Amazon.com Inc. (NASDAQ:AMZN) executive chair Jeff Bezos has sold off a significant chunk of his Amazon shares, according to a filing with the U.S. Securities and Exchange Commission.

What Happened: Bezos recently divested 1.07 million shares of Amazon stock at $200.07 per share, raking in approximately $213.8 million. As per the SEC filing on Tuesday, this transaction leaves Bezos with 926.41 million shares of the e-commerce giant.

Bezos isn’t the only Amazon insider to have sold shares recently. Director Jonathan Rubinstein also offloaded $1 million worth of shares, while Douglas Herrington, CEO of Worldwide Amazon Stores, sold $696,360 worth of Amazon shares.

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Why It Matters: Amazon’s stock remains a compelling investment opportunity, according to Bernstein analyst Mark Shmulik. Shmulik maintained an “Outperform” rating on the stock with a $235 price target, citing Amazon’s promising future despite planned infrastructure spending.

Amazon’s strong performance has also attracted the attention of prominent investor Cathie Wood, who recently made significant trades in the company’s stock.

The company recently reported third-quarter net sales of $158.9 billion, surpassing expectations and marking an 11% increase from the previous year. This positive performance has contributed to a rise in Amazon’s stock price, which saw a significant uptick following the earnings announcement.

Price Action: Amazon stock closed at $199.50 on Tuesday, rising by 1.90% during the day. In after-hours trading, the stock dipped 0.20%. Year-to-date, Amazon’s stock has seen substantial growth, up by 33.06%, according to data from Benzinga Pro.

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Image via Flickr/ Daniel Oberhaus

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.