Kanen Wealth Management Buys $444,000 Worth of Amazon Shares
Kanen Wealth Management LLC, an investment firm, purchased a new position in Amazon.com, Inc. (NASDAQ: AMZN) shares during the first quarter of this year.
The company bought 2,131 shares worth approximately $444,000 according to its Form 13F filing with the Securities and Exchange Commission (SEC).
This move is part of a larger trend where institutional investors are increasing their stakes in Amazon.com. Other notable buyers include Sunbelt Securities Inc., which raised its holdings by 1.9% in the first quarter; Guardian Partners Inc., which boosted its stake by 10.4%; and MSA Advisors LLC, which increased its position by 26.3%.
Analysts have been positive on Amazon.com's prospects, with DZ Bank raising their price target to $320.00 from $295.00 and giving the stock a 'buy' rating. BMO Capital Markets also reissued an 'outperform' rating and set a $360.00 price objective.
Amazon.com recently reported its quarterly earnings data, topping analysts' consensus estimates with $5.75 EPS for the quarter. The company's revenue was up 19.6% year-over-year to $200.61 billion.