Amazon Shares: New Outlook – Börse Express

Amazon shares are caught in a contradiction: While the stock rose by around 5 percent this week and is trading at around $233, insiders are selling massively – especially Jeff Bezos, who sold shares worth $5.65 billion. At the same time, analysts see the stock at $300 and are betting on the booming cloud business. What is behind this tug of war between operational strength and management flight?

AWS growth at three-year high

The driver behind the price rally is Amazon Web Services. In the third quarter, the cloud division’s revenue growth accelerated to 20 percent year-on-year – the strongest increase in eleven quarters. AWS has now achieved an annual revenue run rate of $132 billion.

The AI ​​offensive in particular is paying off: the in-house Trainium chips recorded demand growth of over 150 percent quarter-on-quarter. OpenAI committed to a multi-year, $38 billion partnership for AWS computing capacity. CEO Andy Jassy emphasizes that new capacity is monetized almost immediately after it goes live.

Operationally, Amazon is convincing across the board: Earnings per share in the third quarter were $1.95, significantly exceeding expectations of $1.57. Sales climbed 13.4 percent to $180.17 billion.

Jeff Bezos and executives are selling aggressively

But while the numbers shine, insiders are in a selling mood. In the past six months there have been 73 sell transactions – and not a single buy order. Jeff Bezos sold 25 million shares worth a total of $5.65 billion.

Other executives are also following suit: AWS boss Matthew Garman sold 17,768 shares for around $3.85 million on November 21st. Such consistent selling from senior management acts as a warning sign – even when the fundamentals appear robust.

Institutional investors divided

There is disagreement among institutional investors. In the third quarter of 2025, 2,934 investors increased their positions while 2,283 reduced. UBS Asset Management increased its shares massively and increased its holdings by 60.6 million shares (+77 percent).

In return, Kingstone Capital liquidated the entire position, selling 132.6 million shares worth about $29.1 billion. This divergence shows: Some are securing profits, others are positioning themselves for the next AI-driven growth.

Analysts see $300 – but is that realistic?

Wall Street remains optimistic: all 30 analyst ratings are “buy” and not a single one is “sell”. The median price target is $300 – almost 30 percent above current levels. Rosenblatt sets the target at $305, Mizuho even sets it at $315.

The valuation of around 32 times estimated earnings is justified by the recovery in cloud growth and margin expansion in the trading business. But the question remains: Why are the insiders who know the business best selling so aggressively?