Bank of America Corp DE Sells 2,489,248 Shares of Advanced Micro Devices, Inc. $AMD

Key Points

• Bank of America cut its AMD stake by 19.7% in the first quarter, selling 2.49 million shares and retaining 10.16 million shares valued at approximately $2.07 billion. Institutional investors collectively own 71.34% of AMD.
• AMD reported stronger-than-expected quarterly results, with earnings of $1.37 per share versus the $1.29 consensus and revenue of $10.25 billion, up 37.8% year over year.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $529.46, although AMD faces elevated-valuation, execution and competitive risks as investors await its next earnings report.

Bank of America Corp DE reduced its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 19.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,161,481 shares of the semiconductor manufacturer's stock after selling 2,489,248 shares during the period. Bank of America Corp DE owned 0.62% of Advanced Micro Devices worth $2,067,150,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Clal Insurance Enterprises Holdings Ltd raised its holdings in Advanced Micro Devices by 12.8% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 212 shares of the semiconductor manufacturer's stock worth $43,000 after acquiring an additional 24 shares in the last quarter. CLG LLC grew its stake in Advanced Micro Devices by 3.1% in the first quarter. CLG LLC now owns 1,008 shares of the semiconductor manufacturer's stock valued at $205,000 after purchasing an additional 30 shares in the last quarter. Columbia Bank grew its stake in Advanced Micro Devices by 0.7% in the first quarter. Columbia Bank now owns 5,188 shares of the semiconductor manufacturer's stock valued at $1,055,000 after purchasing an additional 34 shares in the last quarter. Evolution Wealth Management Inc. increased its position in shares of Advanced Micro Devices by 11.0% during the 1st quarter. Evolution Wealth Management Inc. now owns 352 shares of the semiconductor manufacturer's stock worth $72,000 after purchasing an additional 35 shares during the last quarter. Finally, Focused Wealth Management Inc increased its position in shares of Advanced Micro Devices by 2.7% during the 1st quarter. Focused Wealth Management Inc now owns 1,431 shares of the semiconductor manufacturer's stock worth $291,000 after purchasing an additional 37 shares during the last quarter. 71.34% of the stock is owned by institutional investors.

Advanced Micro Devices Trading Up 13.0%

Shares of NASDAQ:AMD opened at $485.39 on Friday. Advanced Micro Devices, Inc. has a 12-month low of $149.22 and a 12-month high of $584.73. The stock has a market cap of $791.48 billion, a PE ratio of 159.14 and a beta of 2.47. The business has a 50 day moving average of $515.25 and a 200-day moving average of $348.80. The company has a quick ratio of 1.96, a current ratio of 2.72 and a debt-to-equity ratio of 0.04.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last announced its earnings results on Tuesday, May 5th. The semiconductor manufacturer reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.08. The company had revenue of $10.25 billion for the quarter, compared to analyst estimates of $9.90 billion. Advanced Micro Devices had a return on equity of 9.55% and a net margin of 13.37%.The firm's quarterly revenue was up 37.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 earnings per share. As a group, equities research analysts forecast that Advanced Micro Devices, Inc. will post 6.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AMD shares. Mizuho increased their price objective on Advanced Micro Devices from $615.00 to $625.00 and gave the company an "outperform" rating in a report on Monday. Cantor Fitzgerald restated an "overweight" rating and set a $700.00 target price on shares of Advanced Micro Devices in a report on Friday, July 24th. Susquehanna increased their price target on shares of Advanced Micro Devices from $450.00 to $500.00 and gave the company a "positive" rating in a research note on Thursday. Truist Financial set a $478.00 price objective on shares of Advanced Micro Devices in a research report on Wednesday, May 6th. Finally, Melius Research set a $660.00 price objective on shares of Advanced Micro Devices in a research note on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $529.46.

Insider Transactions at Advanced Micro Devices

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 6,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $536.33, for a total transaction of $3,217,980.00. Following the transaction, the executive vice president owned 1,233,687 shares in the company, valued at $661,663,348.71. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nora Denzel sold 8,626 shares of Advanced Micro Devices stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $522.00, for a total value of $4,502,772.00. Following the sale, the director directly owned 87,173 shares of the company's stock, valued at $45,504,306. This represents a 9.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 310,310 shares of company stock worth $141,185,456. 0.50% of the stock is currently owned by company insiders.

Key Headlines Impacting Advanced Micro Devices

Here are the key news stories impacting Advanced Micro Devices this week:

• Positive Sentiment: AI data-center expansion: AMD’s agreement with Core Scientific provides more than 500 megawatts of U.S. data-center capacity beginning in 2027, with the potential to expand to 2.5 gigawatts. Bernstein estimates the arrangement could generate roughly $14 billion in revenue over 15 years, helping address the infrastructure bottleneck facing AI-chip deployments. Core Scientific's AMD Deal Could Generate $14 Billion Over 15 Years
• Positive Sentiment: More bullish analyst views: Susquehanna raised its AMD price target from $450 to $500 and maintained a positive rating, citing improving server-CPU prospects ahead of second-quarter earnings. Wedbush separately lifted its target to $600, pointing to Microsoft and Anthropic partnerships as potential catalysts for a data-center growth acceleration. Susquehanna Just Upped Its Price Target on AMD Stock
• Positive Sentiment: AI demand narrative remains intact: An Anthropic developer’s comments about the need for more powerful CPUs reinforced expectations that AI workloads will require broader computing infrastructure beyond GPUs. AMD’s server-CPU market share and AI accelerator ambitions support the longer-term growth case. AMD Stock Rallies as Anthropic Highlights the Need for More Powerful CPUs
• Neutral Sentiment: Upcoming earnings are the next major test: AMD is scheduled to report second-quarter results on August 4. Investors will look for evidence that data-center growth, AI-chip demand and forward guidance can support elevated earnings expectations.
• Negative Sentiment: Valuation and execution risks remain: Analysts caution that AMD’s high valuation depends on aggressive growth over the next two years. The stock’s recent pullback, competition from Nvidia and Chinese chipmakers, and the possibility that AI spending expectations are already priced in could limit further gains. The Growth That Has To Land For Advanced Micro Devices Stock to Make Sense

About Advanced Micro Devices

Advanced Micro Devices, Inc NASDAQ: AMD is a global semiconductor company that designs and sells microprocessors, graphics processors, chipsets and adaptive computing solutions for a broad set of markets. The company's product portfolio includes consumer and commercial CPUs under the Ryzen and Threadripper brands, data center processors under the EPYC brand, and Radeon graphics processing units for gaming and professional visualization. AMD also offers semi-custom system-on-chip (SoC) products for gaming consoles and other specialized applications, and provides supporting software and platform technologies for OEMs, cloud service providers and end users.

Founded in 1969, AMD has evolved from a supplier of logic chips into a diversified, fabless semiconductor designer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source