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Amazon is too expensive, two investment experts say

Amazon is a great company but has gotten too expensive, two investment experts said Friday.

Shares of the e-commerce and tech giant were trading over $800 in afternoon trading.

"It's a great cloud leadership story and probably has some of the best fundamentals in the group. The problem is at the current price, I think it's just a hold," tech investor Paul Meeks said in an interview with CNBC's "Power Lunch."

If the stock were to drop on something Amazon-specific or even if there was a drop in the overall market, he would initiate or add to a position.

Michael Cuggino, president of Permanent Portfolio Funds, said as a customer, he loves the company.

"The price is just way too high," he told "Power Lunch."

While Amazon is reinvesting back in the business, "at some point, as an investor, I'd want to see profits and big profits, given the multiple that it's trading at," said Cuggino.

Amazon closed above $800 for the first time Thursday at $804.70. It has seen its stock rise about 19 percent this year, after reporting mixed results in its two quarterly reports.

— CNBC's Anita Balakrishnan contributed to this report.

Disclosures: Meeks owns shares of Amazon.