Shah Wealth Advisors Buys Amazon Stock as Institutions Increase Stakes
Shah Wealth Advisors LLC has acquired a new position in Amazon.com, Inc. (AMZN), purchasing 8,930 shares valued at approximately $2,128,000 during the second quarter. This investment represents 0.5% of the firm's holdings, making Amazon its 25th largest position.
Several other institutional investors also made significant moves involving Amazon stock. Silvant Capital Management LLC bought a new stake worth $60,065,000, while the Public Employees Retirement System of Ohio acquired a position valued at $909,868,000. Northstar Financial Companies Inc. and Gryphon Financial Partners LLC also increased their holdings, with the latter boosting its position by 7.5% in the first quarter.
Despite institutional interest, Amazon insiders have been selling shares. CFO Brian Olsavsky sold 6,172 shares for $1,606,633.32 on August 21st, reducing his ownership by 5.35%. CEO Douglas Herrington sold 6,362 shares for $1,647,821.62 on the same day, a 1.32% decrease in his position. Insiders have sold a total of 70,589 shares worth $18,329,015 over the last 90 days.
Analysts remain optimistic about Amazon's prospects, with Goldman Sachs adding it to their conviction list and New Street raising its price target to $385. However, challenges such as profitability concerns, regulatory risks, and rising AI capital expenditures pose potential hurdles for the company.