BofA Securities Raises Amazon.com (NASDAQ:AMZN) Price Target to $3,560.00

Amazon.com (NASDAQ:AMZN) had its target price lifted by BofA Securities from $3,280.00 to $3,560.00 in a research note issued to investors on Friday, Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the e-commerce giant’s stock. BofA Securities’ price target indicates a potential upside of 12.49% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. China International Capital raised their target price on shares of Amazon.com from $1,850.00 to $2,162.00 in a research note on Wednesday, May 6th. Piper Sandler upgraded shares of Amazon.com to a “buy” rating in a research note on Monday, June 1st. Citigroup lifted their price objective on shares of Amazon.com from $2,700.00 to $3,550.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. DA Davidson lifted their price objective on shares of Amazon.com from $2,625.00 to $3,800.00 and gave the stock a “buy” rating in a research note on Friday. Finally, BMO Capital Markets lifted their price objective on shares of Amazon.com from $2,850.00 to $3,500.00 and gave the stock an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, forty-five have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $3,240.51.

Shares of AMZN opened at $3,164.68 on Friday. The company has a market cap of $1,578.47 billion, a price-to-earnings ratio of 121.67, a price-to-earnings-growth ratio of 5.83 and a beta of 1.32. Amazon.com has a twelve month low of $1,626.03 and a twelve month high of $3,344.29. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $2,884.55 and a two-hundred day moving average of $2,314.52.

Amazon.com (NASDAQ:AMZN) last announced its earnings results on Thursday, July 30th. The e-commerce giant reported $10.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $8.56. The company had revenue of $88.91 billion during the quarter, compared to the consensus estimate of $81.56 billion. Amazon.com had a net margin of 4.10% and a return on equity of 21.51%. On average, sell-side analysts expect that Amazon.com will post 20.12 EPS for the current year.

In other news, Director Patricia Q. Stonesifer sold 2,200 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $2,329.44, for a total transaction of $5,124,768.00. Following the completion of the sale, the director now owns 4,645 shares of the company’s stock, valued at $10,820,248.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Indra K. Nooyi bought 27 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were bought at an average cost of $2,806.80 per share, with a total value of $75,783.60. Following the purchase, the director now directly owns 707 shares of the company’s stock, valued at $1,984,407.60. The disclosure for this purchase can be found here. 16.10% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in AMZN. Advisor Group Holdings Inc. purchased a new stake in shares of Amazon.com during the first quarter worth about $294,639,000. Alliancebernstein L.P. increased its stake in shares of Amazon.com by 83.0% during the first quarter. Alliancebernstein L.P. now owns 1,752,984 shares of the e-commerce giant’s stock worth $3,417,828,000 after purchasing an additional 795,171 shares in the last quarter. Wellington Management Group LLP grew its stake in Amazon.com by 26.1% during the 1st quarter. Wellington Management Group LLP now owns 2,721,098 shares of the e-commerce giant’s stock valued at $5,305,379,000 after acquiring an additional 563,991 shares in the last quarter. Girard Partners LTD. grew its stake in Amazon.com by 8,783.7% during the 1st quarter. Girard Partners LTD. now owns 519,965 shares of the e-commerce giant’s stock valued at $12,121,000 after acquiring an additional 514,112 shares in the last quarter. Finally, Capital Research Global Investors grew its stake in Amazon.com by 10.7% during the 1st quarter. Capital Research Global Investors now owns 4,501,995 shares of the e-commerce giant’s stock valued at $8,777,634,000 after acquiring an additional 435,331 shares in the last quarter. 64.54% of the stock is owned by institutional investors and hedge funds.

About Amazon.com

Amazon.com, Inc engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS) segments. It sells merchandise and content purchased for resale from third-party sellers through physical stores and online stores.

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