Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by Horizon Investments LLC

Key Points

• Horizon Investments LLC has reduced its stake in Advanced Micro Devices, Inc. by 5.2%, selling 2,629 shares during the first quarter.
• Advanced Micro Devices reported earnings of $0.48 EPS for the last quarter, missing the consensus estimate by $0.06, while revenue increased by 31.7% year-over-year.
• The company's Board of Directors has authorized a $6 billion stock repurchase program, indicating confidence in the stock's undervaluation.

Horizon Investments LLC lessened its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,123 shares of the semiconductor manufacturer's stock after selling 2,629 shares during the period. Horizon Investments LLC's holdings in Advanced Micro Devices were worth $4,944,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Azimuth Capital Investment Management LLC raised its stake in shares of Advanced Micro Devices by 49.7% during the 1st quarter. Azimuth Capital Investment Management LLC now owns 80,249 shares of the semiconductor manufacturer's stock worth $8,245,000 after buying an additional 26,635 shares during the period. Seaview Investment Managers LLC raised its stake in shares of Advanced Micro Devices by 4.3% during the 1st quarter. Seaview Investment Managers LLC now owns 2,256 shares of the semiconductor manufacturer's stock worth $232,000 after buying an additional 93 shares during the period. Trivium Point Advisory LLC raised its stake in shares of Advanced Micro Devices by 7.3% during the 1st quarter. Trivium Point Advisory LLC now owns 3,059 shares of the semiconductor manufacturer's stock worth $314,000 after buying an additional 207 shares during the period. Sei Investments Co. raised its stake in shares of Advanced Micro Devices by 0.8% during the 1st quarter. Sei Investments Co. now owns 1,545,245 shares of the semiconductor manufacturer's stock worth $158,758,000 after buying an additional 12,652 shares during the period. Finally, Vestmark Advisory Solutions Inc. raised its stake in shares of Advanced Micro Devices by 18.2% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 29,054 shares of the semiconductor manufacturer's stock worth $2,985,000 after buying an additional 4,482 shares during the period. Hedge funds and other institutional investors own 71.34% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMD shares. The Goldman Sachs Group raised Advanced Micro Devices to a "hold" rating and set a $140.00 target price for the company in a research note on Thursday, July 10th. Wall Street Zen raised Advanced Micro Devices from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. DZ Bank raised Advanced Micro Devices from a "sell" rating to a "hold" rating and set a $165.00 price objective for the company in a research note on Thursday, August 7th. Roth Capital set a $150.00 price objective on Advanced Micro Devices and gave the company a "buy" rating in a research note on Friday, June 13th. Finally, Morgan Stanley reduced their price objective on Advanced Micro Devices from $185.00 to $168.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $180.12.

Insider Buying and Selling

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

Advanced Micro Devices Stock Down 1.9%

AMD stock traded down $3.44 during mid-day trading on Friday, reaching $177.51. The company had a trading volume of 51,411,840 shares, compared to its average volume of 70,300,688. 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 company has a market capitalization of $288.07 billion, a price-to-earnings ratio of 102.02, a price-to-earnings-growth ratio of 2.10 and a beta of 1.94. The firm has a fifty day simple moving average of $150.71 and a 200 day simple moving average of $120.28. Advanced Micro Devices, Inc. has a fifty-two week low of $76.48 and a fifty-two week high of $186.65.

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

Advanced Micro Devices declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

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.