Kintra Wealth Boosts Amazon Stake as Analysts Raise Targets
Kintra Wealth LLC increased its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 11.7% during the second quarter, according to its latest SEC filing. The firm now holds 104,575 shares, valued at $24.9 million, making Amazon approximately 1.3% of its investment portfolio. Several other large investors also adjusted their positions in Amazon during the quarter, including TOP Private Wealth LLC, Bard Associates Inc., and Longfellow Investment Management Co. LLC, all of which acquired new stakes.
Analysts have recently updated their ratings and price targets for Amazon. KeyCorp raised its target price to $350, while Rosenblatt Securities increased its target to $360. Piper Sandler, Deutsche Bank, and Truist Financial also adjusted their targets upward, with the consensus rating standing at "Moderate Buy" and an average target price of $321.63. The stock has a market capitalization of $2.71 trillion and a P/E ratio of 20.23.
Amazon reported strong quarterly earnings on July 30, with earnings per share (EPS) of $5.75, beating estimates by $3.93. Revenue for the quarter was $200.61 billion, up 19.6% year-over-year. Despite positive sentiment, some concerns remain, including potential infrastructure constraints and the scale of AI investment costs.
Insider activity includes sales by CEO Andrew R. Jassy and SVP David Zapolsky, both executing transactions under pre-arranged trading plans. Jassy sold 20,000 shares for $5.18 million, while Zapolsky sold 9,258 shares for $2.4 million. The company continues to invest heavily in AI and cloud infrastructure, with recent deals and expansions highlighting its strategic priorities.