Advanced Micro Devices (NASDAQ:AMD) Trading Up 5.2% Following Analyst Upgrade

Advanced Micro Devices, Inc. (NASDAQ:AMD) shares shot up 5.2% during trading on Wednesday after Bank of America raised their price target on the stock from $120.00 to $130.00. Bank of America currently has a buy rating on the stock. Advanced Micro Devices traded as high as $122.52 and last traded at $118.28. 42,349,431 shares changed hands during trading, a decline of 1% from the average session volume of 42,704,045 shares. The stock had previously closed at $112.46.

AMD has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on Advanced Micro Devices from $140.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Piper Sandler reissued an “overweight” rating and issued a $125.00 price objective (down from $140.00) on shares of Advanced Micro Devices in a research note on Wednesday, May 7th. KeyCorp downgraded Advanced Micro Devices from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 8th. Summit Insights raised Advanced Micro Devices to a “hold” rating in a research note on Tuesday, February 4th. Finally, Roth Capital set a $140.00 target price on Advanced Micro Devices in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $131.45.

Insider Activity at Advanced Micro Devices

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 17,500 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $95.47, for a total transaction of $1,670,725.00. Following the sale, the executive vice president now owns 1,713,710 shares in the company, valued at $163,607,893.70. This represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Advanced Micro Devices

Several institutional investors have recently made changes to their positions in the stock. Federation des caisses Desjardins du Quebec lifted its position in shares of Advanced Micro Devices by 5.9% during the first quarter. Federation des caisses Desjardins du Quebec now owns 269,374 shares of the semiconductor manufacturer’s stock worth $27,676,000 after acquiring an additional 14,915 shares in the last quarter. Perbak Capital Partners LLP purchased a new stake in shares of Advanced Micro Devices during the first quarter worth $325,000. Chiron Capital Management LLC purchased a new stake in shares of Advanced Micro Devices during the first quarter worth $377,000. EP Wealth Advisors LLC lifted its position in shares of Advanced Micro Devices by 207.0% during the first quarter. EP Wealth Advisors LLC now owns 185,442 shares of the semiconductor manufacturer’s stock worth $19,052,000 after acquiring an additional 125,040 shares in the last quarter. Finally, 1248 Management LLC raised its position in shares of Advanced Micro Devices by 33.9% in the first quarter. 1248 Management LLC now owns 11,475 shares of the semiconductor manufacturer’s stock worth $1,179,000 after buying an additional 2,906 shares in the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Advanced Micro Devices Stock Down 2.3%

The company has a quick ratio of 1.83, a current ratio of 2.62 and a debt-to-equity ratio of 0.03. The company has a market cap of $186.45 billion, a PE ratio of 116.15, a P/E/G ratio of 1.11 and a beta of 1.97. The stock has a 50-day moving average of $98.53 and a 200-day moving average of $115.48.

Advanced Micro Devices (NASDAQ:AMD) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.03. Advanced Micro Devices had a return on equity of 7.42% and a net margin of 6.36%. The company had revenue of $7.44 billion for the quarter, compared to the consensus estimate of $7.10 billion. During the same quarter last year, the business posted $0.62 earnings per share. The firm’s revenue was up 35.9% compared to the same quarter last year. Sell-side analysts predict that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current fiscal year.

Advanced Micro Devices announced that its Board of Directors has initiated a share buyback program on Wednesday, May 14th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.