Wedmont Private Capital Boosts Amazon Stake by 3.4%
Wedmont Private Capital increased its stake in Amazon.com (NASDAQ: AMZN) by 3.4% during the second quarter, according to its latest SEC filing. The firm now holds 175,224 shares, worth approximately $42.99 million, making Amazon its 15th largest holding at about 1.2% of its portfolio.
Other institutional investors also adjusted their positions in Amazon. Kintra Wealth LLC boosted its stake by 11.7%, Endeavor Private Wealth Inc. increased its holdings by 10.8%, and POM Investment Strategies LLC raised its position by 223.6%. Yarger Wealth Strategies LLC and Insight Inv LLC also expanded their investments in the e-commerce giant.
Positive sentiment surrounding Amazon includes TD Cowen reaffirming its Buy rating and raising its price target to $350. AWS is expanding its AI capabilities, and Amazon signed a $1 billion-plus deal with Synopsys for custom-chip development. The company is also investing in data-center power and community support, which may ease local opposition.
However, there are concerns about AI infrastructure spending, potential data-center opposition, and power shortages. CEO Douglas Herrington sold 1,000 shares under a pre-arranged plan, though the transaction was small relative to his remaining holdings. Analysts have mixed views, with price targets ranging from $250 to $400.