Ironvine Sells 7,921 AMZN Shares Amid Institutional Buying Spree
Ironvine Capital Partners LLC reduced its stake in Amazon.com Inc (NASDAQ:AMZN) by 2.4% during Q2, selling 7,921 shares and decreasing its holdings to 327,318 shares.
The company's stock is valued at $78,013,000 and accounts for about 6.8% of Ironvine Capital Partners LLC's total holdings, making it the firm's second-largest position.
This news comes as several institutional investors have increased their stakes in Amazon.com during Q2. Auto Owners Insurance Co grew its stake by 27,376.7%, Bank of America Corp DE acquired a new stake valued at $22,218,775,000, and Legal & General Group Plc bought a new stake valued at approximately $12,831,376,000.
Amazon.com has seen positive sentiment from analysts, with Rosenblatt raising its price target to $360 from $335 and maintaining a Buy rating. The firm believes concerns about Amazon's retail and advertising businesses being displaced by Meta's Muse and OpenAI's Dots are overstated.