Summit Asset Management adds Amazon.com (AMZN) to its portfolio

Amazon.com (AMZN) : Summit Asset Management added new position in Amazon.com during the most recent quarter end. The investment management firm now holds 337 shares of Amazon.com which is valued at $259,908 , the company said in a statement filed on Aug 8, 2016 with the SEC.Amazon.com makes up approximately 0.11% of Summit Asset Management’s portfolio.

Other Hedge Funds, Including , Finemark National Bank Trust reduced its stake in AMZN by selling 797 shares or 6.75% in the most recent quarter. The Hedge Fund company now holds 11,003 shares of AMZN which is valued at $8,485,954. Amazon.com makes up approx 0.91% of Finemark National Bank Trust’s portfolio.Badgley Phelps Bell Inc reduced its stake in AMZN by selling 624 shares or 2.35% in the most recent quarter. The Hedge Fund company now holds 25,980 shares of AMZN which is valued at $19,605,547. Amazon.com makes up approx 1.73% of Badgley Phelps Bell Inc’s portfolio.Sumitomo Mitsui Asset Management Company Ltd reduced its stake in AMZN by selling 25 shares or 0.03% in the most recent quarter. The Hedge Fund company now holds 77,287 shares of AMZN which is valued at $58,646,148. Amazon.com makes up approx 1.72% of Sumitomo Mitsui Asset Management Company Ltd’s portfolio.Shinko Asset Management Ltd. boosted its stake in AMZN in the latest quarter, The investment management firm added 2,477 additional shares and now holds a total of 4,519 shares of Amazon.com which is valued at $3,366,022. Amazon.com makes up approx 0.02% of Shinko Asset Management Ltd.’s portfolio.Gradient Investments reduced its stake in AMZN by selling 23 shares or 7.08% in the most recent quarter. The Hedge Fund company now holds 302 shares of AMZN which is valued at $222,293. Amazon.com makes up approx 0.02% of Gradient Investments’s portfolio.

Amazon.com closed down -4.07 points or -0.53% at $768.49 with 21,18,521 shares getting traded on Monday. Post opening the session at $771.9, the shares hit an intraday low of $767.71 and an intraday high of $772.04 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Amazon.com reported $1.78 EPS for the quarter, beating the analyst consensus estimate by $ 0.66 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $1.12. The company had revenue of $30404.00 million for the quarter, compared to analysts expectations of $29566.97 million. The company’s revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS.

Many Wall Street Analysts have commented on Amazon.com. Company shares were Reiterated by MKM Partners on Aug 2, 2016 to “Buy”, Firm has raised the Price Target to $ 995 from a previous price target of $850 .Company shares were Reiterated by Axiom Capital on Jul 29, 2016 to “Buy”, Firm has raised the Price Target to $ 877 from a previous price target of $853 .Company shares were Reiterated by The Benchmark Company on Jul 29, 2016 to “Buy”, Firm has raised the Price Target to $ 950 from a previous price target of $915 .

Amazon.com Inc. (Amazon.com) is an e-commerce company. The Company sells a range of products and services through its Websites. The Company’s products are offered through consumer-facing Websites which include merchandise and content that it purchases for resale from vendors and those offered by third-party sellers. It designs its Websites to enable products to be sold by the Company and by third parties across various product categories. It also manufactures and sells electronic devices including Kindle e-readers Fire tablets Fire TVs Echo and Fire phones. Amazon.com operates in two segments: North America and International. The North America segment focuses on retail sales earned through North America-focused Websites. The International segment focuses on the Company’s operations done through its international Websites. It serves developers and enterprises through Amazon Web Services (AWS). It serves authors and independent publishers with Kindle Direct Publishing.

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