Alta Advisers Ltd Buys 16,204 Shares of Intel Corporation $INTC

Key Points

• Alta Advisers increased its Intel stake by 89.4% in the third quarter, adding 16,204 shares to hold 34,328 shares valued at about $4.13 million.
• Analyst views are mixed: Intel has an average “Hold” rating and a $97.42 average price target, with several firms recently cutting ratings or targets.
• Intel beat quarterly EPS estimates and reported 20.9% year-over-year revenue growth, while CEO Lip-Bu Tan bought 150,000 shares; however, its fourth-quarter revenue outlook fell short of expectations and pressured the stock.

Alta Advisers Ltd raised its position in shares of Intel Corporation (NASDAQ:INTC - Free Report) by 89.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,328 shares of the chip maker's stock after acquiring an additional 16,204 shares during the quarter. Intel makes up approximately 0.6% of Alta Advisers Ltd's holdings, making the stock its 25th largest position. Alta Advisers Ltd's holdings in Intel were worth $4,127,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Intel by 1.2% in the 2nd quarter. State Street Corp now owns 216,849,675 shares of the chip maker's stock valued at $30,278,720,000 after purchasing an additional 2,528,657 shares during the period. Primecap Management Co. CA bought a new stake in shares of Intel during the 2nd quarter valued at $10,507,291,000. Bank of America Corp DE boosted its holdings in shares of Intel by 35.7% during the 2nd quarter. Bank of America Corp DE now owns 31,724,362 shares of the chip maker's stock valued at $4,429,673,000 after buying an additional 8,342,514 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Intel in the 2nd quarter worth about $4,096,110,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Intel by 87.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 30,214,769 shares of the chip maker's stock worth $3,632,722,000 after buying an additional 14,063,302 shares during the period. Hedge funds and other institutional investors own 64.53% of the company's stock.

Wall Street Analysts Forecast Growth

INTC has been the subject of several research reports. Roth Capital lowered shares of Intel from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $120.00 to $70.00 in a research note on Friday, October 30th. Weiss Ratings lowered shares of Intel from a "hold (c-)" rating to a "sell (d)" rating in a research note on Friday, October 23rd. UBS Group cut shares of Intel from a "buy" rating to a "hold" rating and set a $90.00 price objective on the stock. in a report on Friday, October 30th. Barclays raised shares of Intel from a "hold" rating to an "overweight" rating in a research note on Wednesday, September 16th. Finally, Truist Financial lowered their target price on shares of Intel from $108.00 to $72.00 and set a "hold" rating for the company in a report on Friday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twenty-eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Intel has an average rating of "Hold" and an average target price of $97.42.

Intel News Summary

Here are the key news stories impacting Intel this week:

• Positive Sentiment: CEO Lip-Bu Tan bought 150,000 shares for about $9.7 million, increasing his holdings by 11.4%. The purchase may signal confidence in Intel’s recovery, although the stock was below his purchase price afterward. Details on the CEO’s stock purchase
• Positive Sentiment: Intel is seeing brisk demand for server CPUs, with demand expected to exceed supply for the next couple of years. Its collaboration with Oracle could help sustain growth in its data-center business. Intel and Oracle collaboration
• Negative Sentiment: The main pressure was Intel’s fourth-quarter revenue forecast of $15 billion to $16 billion, which was below expectations. The outlook weighed on shares despite strong server demand, as investors assessed whether revenue growth can keep pace with expectations. Report on Intel’s fourth-quarter outlook
• Negative Sentiment: A wider semiconductor selloff added to the pressure. Investors worried that election outcomes and proposed policy changes could slow data-center construction, potentially putting a brake on AI-related infrastructure spending that supports chip demand. Analysis of political concerns and chip stocks

Insider Buying and Selling at Intel

In other news, CEO Lip Tan acquired 150,000 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The stock was bought at an average cost of $64.73 per share, for a total transaction of $9,709,500.00. Following the acquisition, the chief executive officer directly owned 1,464,669 shares in the company, valued at approximately $94,808,024.37. The trade was a 11.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.05% of the stock is owned by company insiders.

Intel Stock Down 10.3%

NASDAQ:INTC opened at $52.25 on Friday. The firm has a market cap of $277.71 billion, a P/E ratio of -21.68, a P/E/G ratio of 6.23 and a beta of 2.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.86 and a current ratio of 2.31. Intel Corporation has a fifty-two week low of $32.89 and a fifty-two week high of $142.35. The firm has a 50-day simple moving average of $98.66 and a two-hundred day simple moving average of $86.56.

Intel (NASDAQ:INTC - Get Free Report) last issued its earnings results on Thursday, October 29th. The chip maker reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.11. The business had revenue of $16.51 billion during the quarter, compared to analysts' expectations of $16.56 billion. Intel had a negative net margin of 20.09% and a positive return on equity of 4.70%. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. Analysts predict that Intel Corporation will post 1.04 earnings per share for the current fiscal year.

Intel Profile

Intel Corporation NASDAQ: INTC is a global semiconductor company that designs and manufactures computing and connectivity products. Its portfolio includes Intel Core processors for personal computers, Xeon processors for data centers and enterprise systems, and products for networking, edge computing, graphics, and artificial intelligence workloads.

Through Intel Foundry, the company also provides semiconductor manufacturing and technology-development services for external customers. Intel develops process technologies, advanced packaging, and other manufacturing capabilities intended to support its own products and third-party chip designs.

Founded in 1968 by Robert Noyce and Gordon Moore, Intel helped establish the modern microprocessor industry and has historically supplied processors for PCs, servers, and other computing systems.

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