Advanced Micro Devices (NASDAQ:AMD) Trading Up 5.3% - Here's What Happened

Advanced Micro Devices, Inc. (NASDAQ:AMD - Get Free Report) shares were up 5.3% during trading on Tuesday . The company traded as high as $138.16 and last traded at $136.42. Approximately 38,080,093 shares traded hands during trading, a decline of 9% from the average daily volume of 41,769,287 shares. The stock had previously closed at $129.58.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMD. Morgan Stanley reduced 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 report on Wednesday, May 7th. Piper Sandler raised their target price on shares of Advanced Micro Devices from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. TD Cowen lifted their target price on shares of Advanced Micro Devices from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Rosenblatt Securities reissued a "buy" rating and set a $200.00 price target on shares of Advanced Micro Devices in a research note on Friday, June 13th. Finally, Susquehanna decreased their price objective on Advanced Micro Devices from $150.00 to $135.00 and set a "positive" rating on the stock in a report on Thursday, April 24th. Thirteen research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.19.

Advanced Micro Devices Price Performance

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 business's fifty day simple moving average is $111.93 and its 200 day simple moving average is $111.10. The stock has a market cap of $233.10 billion, a price-to-earnings ratio of 105.71, a price-to-earnings-growth ratio of 1.85 and a beta of 1.99.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly 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 8.30% and a net margin of 8.03%. The firm had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.10 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. Advanced Micro Devices's revenue for the quarter was up 35.9% on a year-over-year basis. Research analysts predict that Advanced Micro Devices, Inc. will post 3.87 EPS for the current fiscal year.

Advanced Micro Devices announced that its board has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Mark D. Papermaster sold 17,500 shares of Advanced Micro Devices stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 1,713,710 shares in the company, valued at approximately $163,607,893.70. This trade represents a 1.01% decrease in their position. The sale 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 company insiders.

Hedge Funds Weigh In On Advanced Micro Devices

Hedge funds have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS bought a new stake in shares of Advanced Micro Devices during the 4th quarter valued at about $65,897,000. Vanguard Group Inc. boosted its stake in Advanced Micro Devices by 1.0% in the fourth 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 during the period. Toronto Dominion Bank grew its holdings in shares of Advanced Micro Devices by 443.3% during the fourth quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock valued at $660,475,000 after purchasing an additional 4,461,609 shares during the last quarter. Nicolet Bankshares Inc. raised its position in shares of Advanced Micro Devices by 56.4% during the 4th quarter. Nicolet Bankshares Inc. now owns 3,523 shares of the semiconductor manufacturer's stock worth $426,000 after purchasing an additional 1,271 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Advanced Micro Devices by 1.2% in the 4th quarter. Fisher Asset Management LLC now owns 24,086,020 shares of the semiconductor manufacturer's stock worth $2,909,350,000 after purchasing an additional 290,784 shares during the last quarter. 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.