Avnet (NASDAQ:AVT) Stock Price Target Raised at Truist Financial

Key Points

• Truist raised Avnet’s price target from $110 to $125 and maintained a Buy rating, implying 51.48% upside from the prior close.
• Avnet reported quarterly EPS of $3.63 versus $2.86 expected and revenue of $10.72 billion versus $9.22 billion expected; revenue increased 81.7% year over year.
• Analyst views are mixed: MarketBeat’s consensus rating is “Moderate Buy,” with an average price target of $97.

Avnet (NASDAQ:AVT - Get Free Report) had its price objective upped by analysts at Truist Financial from $110.00 to $125.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 51.48% from the company's previous close.

Several other equities research analysts also recently weighed in on the company. Weiss Ratings raised Avnet from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. Zacks Research lowered Avnet from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. Finally, Wells Fargo & Company raised their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Avnet has an average rating of "Moderate Buy" and a consensus target price of $97.00.

Avnet Stock Performance

Shares of AVT traded down $3.16 during mid-day trading on Thursday, hitting $82.52. 180,705 shares of the company's stock were exchanged, compared to its average volume of 1,265,780. The firm has a market cap of $6.79 billion, a price-to-earnings ratio of 20.82, a price-to-earnings-growth ratio of 0.27 and a beta of 1.11. 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 stock's 50-day simple moving average is $94.75 and its 200-day simple moving average is $81.29. Avnet has a 52 week low of $44.25 and a 52 week high of $108.63.

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

Insider Transactions at Avnet

In related news, CEO Philip Gallagher sold 51,900 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares of the company's stock, valued at approximately $16,632,158.58. This trade represents a 23.50% 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. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the transaction, the senior vice president directly owned 76,674 shares in the company, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avnet

Several large investors have recently added to or reduced their stakes in the business. Foster & Motley Inc. purchased a new stake in Avnet in the second quarter worth $11,263,000. Edgestream Partners L.P. bought a new stake in Avnet during the first quarter worth about $2,400,000. Squarepoint Ops LLC boosted its position in shares of Avnet by 59.8% in the 2nd quarter. Squarepoint Ops LLC now owns 149,226 shares of the company's stock worth $13,254,000 after purchasing an additional 55,848 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Avnet in the 2nd quarter worth approximately $5,838,000. Finally, Meeder Asset Management Inc. bought a new position in Avnet during the 2nd quarter valued at approximately $2,978,000. Institutional investors own 95.78% of the company's stock.

Key Stories Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: For the quarter ended October 3, Avnet reported EPS of $3.63, beating the $2.86 consensus estimate, and revenue of $10.72 billion versus expectations of $9.22 billion. Revenue rose 81.7% year over year, while EPS increased from $0.84 a year earlier. Avnet tops Q1 earnings and revenue estimates
• Positive Sentiment: Management’s earnings-call commentary pointed to record growth, stronger demand and a strong outlook. Avnet also initiated fiscal Q2 guidance, described in reports as optimistic—supporting expectations that momentum may continue. Avnet earnings call signals record growth and strong outlook

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.

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