Amazon CEO Sells Shares Amid Strong Stock Performance
Amazon CEO Sells Shares
Amazon.com Inc. (AMZN) CEO Andy Jassy recently sold a notable amount of company shares, a move that has drawn attention given its timing. On May 28, 2024, Jassy sold shares worth $21.1 million. This transaction marks his first sale of Amazon shares since he took over as CEO in 2021.
Stock Performance Context
The share sale comes as AMZN stock has shown strong performance in the market. The company's shares have been up 20% year-to-date, indicating a positive trend for investors in the current year. Looking at a broader timeframe, the stock has seen an even more significant rise, climbing 85% over the past 12 months.
Details of the Transaction
Specifically, the CEO's sale involved 18,698 shares, which were sold at an average price of $166.90 per share. While insider sales can sometimes be viewed in different ways by investors, they are often part of personal financial planning. This particular sale is notable as it's the first time Jassy has divested shares since assuming the top leadership role at Amazon.
Investor Outlook
Despite the insider sale, the broader market sentiment for AMZN remains largely positive. Financial analysts currently hold a Strong Buy consensus rating for the stock. Their average price target for AMZN is $216.30, which suggests a potential upside for the stock from its recent levels.
