Advanced Micro Devices (NASDAQ:AMD) Given New $700.00 Price Target at Bank of America

Advanced Micro Devices (NASDAQ:AMD) had its price objective hoisted by equities researchers at Bank of America from $650.00 to $700.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price target would indicate a potential upside of 20.82% from the stock’s current price.

Other research analysts have also issued research reports about the company. Benchmark lifted their target price on Advanced Micro Devices from $485.00 to $685.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wolfe Research restated an “outperform” rating and set a $650.00 price objective on shares of Advanced Micro Devices in a research note on Wednesday, November 4th. KeyCorp cut Advanced Micro Devices from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Mizuho decreased their price objective on shares of Advanced Micro Devices from $705.00 to $610.00 and set an “outperform” rating for the company in a report on Wednesday, November 4th. Finally, Robert W. Baird set a $1,250.00 target price on shares of Advanced Micro Devices in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $640.11.

Advanced Micro Devices Stock Up 4.8%

Shares of Advanced Micro Devices stock traded up $26.47 during trading on Thursday, reaching $579.37. The company had a trading volume of 39,604,534 shares, compared to its average volume of 32,292,781. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.93 and a current ratio of 2.72. Advanced Micro Devices has a fifty-two week low of $188.22 and a fifty-two week high of $658.52. The firm’s fifty day moving average is $550.43 and its 200-day moving average is $419.05. The company has a market cap of $950.21 billion, a price-to-earnings ratio of 126.57, a price-to-earnings-growth ratio of 4.96 and a beta of 2.49.

Advanced Micro Devices (NASDAQ:AMD) last announced its quarterly earnings data on Tuesday, November 3rd. The semiconductor manufacturer reported $2.09 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.14. Advanced Micro Devices had a return on equity of 14.15% and a net margin of 16.77%. The firm had revenue of $13.38 billion during the quarter, compared to analyst estimates of $13.10 billion. During the same period in the previous year, the company earned $1.20 earnings per share. Advanced Micro Devices’s quarterly revenue was up 44.7% on a year-over-year basis. On average, analysts anticipate that Advanced Micro Devices will post 6.93 EPS for the current year.

Insider Buying and Selling at Advanced Micro Devices

In other news, EVP Forrest Norrod sold 17,262 shares of the company’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $540.70, for a total transaction of $9,333,563.40. Following the completion of the transaction, the executive vice president owned 353,317 shares in the company, valued at approximately $191,038,501.90. This represents a 4.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Papermaster sold 28,811 shares of Advanced Micro Devices stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $471.87, for a total transaction of $13,595,046.57. Following the completion of the sale, the executive vice president owned 1,261,461 shares in the company, valued at approximately $595,245,602.07. This represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 230,957 shares of company stock valued at $114,799,511. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Advanced Micro Devices

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. DecisionPoint Financial LLC boosted its position in Advanced Micro Devices by 79.2% during the 3rd quarter. DecisionPoint Financial LLC now owns 43 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 19 shares during the period. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Advanced Micro Devices during the 3rd quarter worth about $29,000. JNBA Financial Advisors increased its stake in shares of Advanced Micro Devices by 142.9% during the second quarter. JNBA Financial Advisors now owns 51 shares of the semiconductor manufacturer’s stock valued at $30,000 after acquiring an additional 30 shares during the period. Downshift Financial LLC lifted its position in Advanced Micro Devices by 850.0% in the third quarter. Downshift Financial LLC now owns 57 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 51 shares during the period. Finally, Sawyer & Company Inc bought a new position in Advanced Micro Devices during the 3rd quarter valued at $37,000. 71.34% of the stock is owned by institutional investors.

Key Stories Impacting Advanced Micro Devices

Here are a few of the latest stories about AMD:

• Positive Sentiment: AMD introduced a new GPU aimed at data-center customers, strengthening its pitch in the fast-growing AI accelerator market. AMD Stock Soars over 5% After Introducing a New AI Data Center GPU
• Positive Sentiment: The company expanded its quantum-computing partnership with PsiQuantum and plans to invest in the company. The deal offers a longer-term opportunity beyond AMD’s core chip business. AMD to invest in PsiQuantum to advance quantum computing infrastructure
• Positive Sentiment: Reports of uncertainty around Nvidia CEO Jensen Huang have prompted investors to rotate toward AMD and other rivals, on expectations they could gain share. AMD also received an upgrade from William Blair to Outperform. AMD, Broadcom stocks jump as Nvidia CEO Jensen Huang resigns

Advanced Micro Devices Company Profile

Advanced Micro Devices, Inc. (AMD) is a semiconductor company that designs processors, graphics products and adaptive computing solutions. Its products serve data center, personal computing, gaming, embedded and other markets. AMD is a fabless chip designer, relying on third-party manufacturing partners to produce its semiconductors. The company’s product portfolio includes EPYC server processors, Ryzen desktop and laptop processors, Radeon graphics products, Instinct accelerators for data center computing, and adaptive chips and systems used in embedded applications.