American National Bank & Trust reduced its holdings in Amazon.com, Inc. (NASDAQ: AMZN) by 4.6% in the third quarter, according to its latest SEC filing. The institutional investor sold 8,865 shares, bringing its total stake to 183,204 shares, which are now valued at $45,645,000. Amazon.com accounts for about 4.1% of American National Bank & Trust's investment portfolio, making it the bank's fifth-largest holding.
Other institutional investors also adjusted their positions in Amazon.com. Silvant Capital Management LLC bought a new stake worth $60,065,000 in the second quarter, while Public Employees Retirement System of Ohio acquired a position worth $909,868,000 during the same period. Gryphon Financial Partners LLC increased its holdings by 7.5% in the first quarter, and First Citizens Bank & Trust Co. raised its stake by 1.7% during the same period. Institutional investors and hedge funds collectively own 72.20% of Amazon.com's stock.
Wall Street analysts remain largely bullish on Amazon.com. Wells Fargo & Company set a target price of $329.00 with an "overweight" rating, while Mizuho assigned a $330.00 target with an "outperform" rating. Benchmark increased its target to $400.00 from $370.00 with a "buy" rating, and Raymond James Financial reaffirmed an "outperform" rating with a target of $390.00. Susquehanna maintained a "positive" rating. The consensus rating is "Moderate Buy" with an average price target of $322.53.
Amazon.com reported strong earnings for the quarter ending July 30th, with $5.75 earnings per share, exceeding the consensus estimate of $1.82. The company's revenue was $200.61 billion, up 19.6% year-over-year. Analysts expect Amazon.com to post 8.03 earnings per share for the current fiscal year. The stock opened at $259.53 on Tuesday, with a 52-week range of $196.00 to $287.20 and a market capitalization of $2.80 trillion.