Advanced Micro Devices (NASDAQ:AMD) Shares Up 2.1% – Here’s What Happened

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) shot up 2.1% during trading on Wednesday . The stock traded as high as $119.88 and last traded at $118.52. 14,196,512 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 39,320,805 shares. The stock had previously closed at $116.09.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AMD. Barclays reduced their price objective on Advanced Micro Devices from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $180.00 price objective (down previously from $200.00) on shares of Advanced Micro Devices in a research note on Wednesday, October 30th. Mizuho reduced their price objective on Advanced Micro Devices from $180.00 to $160.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Roth Mkm restated a “buy” rating and set a $200.00 target price on shares of Advanced Micro Devices in a research report on Friday, October 11th. Finally, Evercore ISI boosted their target price on Advanced Micro Devices from $193.00 to $198.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.68.

Advanced Micro Devices Price Performance

The stock has a market capitalization of $193.58 billion, a price-to-earnings ratio of 107.47, a PEG ratio of 1.88 and a beta of 1.66. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.78 and a current ratio of 2.50. The company has a fifty day simple moving average of $131.60 and a two-hundred day simple moving average of $145.95.

Advanced Micro Devices (NASDAQ:AMD) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 EPS for the quarter, hitting analysts’ consensus estimates of $0.92. Advanced Micro Devices had a return on equity of 6.62% and a net margin of 7.52%. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.71 billion. During the same quarter in the previous year, the firm earned $0.53 EPS. Advanced Micro Devices’s revenue was up 17.6% on a year-over-year basis. As a group, equities research analysts expect that Advanced Micro Devices, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Activity at Advanced Micro Devices

In other Advanced Micro Devices news, CEO Lisa T. Su sold 80,000 shares of Advanced Micro Devices stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $143.87, for a total transaction of $11,509,600.00. Following the sale, the chief executive officer now directly owns 3,566,762 shares of the company’s stock, valued at approximately $513,150,048.94. The trade was a 2.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Forrest Eugene Norrod sold 40,540 shares of Advanced Micro Devices stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $141.67, for a total transaction of $5,743,301.80. Following the transaction, the executive vice president now owns 293,347 shares of the company’s stock, valued at $41,558,469.49. The trade was a 12.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 197,036 shares of company stock worth $28,165,821 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Advanced Micro Devices

A number of hedge funds have recently added to or reduced their stakes in AMD. Charles Schwab Investment Management Inc. boosted its holdings in Advanced Micro Devices by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,656,965 shares of the semiconductor manufacturer’s stock worth $1,584,515,000 after buying an additional 177,700 shares during the period. Swiss National Bank boosted its holdings in Advanced Micro Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 4,797,575 shares of the semiconductor manufacturer’s stock worth $787,186,000 after buying an additional 12,500 shares during the period. Shum Financial Group Inc. bought a new position in Advanced Micro Devices in the 3rd quarter worth $858,000. State Street Corp boosted its holdings in Advanced Micro Devices by 2.3% in the 3rd quarter. State Street Corp now owns 70,170,271 shares of the semiconductor manufacturer’s stock worth $11,513,538,000 after buying an additional 1,580,035 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Advanced Micro Devices by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 34,243,843 shares of the semiconductor manufacturer’s stock worth $5,597,337,000 after buying an additional 441,924 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.