Amazon Gets a Boost: Pivotal Research Issues ‘Buy’ Rating

On October 11, 2024, Pivotal Research announced a positive outlook for Amazon.com (BVC:AMZN) by initiating coverage with a Buy recommendation.

Institutional Investors Show Increased Confidence

Currently, there are 6,846 funds or institutions reporting positions in Amazon.com. This number has risen by 117, or 1.74%, over the last quarter. The average portfolio weight dedicated to AMZN across all funds is 2.50%, which marks an increase of 2.22%. Over the past three months, total shares owned by institutions have grown by 5.67%, amounting to 7,337,459K shares.

Key Stakeholders Adjust Their Investments

The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) currently holds 295,886K shares, representing 2.82% of the company. This is an increase from the 293,875K shares it reported previously, reflecting a rise of 0.68%. The firm has increased its portfolio allocation to AMZN by 4.90% in the last quarter.

Similarly, the Vanguard 500 Index Fund Investor Shares (VFINX) holds 235,043K shares, or 2.24% ownership, a rise from 230,356K shares previously. This translates to an increase of 1.99% in ownership, with the firm raising its AMZN allocation by 3.48% over the previous quarter.

Geode Capital Management’s holdings have increased to 193,369K shares, or 1.84% ownership, from 187,843K shares, which is a 2.86% increase. Their portfolio allocation in AMZN also rose by 4.66% in the last quarter.

On the other hand, Price T Rowe Associates decreased its shares from 189,705K to 181,610K, marking a decrease of 4.46%. However, the firm still managed a slight increase of 0.13% in its portfolio allocation to AMZN.

Lastly, JPMorgan Chase increased its share count to 172,868K, representing 1.65% of Amazon. Their previous holding was 171,742K, reflecting a 0.65% increase. The firm has upped its AMZN portfolio allocation by 4.72% this quarter.

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