Avnet (NASDAQ:AVT) Stock Rating Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Avnet from “strong buy” to “hold,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $93.25.
• Avnet reported quarterly EPS of $2.28, beating estimates of $1.80, while revenue reached $8.30 billion—up 47.7% year over year and above expectations.
• Shares opened at $91.06, below their 52-week high of $108.63. Company insiders recently sold shares, while institutional investors own a substantial 95.78% of the stock.

Avnet (NASDAQ:AVT - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

Several other analysts also recently weighed in on the stock. Truist Financial lifted their price objective on shares of Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Wells Fargo & Company upped their target price on shares of Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research report on Monday, July 20th. Finally, Weiss Ratings upgraded shares of Avnet from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. One equities research 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $93.25.

Avnet Price Performance

Shares of NASDAQ AVT opened at $91.06 on Monday. Avnet has a 1-year low of $44.25 and a 1-year high of $108.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. The business's fifty day moving average price is $95.22 and its two-hundred day moving average price is $87.96. The firm has a market capitalization of $7.49 billion, a PE ratio of 22.82, a P/E/G ratio of 0.28 and a beta of 1.06.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.48. The company had revenue of $8.30 billion for the quarter, compared to analysts' expectations of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%. The firm's quarterly revenue was up 47.7% compared to the same quarter last year. During the same period last year, the business posted $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, research analysts expect that Avnet will post 10.45 EPS for the current year.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was 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 approximately $16,632,158.58. The trade was a 23.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the sale, the senior vice president directly owned 76,674 shares of the company's stock, valued at $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVT. Empowered Funds LLC increased its stake in shares of Avnet by 1.9% in the first quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock worth $421,000 after acquiring an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Avnet by 0.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company's stock valued at $1,264,000 after purchasing an additional 159 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in Avnet by 1.6% during the first quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company's stock valued at $671,000 after purchasing an additional 176 shares during the last quarter. Elevation Wealth Partners LLC boosted its position in Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock valued at $59,000 after purchasing an additional 185 shares during the last quarter. Finally, Summit Securities Group LLC grew its stake in Avnet by 32.1% in the first quarter. Summit Securities Group LLC now owns 765 shares of the company's stock valued at $47,000 after purchasing an additional 186 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

About Avnet

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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