Analysts have raised their price targets for Amazon, with some predicting a $3 trillion valuation.