Riverview Capital Reduces Amazon Stake Amid Mixed Market Sentiment
Riverview Capital Advisers LLC reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 5.9% during the second quarter, selling 6,723 shares. The firm now holds 106,509 shares, representing 7.3% of its portfolio, making Amazon its largest position. The holdings were valued at $25,385,000 at the end of the quarter.
Other institutional investors also adjusted their positions in Amazon. Silvant Capital Management LLC acquired a new stake worth $60,065,000, while the Public Employees Retirement System of Ohio purchased shares valued at $909,868,000. Northstar Financial Companies Inc. and Gryphon Financial Partners LLC increased their holdings by $3,376,000 and $15,221,000, respectively. First Citizens Bank & Trust Co. boosted its position by 1.7%, now owning 303,862 shares worth $63,285,000.
Amazon's stock has seen mixed sentiment. Positive developments include AWS's $1 billion investment in U.S. data center communities and strong growth in AI and cloud services. Analysts from Goldman Sachs and New Street have expressed bullish outlooks, with New Street raising its price target to $385. However, concerns include potential profitability risks due to high AI capital expenditures and regulatory challenges in the EU.
As of Monday, Amazon's stock opened at $251.52, with a 50-day moving average of $257.06 and a 200-day moving average of $248.51. The company reported strong earnings in the latest quarter, beating estimates with $5.75 EPS on revenue of $200.61 billion. Analysts have assigned an average price target of $321.63, with a consensus rating of "Moderate Buy."