While Amazon.com, Inc. (NASDAQ:AMZN) is the worldwide leader in ecommerce and is likely responsible for the closure of thousands of brick and mortar businesses over the past decade, reports today indicate that the company will soon be opening book stores nationwide.
According to Sandeep Mathrani, the CEO of General Growth Properties, a large shopping mall operator, Amazon.com, Inc. (NASDAQ:AMZN) is looking to open between 300 and 400 book stores. If you recall Amazon opened their very first brick and mortar location in Seattle back in November of last year. The store primarily sells books, but also other Amazon gadgets, and requires a user to scan each product with their smartphone in order to get the most up to date pricing information.
“This is a consumer electronics store housed in bookstore clothing,” said Michael Pachter, an analyst at Wedbush Securities Inc. in Los Angeles. “One of the reasons people think Best Buy will be around forever is because most people are too stupid or too scared to buy electronics without first seeing them.”
It almost seems as if Amazon intends to follow in the footsteps of Apple by opening physical store locations, driving brand recognition and boosting sales. The stock decreased 3.95% or $22.71 during the last trading session, hitting $552.1. Approximately 8,235 shares traded hands. AMZN shares have risen 28.44% since June 29, 2015 and are currently uptrending. It has outperformed the S&P500 by 37.31%.
From a total of 26 analysts covering Amazon.com (NASDAQ:AMZN) stock, 22 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 85% of the ratings are positive. The highest target price is $900.0 while the lowest target price is $525. The mean of all analyst targets is $734.31 which is 33.00% above today’s ($552.1) stock price. Amazon.com was the topic of 64 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Susquehanna initiated shares on January 15 with a “Positive” rating. M Partners initiated shares with a”Buy” rating and a $800.0 target share price in their report from a December 15. Monness Crespi & Hardt downgraded AMZN stock in a recent report from January 4 to a “Neutral” rating. Barclays Capital maintained the rating on December 1. Barclays Capital has a “Overweight” rating and a $850 price target on shares. Finally, Macquarie Research maintained the stock with a “Outperform” rating in a report they issued on a December 22.
The institutional sentiment increased to 1.49 in Q2 2015. It’s up 0.37, from 1.12 in 2015Q2. The ratio improved, as 67 funds sold all their Amazon.com, Inc. shares they owned while 376 reduced their positions. 166 funds bought stakes while 493 increased their total positions. Institutions now own 325.29 million shares which is 4.94% more than the previous share count of 309.99 million in 2015Q2.
Huntington Steele Llc holds 23.61% of its total portfolio in Amazon.com, Inc., equating to 103,872 shares. Tiger Global Management Llc owns 3.19 million shares representing 20.13% of their total US portfolio. Moreover, Tybourne Capital Management Hk Ltd has 18.16% of their total portfolio invested in the company, equating to 504,001 shares. The Washington-based Brighton Jones Llc has a total of 17.93% of their portfolio invested in the stock. Telemark Asset Management Llc, a Massachusetts-based fund reported 100,000 shares owned.
Since May 4, 2015, the stock had 0 buys, and 10 insider sales for a total of $25.27 million in net activity. Stonesifer Patricia Q sold 6,250 shares worth $3.16M. Wilke Jeffrey A sold 5,908 shares worth $3.16M. Reynolds Shelley sold 720 shares worth $381,752. Olsavsky Brian T sold 2,098 shares worth $1.11 million. The insider Zapolsky David sold 2,322 shares worth $1.23 million.
Amazon.com, Inc. is an e-commerce company. The company has a market cap of $270.64 billion. The Firm sells a range of services and products through its Websites. It has 445.19 P/E ratio. 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.