Bank of America Forecasts Strong Price Appreciation for Advanced Micro Devices (NASDAQ:AMD) Stock

Advanced Micro Devices (NASDAQ:AMD - Free Report) had its target price raised by Bank of America from $120.00 to $130.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer's stock.

Several other equities analysts also recently issued reports on AMD. StockNews.com upgraded Advanced Micro Devices from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Susquehanna reduced their price objective on Advanced Micro Devices from $150.00 to $135.00 and set a "positive" rating for the company in a research report on Thursday, April 24th. Summit Insights raised Advanced Micro Devices to a "hold" rating in a report on Tuesday, February 4th. Stifel Nicolaus set a $132.00 target price on Advanced Micro Devices in a report on Monday, April 28th. Finally, Morgan Stanley dropped their target price on Advanced Micro Devices from $137.00 to $121.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $132.10.

Advanced Micro Devices Stock Performance

AMD stock traded up $2.18 during midday trading on Wednesday, reaching $117.17. The company had a trading volume of 42,845,715 shares, compared to its average volume of 42,689,422. 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 stock has a 50 day moving average price of $98.94 and a 200 day moving average price of $114.91. Advanced Micro Devices has a fifty-two week low of $76.48 and a fifty-two week high of $187.28. The firm has a market capitalization of $189.98 billion, a PE ratio of 118.35, a P/E/G ratio of 1.11 and a beta of 1.97.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $7.10 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. Advanced Micro Devices's quarterly revenue was up 35.9% compared to the same quarter last year. Analysts anticipate that Advanced Micro Devices will post 3.87 earnings per share for the current year.

Advanced Micro Devices announced that its Board of Directors has initiated a stock repurchase 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 repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,500 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were 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 $163,607,893.70. The trade was a 1.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Advanced Micro Devices

Institutional investors and hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS purchased a new position in shares of Advanced Micro Devices during the 4th quarter valued at $65,897,000. Enzi Wealth purchased a new position in shares of Advanced Micro Devices during the 4th quarter valued at $569,000. Welch Group LLC grew its holdings in shares of Advanced Micro Devices by 6.3% during the 4th quarter. Welch Group LLC now owns 50,466 shares of the semiconductor manufacturer's stock valued at $6,179,000 after acquiring an additional 2,981 shares in the last quarter. Stonegate Investment Group LLC grew its holdings in shares of Advanced Micro Devices by 39.5% during the 4th quarter. Stonegate Investment Group LLC now owns 512,428 shares of the semiconductor manufacturer's stock valued at $61,896,000 after acquiring an additional 145,067 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Advanced Micro Devices by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 150,210,152 shares of the semiconductor manufacturer's stock valued at $18,143,884,000 after acquiring an additional 1,441,626 shares in the last quarter. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Advanced Micro Devices Company Profile

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.