Advanced Micro Devices (NASDAQ:AMD) Shares Gap Down After Analyst Downgrade

Posted by Defense World Staff on May 4th, 2023

Advanced Micro Devices, Inc. (NASDAQ:AMD – Get Rating) gapped down prior to trading on Wednesday after Raymond James lowered their price target on the stock from $115.00 to $110.00. The stock had previously closed at $89.91, but opened at $83.54. Advanced Micro Devices shares last traded at $82.39, with a volume of 24,155,486 shares.

A number of other research firms have also weighed in on AMD. Susquehanna raised their price objective on shares of Advanced Micro Devices from $112.00 to $115.00 and gave the company a “positive” rating in a research note on Monday, April 24th. Stifel Nicolaus boosted their price objective on shares of Advanced Micro Devices from $91.00 to $98.00 in a report on Tuesday, April 25th. StockNews.com assumed coverage on Advanced Micro Devices in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Mizuho reduced their target price on Advanced Micro Devices from $95.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, February 1st. Finally, BMO Capital Markets began coverage on Advanced Micro Devices in a report on Wednesday, February 1st. They set a “buy” rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.00.

Insider Buying and Selling

In related news, EVP Paul Darren Grasby sold 12,500 shares of the stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $94.85, for a total value of $1,185,625.00. Following the completion of the sale, the executive vice president now directly owns 95,942 shares of the company’s stock, valued at approximately $9,100,098.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Mark D. Papermaster sold 30,000 shares of the stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $85.19, for a total value of $2,555,700.00. Following the completion of the sale, the executive vice president now directly owns 1,516,945 shares of the company’s stock, valued at approximately $129,228,544.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paul Darren Grasby sold 12,500 shares of the stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $94.85, for a total transaction of $1,185,625.00. Following the sale, the executive vice president now directly owns 95,942 shares of the company’s stock, valued at $9,100,098.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,765 shares of company stock valued at $10,734,100. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Advanced Micro Devices

Institutional investors have recently added to or reduced their stakes in the stock. Fairfield Bush & CO. bought a new stake in shares of Advanced Micro Devices during the first quarter worth $836,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Advanced Micro Devices by 49.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,384,719 shares of the semiconductor manufacturer’s stock worth $260,746,000 after purchasing an additional 791,710 shares during the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in shares of Advanced Micro Devices by 34.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 2,677 shares of the semiconductor manufacturer’s stock worth $293,000 after purchasing an additional 692 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of Advanced Micro Devices by 104.8% during the first quarter. Raymond James Trust N.A. now owns 7,959 shares of the semiconductor manufacturer’s stock worth $870,000 after purchasing an additional 4,072 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its position in shares of Advanced Micro Devices by 217.2% during the first quarter. Baird Financial Group Inc. now owns 398,051 shares of the semiconductor manufacturer’s stock worth $43,524,000 after purchasing an additional 272,557 shares during the last quarter. 67.17% of the stock is owned by hedge funds and other institutional investors.

Advanced Micro Devices Stock Performance

The firm has a market capitalization of $131.36 billion, a P/E ratio of 92.75, a P/E/G ratio of 5.37 and a beta of 1.95. The firm has a 50-day moving average price of $89.50 and a two-hundred day moving average price of $77.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.36 and a quick ratio of 1.77.

Advanced Micro Devices (NASDAQ:AMD – Get Rating) last announced its quarterly earnings results on Tuesday, May 2nd. The semiconductor manufacturer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.56 by $0.04. The firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $5.31 billion. Advanced Micro Devices had a return on equity of 8.52% and a net margin of 5.59%. The business’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 earnings per share. On average, analysts forecast that Advanced Micro Devices, Inc. will post 2.38 EPS for the current fiscal year.

Advanced Micro Devices Company Profile

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Advanced Micro Devices, Inc engages in the provision of semiconductor businesses. It operates through the following segments: Computing & Graphics, and Enterprise, Embedded and Semi-Custom. The Computing and Graphics segment includes desktop and notebook processors and chipsets, discrete and integrated graphics processing units, data center and professional GPUs and development services.