Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by Prudential PLC

Key Points

• Prudential PLC sold 43.0% of its shares in Advanced Micro Devices, Inc., reducing its holdings to 122,734 shares worth approximately $12.61 million.
• Advanced Micro Devices reported a quarterly earnings per share of $0.48, missing estimates, but its revenue increased by 31.7% year-over-year, reaching $7.69 billion.
• Several analysts have upgraded their ratings and price targets for AMD, with Barclays setting the new target at $200.00, reflecting positive sentiment among investors.

Prudential PLC trimmed its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 43.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 122,734 shares of the semiconductor manufacturer's stock after selling 92,577 shares during the period. Prudential PLC's holdings in Advanced Micro Devices were worth $12,610,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. increased its position in Advanced Micro Devices by 8.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 524,115 shares of the semiconductor manufacturer's stock worth $53,887,000 after buying an additional 39,075 shares during the period. Finer Wealth Management Inc. increased its position in Advanced Micro Devices by 2.4% in the first quarter. Finer Wealth Management Inc. now owns 20,079 shares of the semiconductor manufacturer's stock worth $2,063,000 after buying an additional 469 shares during the period. Bulltick Wealth Management LLC acquired a new stake in Advanced Micro Devices in the first quarter worth $387,000. Cypress Capital Group increased its position in Advanced Micro Devices by 11.1% in the first quarter. Cypress Capital Group now owns 18,320 shares of the semiconductor manufacturer's stock worth $1,882,000 after buying an additional 1,831 shares during the period. Finally, WP Advisors LLC increased its position in Advanced Micro Devices by 52.3% in the first quarter. WP Advisors LLC now owns 11,628 shares of the semiconductor manufacturer's stock worth $1,195,000 after buying an additional 3,991 shares during the period. 71.34% of the stock is owned by institutional investors and hedge funds.

Advanced Micro Devices Stock Up 1.5%

AMD opened at $174.95 on Wednesday. The business has a 50 day moving average price of $146.86 and a 200 day moving average price of $118.91. Advanced Micro Devices, Inc. has a twelve month low of $76.48 and a twelve month high of $182.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.81 and a current ratio of 2.49. The firm has a market cap of $283.92 billion, a P/E ratio of 100.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.94.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.06). The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.41 billion. Advanced Micro Devices had a return on equity of 7.54% and a net margin of 9.57%. The business's quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 earnings per share. Research analysts forecast that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

Advanced Micro Devices announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen raised Advanced Micro Devices from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Roth Capital set a $150.00 price target on Advanced Micro Devices and gave the stock a "buy" rating in a research note on Friday, June 13th. Barclays increased their price target on Advanced Micro Devices from $130.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Hsbc Global Res raised Advanced Micro Devices from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 10th. Finally, Jefferies Financial Group increased their price target on Advanced Micro Devices from $100.00 to $160.00 in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Advanced Micro Devices presently has an average rating of "Moderate Buy" and a consensus target price of $179.21.

Insider Activity at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,998 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the sale, the executive vice president directly owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul Darren Grasby sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $173.21, for a total value of $1,732,100.00. Following the sale, the executive vice president owned 125,505 shares in the company, valued at approximately $21,738,721.05. This represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.

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