Amazon's Institutional Support Remains Strong Amid Hedge Fund Shifts

Flagship Wealth Advisors LLC reduced its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 42.9% during the first quarter of this year. The fund owned 4,823 shares of the e-commerce giant's stock after selling 3,628 shares.

The total value of Flagship Wealth Advisors LLC's holdings in Amazon.com was $1,058,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. For example, Foguth Wealth Management LLC lifted its holdings in shares of Amazon.com by 36.5% during the first quarter.

The e-commerce giant's AWS growth remains a major bullish catalyst. Recent reports highlighted 36.7% year-over-year AWS growth and a roughly $496 billion backlog.