Amazon Stock Sees New Investment from Philadelphia Investment Partners
Philadelphia Investment Partners LLC has acquired a new stake in Amazon.com's stock, purchasing 9,807 shares in the second quarter. This new position is valued at approximately $2,338,000 and makes up about 1.5% of Philadelphia Investment Partners' investment portfolio.
The e-commerce giant's stock has been a focus for several institutional investors recently, with Trust Asset Management LLC increasing its stake by 3.3% in the second quarter. Other firms, including Bard Associates Inc., Longfellow Investment Management Co. LLC, and Lifetime Wealth Management P.C., have also acquired new positions in Amazon.com.
Amazon's stock has seen some negative sentiment recently due to rising Treasury yields and broader weakness in technology stocks. However, analysts remain bullish on the company, with Bank of America increasing its price target on shares from $310.00 to $320.00 and giving a 'buy' rating. Piper Sandler also reaffirmed an 'overweight' rating and set a $320.00 price objective.