Avnet (NASDAQ:AVT) Stock Price Target Cut by Bank of America

Key Points

• Bank of America lowered its Avnet price target from $115 to $110 and maintained a neutral rating; the new target implies 28.44% upside from the stock’s current price.
• Analyst opinions are mixed, though MarketBeat’s consensus is “Moderate Buy,” with an average price target of $103.75.
• Avnet reported quarterly EPS of $3.63, above the $2.86 estimate, and revenue of $10.72 billion, exceeding expectations and rising 81.7% year over year.

Avnet (NASDAQ:AVT - Get Free Report) had its price target decreased by Bank of America from $115.00 to $110.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's target price would indicate a potential upside of 28.44% from the stock's current price.

Other equities analysts have also issued reports about the company. Truist Financial increased their price objective on Avnet from $110.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, November 5th. Wells Fargo & Company boosted their price objective on shares of Avnet from $80.00 to $85.00 and gave the company an "underweight" rating in a research report on Thursday, November 5th. Zacks Research cut shares of Avnet from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Weiss Ratings upgraded shares of Avnet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 9th. Finally, Wall Street Zen raised shares of Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $103.75.

Avnet Stock Performance

Shares of Avnet stock opened at $85.64 on Friday. Avnet has a one year low of $44.25 and a one year high of $108.63. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.87 and a current ratio of 1.73. The company has a market cap of $7.04 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.22 and a beta of 1.11. The business's 50 day moving average price is $93.93 and its 200 day moving average price is $82.26.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share 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 the consensus estimate of $9.22 billion. Avnet had a return on equity of 14.15% and a net margin of 1.74%. Avnet's revenue was up 81.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 EPS. On average, research analysts predict that Avnet will post 12.61 EPS for the current year.

Insider Transactions at Avnet

In other news, SVP Michael Ryan Mccoy sold 32,052 shares of the firm's stock in a transaction 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 transaction, the senior vice president owned 76,674 shares of the company's stock, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.00% of the company's stock.

Institutional Trading of Avnet

Hedge funds have recently bought and sold shares of the company. Empowered Funds LLC lifted its position in shares of Avnet by 1.9% during the 1st quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock worth $421,000 after purchasing an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Avnet by 0.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company's stock worth $1,264,000 after acquiring an additional 159 shares during the last quarter. Elevation Wealth Partners LLC lifted its holdings in shares of Avnet by 38.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock worth $59,000 after acquiring an additional 185 shares during the period. PNC Financial Services Group Inc. increased its position in Avnet by 3.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company's stock valued at $318,000 after acquiring an additional 189 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Avnet by 1.1% during the third quarter. Bessemer Group Inc. now owns 17,127 shares of the company's stock worth $1,712,000 after acquiring an additional 194 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Company Profile

Avnet, Inc. is a global distributor of electronic components and technology products. Its offerings include semiconductors, interconnect and electromechanical components, and embedded systems used in products across industries such as communications, industrial, automotive, and healthcare. In addition to distributing components, Avnet provides services that support customers throughout product development and manufacturing. These include engineering and design assistance, supply-chain management, procurement, inventory planning, and logistics.

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