In fact, it's been a good year so far for all of FANG -- Facebook (FB) - Get Facebook, Inc. Class A Report , Amazon, Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet/Google (GOOGL) - Get Alphabet Inc. Class A Report . Each has jumped higher by at least 6% so far this year, helping to power the overall market higher.
On Monday, Amazon founder and CEO Jeff Bezos became the richest person in history. As Amazon stock climbed, his 78.9 million share stake in Amazon stock helped propel his overall net worth to $105.1 billion. The mark eclipsed the previous record held by Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report founder Bill Gates.
However, if Piper Jaffray analyst Michael Olsen is correct in his assessment of Amazon stock, Bezos' net worth is set to grow a whole lot more. Specifically, Olsen kept his overweight rating on Amazon, but upped his price target 16.6% from $1,200 per share to $1,400 per share.
According to a recent Piper Jaffray survey, Olsen says Amazon still "has a large opportunity to gain U.S. wallet share." The platform is used "far more sparingly than many would expect," a surprising takeaway for many investors. While some may view this as a negative for Amazon and positive for traditional retailers, the flip side of that argument suggests a larger-than-expected opportunity for Amazon.
Essentially, it's possible that despite Amazon's large growth and $602 billion market cap, it's still in the early innings.
- 7 Bold Amazon Predictions for 2018
- Amazon's Whole Foods Has Something to Celebrate in the New Year
- Toyota Partners With Amazon, Uber on These Crazy Self-Driving Mobile Stores
Should Amazon stock climb to $1,400 and Bezos maintain his current holdings, it will drive his stake in the company up to about $110.46 billion. That doesn't include his almost $7 billion stakes making up the rest of his net worth at the moment.
Amazon stock closed at $1,252.70 Tuesday, up 0.47%.
More of What's Trending on TheStreet:
- AMD's Stock Plunge a Can't Miss Buying Opportunity?
- Jim Cramer on Why Carnival Stock Is a Screaming Buy
- Will Nvidia's Stock Ever Go Down?
- How to Predict the Eventual Stock Market Correction Before Anyone Else
This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.