Advanced Micro Devices, Inc. (NASDAQ:AMD) Receives “Outperform” Rating from Wells Fargo & Company
Advanced Micro Devices, Inc. (NASDAQ:AMD)‘s stock had its “outperform” rating reissued by analysts at Wells Fargo & Company in a research note issued to investors on Wednesday. They currently have a $18.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $15.00. Wells Fargo & Company’s price target suggests a potential upside of 27.57% from the stock’s previous close.
A number of other research analysts also recently commented on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $17.00 price objective on shares of Advanced Micro Devices in a research report on Thursday, April 6th. Craig Hallum boosted their price objective on shares of Advanced Micro Devices from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, June 22nd. Bank of America Corporation reaffirmed a “buy” rating on shares of Advanced Micro Devices in a research report on Tuesday, May 9th. Vetr raised shares of Advanced Micro Devices from a “buy” rating to a “strong-buy” rating and set a $15.99 price objective on the stock in a research report on Monday, June 26th. Finally, Macquarie downgraded shares of Advanced Micro Devices from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $16.00 to $10.00 in a research report on Tuesday, May 2nd. Five equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Advanced Micro Devices has an average rating of “Hold” and a consensus target price of $13.64.
Shares of Advanced Micro Devices (NASDAQ:AMD) traded up 5.74% during trading on Wednesday, hitting $14.92. 186,057,299 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $13.04 and its 200 day moving average is $12.60. Advanced Micro Devices has a 1-year low of $5.45 and a 1-year high of $15.65. The firm’s market capitalization is $14.10 billion. Advanced Micro Devices also was the recipient of some unusual options trading activity on Tuesday. Investors bought 127,375 put options on the company. This is an increase of 209% compared to the average volume of 41,215 put options.
Advanced Micro Devices (NASDAQ:AMD) last announced its quarterly earnings data on Tuesday, July 25th. The semiconductor manufacturer reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.04. Advanced Micro Devices had a negative net margin of 10.42% and a negative return on equity of 76.29%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted ($0.05) earnings per share. The firm’s revenue was up 19.0% on a year-over-year basis. On average, equities research analysts forecast that Advanced Micro Devices will post $0.07 earnings per share for the current year.
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In other news, SVP James Robert Anderson sold 20,000 shares of the business’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $14.19, for a total transaction of $283,800.00. Following the sale, the senior vice president now directly owns 442,363 shares in the company, valued at $6,277,130.97. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Forrest Eugene Norrod sold 62,500 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $13.21, for a total value of $825,625.00. Following the sale, the senior vice president now owns 646,061 shares in the company, valued at $8,534,465.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 618,478 shares of company stock valued at $7,151,477. 1.60% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors LLC boosted its stake in shares of Advanced Micro Devices by 14.2% in the fourth quarter. Teachers Advisors LLC now owns 12,308,204 shares of the semiconductor manufacturer’s stock valued at $139,575,000 after buying an additional 1,526,306 shares during the last quarter. Chevy Chase Trust Holdings Inc. bought a new stake in shares of Advanced Micro Devices during the first quarter valued at approximately $9,676,000. Charter Trust Co. bought a new stake in shares of Advanced Micro Devices during the first quarter valued at approximately $153,000. Exxonmobil Investment Management Inc. TX bought a new stake in shares of Advanced Micro Devices during the first quarter valued at approximately $2,493,000. Finally, Gulf International Bank UK Ltd bought a new stake in shares of Advanced Micro Devices during the first quarter valued at approximately $3,633,000. Institutional investors own 56.93% of the company’s stock.
About Advanced Micro Devices
Advanced Micro Devices, Inc is a global semiconductor company. The Company is engaged in offering x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs) and professional graphics, and server and embedded processors and semi-custom System-on-Chip (SoC) products and technology for game consoles.
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