Advanced Micro Devices (NASDAQ:AMD) Price Target Raised to $210.00 at Benchmark

Key Points

• Benchmark raised their price target for Advanced Micro Devices (AMD) from $170.00 to $210.00, indicating a potential upside of 20.48% from the stock's previous close and maintaining a "buy" rating.
• AMD reported quarterly earnings of $0.48 per share, missing analyst expectations by $0.06, but revenue of $7.69 billion surpassed expectations of $7.41 billion, representing a 31.7% year-over-year increase.
• The company's Board of Directors authorized a $6.00 billion share buyback program, suggesting that they believe their stock is currently undervalued.

Advanced Micro Devices (NASDAQ:AMD - Free Report) had its target price increased by Benchmark from $170.00 to $210.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer's stock.

A number of other equities research analysts have also issued reports on the stock. DZ Bank lowered shares of Advanced Micro Devices from a "buy" rating to a "sell" rating and set a $150.00 target price on the stock. in a report on Wednesday, July 30th. The Goldman Sachs Group upgraded Advanced Micro Devices to a "hold" rating and set a $140.00 price target on the stock in a report on Thursday, July 10th. Melius raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $175.00 price objective for the company in a research report on Monday, June 23rd. Susquehanna raised their price objective on shares of Advanced Micro Devices from $135.00 to $210.00 and gave the stock a "positive" rating in a report on Wednesday, July 30th. Finally, KeyCorp cut Advanced Micro Devices from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $178.09.

Advanced Micro Devices Price Performance

Advanced Micro Devices stock traded down $11.19 during trading on Wednesday, reaching $163.12. The company had a trading volume of 132,642,918 shares, compared to its average volume of 60,340,328. The firm's 50-day simple moving average is $142.11 and its 200 day simple moving average is $117.55. Advanced Micro Devices has a 1-year low of $76.48 and a 1-year high of $182.50. The firm has a market capitalization of $264.48 billion, a PE ratio of 93.75, a price-to-earnings-growth ratio of 2.31 and a beta of 1.94. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.97 and a current ratio of 2.80.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.06). Advanced Micro Devices had a net margin of 9.57% and a return on equity of 7.61%. The company had revenue of $7.69 billion during the quarter, compared to analysts' expectations of $7.41 billion. During the same quarter last year, the company earned $0.69 earnings per share. Advanced Micro Devices's revenue for the quarter was up 31.7% on a year-over-year basis. As a group, equities research analysts anticipate that Advanced Micro Devices 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 permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Advanced Micro Devices

In related news, EVP Mark D. Papermaster sold 17,998 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the completion of the sale, the executive vice president owned 1,713,710 shares of the company's stock, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AGF Management Ltd. bought a new position in Advanced Micro Devices during the second quarter worth $2,206,000. Summit Investment Advisors Inc. raised its stake in shares of Advanced Micro Devices by 2.0% during the first quarter. Summit Investment Advisors Inc. now owns 95,961 shares of the semiconductor manufacturer's stock valued at $9,859,000 after purchasing an additional 1,895 shares in the last quarter. AE Wealth Management LLC lifted its stake in shares of Advanced Micro Devices by 3.4% in the 2nd quarter. AE Wealth Management LLC now owns 303,266 shares of the semiconductor manufacturer's stock worth $43,033,000 after acquiring an additional 9,892 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Advanced Micro Devices during the 2nd quarter valued at $57,000. Finally, Summit Wealth & Retirement Planning Inc. bought a new stake in Advanced Micro Devices in the second quarter worth about $233,000. Hedge funds and other institutional investors own 71.34% of the company's stock.

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.