Advanced Micro Devices (NASDAQ:AMD) Stock Price Down 2.1% - Here's Why

Advanced Micro Devices, Inc. (NASDAQ:AMD - Get Free Report) shares dropped 2.1% on Thursday . The company traded as low as $114.40 and last traded at $115.22. Approximately 15,589,264 shares were traded during trading, a decline of 64% from the average daily volume of 42,812,821 shares. The stock had previously closed at $117.72.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Evercore ISI dropped their price target on shares of Advanced Micro Devices from $147.00 to $126.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Seaport Res Ptn upgraded shares of Advanced Micro Devices to a "strong-buy" rating in a research note on Wednesday, April 30th. Melius downgraded Advanced Micro Devices from a "buy" rating to a "hold" rating and lowered their price target for the stock from $160.00 to $129.00 in a research report on Tuesday, January 28th. Morgan Stanley cut their price objective on Advanced Micro Devices from $137.00 to $121.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Finally, Argus set a $160.00 target price on Advanced Micro Devices in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $132.58.

Advanced Micro Devices Stock Down 2.1%

The stock has a market capitalization of $186.04 billion, a P/E ratio of 115.90, a PEG ratio of 1.11 and a beta of 1.97. 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 firm has a 50 day simple moving average of $98.94 and a two-hundred day simple moving average of $114.71.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $7.10 billion. During the same period in the previous year, the business posted $0.62 earnings per share. The business's quarterly revenue was up 35.9% compared to the same quarter last year. On average, equities research analysts expect that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current year.

Advanced Micro Devices announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Advanced Micro Devices

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 17,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 1,713,710 shares in the company, valued at approximately $163,607,893.70. This represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. increased its position in shares of Advanced Micro Devices by 23.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 10,335 shares of the semiconductor manufacturer's stock worth $1,248,000 after acquiring an additional 1,942 shares in the last quarter. Procyon Advisors LLC increased its position in Advanced Micro Devices by 17.5% in the fourth quarter. Procyon Advisors LLC now owns 4,437 shares of the semiconductor manufacturer's stock worth $536,000 after buying an additional 660 shares during the last quarter. Merit Financial Group LLC lifted its holdings in Advanced Micro Devices by 27.0% during the fourth quarter. Merit Financial Group LLC now owns 31,228 shares of the semiconductor manufacturer's stock valued at $3,772,000 after purchasing an additional 6,637 shares during the last quarter. Sax Wealth Advisors LLC bought a new position in Advanced Micro Devices in the 4th quarter worth approximately $514,000. Finally, Arkadios Wealth Advisors raised its stake in shares of Advanced Micro Devices by 27.6% during the 4th quarter. Arkadios Wealth Advisors now owns 17,621 shares of the semiconductor manufacturer's stock valued at $2,128,000 after purchasing an additional 3,813 shares during the period. Institutional investors and hedge funds 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.