Avnet (NASDAQ:AVT) Price Target Raised to $54.00

Key Points

• Truist Financial raised its price target for Avnet from $50.00 to $54.00, suggesting a potential upside of 6.70%, while maintaining a "hold" rating for the stock.
• In contrast, Wells Fargo reduced its target price for Avnet from $45.00 to $43.00 and assigned an "underweight" rating.
• Avnet's recent earnings report revealed an EPS of $0.81, exceeding estimates, and a revenue of $5.62 billion, which slightly surpassed analysts' expectations.

Avnet (NASDAQ:AVT - Get Free Report) had its target price boosted by equities research analysts at Truist Financial from $50.00 to $54.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's price target would indicate a potential upside of 6.70% from the stock's current price.

Separately, Wells Fargo & Company reduced their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.

Avnet Trading Up 2.3%

AVT stock traded up $1.15 during midday trading on Thursday, hitting $50.61. 99,278 shares of the company's stock were exchanged, compared to its average volume of 832,835. The company has a market cap of $4.24 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. Avnet has a one year low of $39.22 and a one year high of $59.24. The stock's fifty day moving average price is $53.09 and its 200-day moving average price is $50.73. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44.

Avnet (NASDAQ:AVT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The business's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 EPS. Research analysts predict that Avnet will post 3.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president directly owned 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avnet

Several large investors have recently added to or reduced their stakes in AVT. Pzena Investment Management LLC boosted its stake in Avnet by 2.9% in the second quarter. Pzena Investment Management LLC now owns 7,341,299 shares of the company's stock worth $389,676,000 after buying an additional 209,003 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company's stock valued at $186,631,000 after purchasing an additional 378,440 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Avnet by 5.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company's stock worth $124,131,000 after buying an additional 134,372 shares during the period. Earnest Partners LLC grew its holdings in Avnet by 3.4% in the 1st quarter. Earnest Partners LLC now owns 1,520,075 shares of the company's stock worth $73,100,000 after acquiring an additional 50,041 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Avnet by 7.9% in the first quarter. AQR Capital Management LLC now owns 1,334,817 shares of the company's stock worth $63,043,000 after purchasing an additional 97,466 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.

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