Advanced Micro Devices (NASDAQ:AMD) Trading Up 2% - Here's What Happened

Advanced Micro Devices, Inc. (NASDAQ:AMD - Get Free Report)'s share price traded up 2% during trading on Wednesday . The company traded as high as $138.30 and last traded at $138.89. 13,461,219 shares changed hands during trading, a decline of 68% from the average session volume of 42,097,553 shares. The stock had previously closed at $136.11.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wedbush reiterated an "outperform" rating and issued a $120.00 price target (up previously from $115.00) on shares of Advanced Micro Devices in a report on Wednesday, May 7th. Morgan Stanley cut their target price on shares of Advanced Micro Devices from $137.00 to $121.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Benchmark reiterated a "buy" rating and set a $170.00 price target on shares of Advanced Micro Devices in a research report on Friday, June 13th. Rosenblatt Securities reissued a "buy" rating and issued a $200.00 price target on shares of Advanced Micro Devices in a research note on Friday, June 13th. Finally, KeyCorp cut Advanced Micro Devices from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Advanced Micro Devices currently has a consensus rating of "Moderate Buy" and an average price target of $138.74.

Advanced Micro Devices Trading Down 0.4%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.97 and a current ratio of 2.80. The firm has a market cap of $223.64 billion, a PE ratio of 101.42, a price-to-earnings-growth ratio of 1.78 and a beta of 2.05. The stock has a 50-day simple moving average of $117.84 and a two-hundred day simple moving average of $111.58.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.03. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The firm had revenue of $7.44 billion during the quarter, compared to analysts' expectations of $7.10 billion. During the same period in the previous year, the company earned $0.62 earnings per share. The firm's quarterly revenue was up 35.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

Advanced Micro Devices declared that its board has initiated a share buyback program on Wednesday, May 14th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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 dated Tuesday, April 15th. The stock was sold at an average price of $95.47, for a total value of $1,670,725.00. Following the transaction, the executive vice president owned 1,713,710 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Advanced Micro Devices

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Greenline Partners LLC purchased a new stake in Advanced Micro Devices during the fourth quarter valued at approximately $28,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Advanced Micro Devices during the 4th quarter valued at $30,000. Summit Securities Group LLC purchased a new stake in shares of Advanced Micro Devices in the 4th quarter worth $31,000. Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in Advanced Micro Devices by 277.8% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock worth $28,000 after purchasing an additional 200 shares during the period. Finally, American Capital Advisory LLC raised its holdings in Advanced Micro Devices by 90.3% in the 1st quarter. American Capital Advisory LLC now owns 274 shares of the semiconductor manufacturer's stock worth $28,000 after purchasing an additional 130 shares during the period. Hedge funds and other institutional investors own 71.34% of the company's stock.

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.