Amazon.com Remains a Top Holding for Gradient Investments LLC

Gradient Investments LLC has reduced its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 3.2% in the second quarter, according to a recent disclosure with the Securities and Exchange Commission.

The fund owned 597,018 shares of the e-commerce giant's stock after selling 19,671 shares during the quarter. This makes Amazon.com its fifth-largest holding, accounting for 2.0% of Gradient Investments LLC's portfolio, worth $142,293,000 as of its most recent SEC filing.

Other hedge funds have also recently adjusted their stakes in Amazon.com. Gryphon Financial Partners LLC grew its stake by 7.5% during the first quarter and now owns 73,085 shares worth $15,221,000. First Citizens Bank & Trust Co. raised its position by 1.7% in the same period and now holds 303,862 shares valued at $63,285,000.

Amazon.com has a market cap of $2.80 trillion, with a price-to-earnings ratio of 20.91, and a beta of 1.45. The company reported earnings per share of $5.75 for the quarter, beating analysts' consensus estimates by $3.93.