Sovereign Investment Advisors Cuts Amazon Stake by 61.9% in Q2
Sovereign Investment Advisors LLC significantly reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) during the second quarter, selling 3,642 shares. The move, detailed in a recent Form 13F filing with the Securities and Exchange Commission, cut the fund's position by 61.9%, leaving it with 2,244 shares valued at $535,000.
Other institutional investors have taken varying actions regarding their Amazon holdings. Red Crane Wealth Management LLC increased its position by 2.3% in the first quarter, while Robinson Smith Wealth Advisors LLC grew its stake by 0.7%. Sfam LLC and Measured Risk Portfolios Inc. each boosted their holdings by 3.4%, and CoreFirst Bank & Trust raised its holdings by 1.1%. Collectively, institutional investors and hedge funds own 72.20% of Amazon's stock.
Insider transactions also made headlines, with CEO Douglas Herrington selling 1,000 shares at $251.50 each on October 1st. The transaction, worth $251,500, reduced his holdings by 0.21%. Meanwhile, CEO Matthew S. Garman sold 14,541 shares at $259.06 each on August 21st, a 44.97% decrease in his position. In total, insiders sold 71,589 shares worth $18,580,515 over the last 90 days.
Amazon's stock opened at $251.40 on a recent trading day, with a market cap of $2.71 trillion. The company reported strong quarterly earnings, beating estimates with $5.75 earnings per share on revenue of $200.61 billion. Analysts have mixed opinions, with TD Cowen reaffirming a 'Buy' rating and raising its price target to $350. Other positive sentiments include AWS's expansion into AI capabilities and a $1 billion-plus chip deal with Synopsys. However, concerns remain about AI infrastructure spending and potential competitive pressures from AI agents.