Edgestream Partners Cuts Stake in Amazon Amid Earnings Beat

Edgestream Partners L.P., an investment firm, has made adjustments to its holdings in Amazon.com, Inc. (NASDAQ:AMZN). According to a recent SEC filing, Edgestream trimmed its stake in the e-commerce giant by 55.6% during the first quarter.

The fund owned 21,468 shares of Amazon's stock after selling 26,856 shares during the period. These shares were valued at $4,471,000 at the end of the most recent quarter.

This is not an isolated instance, as other hedge funds and institutional investors have also been buying and selling shares of Amazon. For example, Vanguard Group Inc. increased its holdings in Amazon by 1.1% in the first quarter, while State Street Corp grew its stake in the company by 1.8% during the fourth quarter.

Amazon's recent earnings report was a significant factor in the market's interest in the company. The e-commerce giant reported $5.75 earnings per share for the second quarter, surpassing analysts' consensus estimates of $1.82. Revenue also rose by 19.6% year over year to $200.61 billion.

Analysts remain optimistic about Amazon's future prospects, with a median price target of $322.56. However, some investors may be cautious due to the company's exposure to macroeconomic factors such as inflation and interest rates.