Arbor Wealth Management Acquires New Stake in Amazon.com

Arbor Wealth Management LLC AZ has acquired a new position in Amazon.com, Inc. (NASDAQ: AMZN) during the second quarter, according to a recent SEC filing. The investment firm purchased 2,178 shares of the e-commerce giant's stock, valued at approximately $519,000. This stake represents about 0.5% of Arbor Wealth Management LLC AZ's holdings, making it the company's 15th largest position.

Other institutional investors and hedge funds also made significant moves in Amazon.com during the same period. Silvant Capital Management LLC bought a new stake valued at around $60,065,000, while the Public Employees Retirement System of Ohio acquired a position worth approximately $909,868,000. Northstar Financial Companies Inc. invested about $3,376,000, and Gryphon Financial Partners LLC increased its holdings by 7.5%, now owning 73,085 shares valued at $15,221,000. Additionally, First Citizens Bank & Trust Co. raised its holdings by 1.7%, now owning 303,862 shares worth $63,285,000.

Amazon.com's stock performance and financial metrics were also highlighted. The company opened at $251.52 on Monday, with a market capitalization of $2.71 trillion, a P/E ratio of 20.23, and a beta of 1.45. The stock has a 50-day moving average of $257.06 and a 200-day moving average of $248.51, with a 52-week range of $196.00 to $287.20. Institutional investors and hedge funds collectively own 72.20% of the company's stock.

Analysts have weighed in with positive outlooks on Amazon.com. KeyCorp raised its target price to $350.00, while Barclays set a $365.00 price objective. Raymond James Financial issued a $390.00 price target, and Monness Crespi & Hardt increased their target to $330.00. Fifty-six analysts rated the stock as a 'Buy,' with an average price target of $321.63. However, insiders have also sold shares recently, with VP Shelley Reynolds and CEO Douglas Herrington both executing sales under pre-arranged trading plans.