Avnet (NASDAQ:AVT) Stock Gets Price Target Bump from Wells Fargo & Company

Key Points

• Wells Fargo raised its Avnet price target from $80 to $85 but kept an “underweight” rating, implying 6.26% upside from the prior close.
• Avnet reported quarterly EPS of $3.63, beating the $2.86 estimate, and revenue of $10.72 billion versus $9.22 billion expected; revenue increased 81.7% year over year.
• Analyst views were mixed: Truist raised its target to $125 and maintained a Buy rating, while MarketBeat reported a “Moderate Buy” consensus and an average target of $100.25.

Avnet (NASDAQ:AVT - Get Free Report) had its target price increased by Wells Fargo & Company from $80.00 to $85.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an "underweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 6.26% from the company's previous close.

Several other research firms have also recently issued reports on AVT. Weiss Ratings upgraded Avnet from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. Truist Financial increased their target price on Avnet from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Zacks Research lowered Avnet from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Avnet currently has a consensus rating of "Moderate Buy" and an average target price of $100.25.

Avnet Price Performance

Shares of Avnet stock traded down $5.69 during trading on Thursday, hitting $79.99. 719,605 shares of the company were exchanged, compared to its average volume of 1,268,306. Avnet has a fifty-two week low of $44.25 and a fifty-two week high of $108.63. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average price of $94.75 and a 200 day moving average price of $81.29. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 20.08, a P/E/G ratio of 0.27 and a beta of 1.11.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.77. The company had revenue of $10.72 billion for the quarter, compared to analysts' expectations of $9.22 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm's revenue for the quarter was up 81.7% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. On average, equities analysts expect that Avnet will post 10.45 earnings per share for the current fiscal year.

Insider Transactions at Avnet

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the sale, the senior vice president owned 76,674 shares of the company's stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Philip Gallagher sold 51,900 shares of Avnet stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the sale, the chief executive officer owned 168,923 shares in the company, valued at $16,632,158.58. This represents a 23.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Avnet

A number of large investors have recently added to or reduced their stakes in AVT. Lido Advisors LLC grew its position in Avnet by 17.3% in the third quarter. Lido Advisors LLC now owns 10,680 shares of the company's stock worth $1,067,000 after acquiring an additional 1,578 shares in the last quarter. AlphaCore Capital LLC bought a new position in shares of Avnet during the 3rd quarter valued at $340,000. Fulcrum Asset Management LLP lifted its stake in shares of Avnet by 466.2% in the 3rd quarter. Fulcrum Asset Management LLP now owns 20,076 shares of the company's stock valued at $2,058,000 after purchasing an additional 16,530 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Avnet by 87.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,803 shares of the company's stock worth $491,000 after purchasing an additional 2,234 shares in the last quarter. Finally, Brighton Jones LLC boosted its holdings in Avnet by 27.7% in the third quarter. Brighton Jones LLC now owns 4,120 shares of the company's stock worth $412,000 after purchasing an additional 893 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet earned $3.63 per share, above the $2.86 consensus, on revenue of $10.72 billion versus $9.22 billion expected. Revenue rose 81.7% year over year, supported by record sales and strong component demand. Avnet Q1 earnings beat estimates on record sales and strong demand
• Positive Sentiment: Management highlighted broadening demand and improved margins, while higher memory pricing contributed to growth. The company’s Q2 outlook was described as upbeat, signaling continued momentum. Avnet Q1 earnings call highlights demand strength and margin gains
• Positive Sentiment: Truist Financial raised its price target on Avnet to $125 from $110 and maintained a Buy rating, reflecting a more optimistic analyst view. Truist Financial price-target update
• Negative Sentiment: The earnings-call coverage flagged tighter supply and rising working-capital needs as factors shaping the fiscal 2027 outlook. These could constrain fulfillment or cash generation even as demand remains strong. Avnet Q1 earnings call highlights demand strength and margin gains

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.