Saudi Central Bank Boosts Amazon Stake by 90.8 Percent

Saudi Central Bank significantly increased its stake in Amazon.com, Inc. (NASDAQ:AMZN) during the second quarter, boosting its holdings by 90.8%. The bank now owns 677,520 shares of the e-commerce giant, worth approximately $161.48 million. This investment makes Amazon.com the 11th largest position in the Saudi Central Bank's portfolio, accounting for about 2.1% of its total investments.

Other institutional investors also made adjustments to their Amazon holdings. Trust Asset Management LLC increased its stake by 3.3%, while TOP Private Wealth LLC, Bard Associates Inc., Longfellow Investment Management Co. LLC, and Lifetime Wealth Management P.C. all initiated new positions in the second quarter. Collectively, hedge funds and other institutional investors own 72.20% of Amazon's stock.

In related news, Amazon's CFO Brian T. Olsavsky and CEO Andrew R. Jassy both sold shares of the company in August. Olsavsky sold 6,172 shares for $1.61 million, reducing his position by 5.35%. Jassy sold 20,000 shares for $5.18 million, decreasing his stake by 0.89%. Insiders have sold a total of 70,589 shares valued at $18.33 million over the past three months.

Amazon's stock has a 52-week range of $196.00 to $287.20, with a market cap of $2.71 trillion. The company reported strong earnings for the second quarter, with $5.75 earnings per share, exceeding estimates by $3.93. Revenue increased 19.6% year-over-year to $200.61 billion. Analysts remain optimistic, with an average price target of $321.63 and a consensus rating of 'Moderate Buy'.