CENTRAL TRUST Co significantly decreased its holdings in Amazon (AMZN, Financial), according to reports. During Q3 2024, the firm sold 9,755 shares of Amazon.com, cutting its stake by 2.7%. Following this reduction, CENTRAL TRUST Co now holds 355,470 shares of Amazon, valued at approximately $66.2 million. These shares account for 1.6% of the firm's investment portfolio, ranking as its 16th largest position.
This change occurs against other institutional actions in Amazon's stock. PayPay Securities Corp augmented its investments by 64.6% to 163 shares, now worth $32,000. Other institutional investors that bought during the year include Hoese & Co LLP and Christopher J. Hasenberg Inc., which have restricted or limited positive sentiment on the stock.
Amazon has remained a competitive player in both the e-tail and cloud markets. It might interest investors that analysts working with Morgan Stanley (MS, Financial), Moffett Nathanson, and Goldman Sachs (GS, Financial) have set a price target of between $230 and $248 for Telsey's stocks. As it stands now, the stock has a good analysts' recommendation where they rated Amazon an “Overweight/Strong Buy” with an average target price of $236.20, which is an upside.
Institutional investors own 72.2 %of Amazon stock as of November, with more healthy interests being showcased after strategic changes such as the ones by CENTRAL TRUST Co.
