Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC sold 1,798 shares of Advanced Micro Devices, Inc., reducing its position by 18.2%.
• Advanced Micro Devices reported $0.48 earnings per share for the quarter, missing analyst estimates by $0.06, while revenue increased 31.7% year-over-year.
• The company has initiated a $6.00 billion share buyback program, indicating that its board believes the stock is undervalued.

Sierra Summit Advisors LLC decreased its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,057 shares of the semiconductor manufacturer's stock after selling 1,798 shares during the quarter. Sierra Summit Advisors LLC's holdings in Advanced Micro Devices were worth $828,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AMD. Fiduciary Family Office LLC purchased a new position in Advanced Micro Devices during the 1st quarter worth $471,000. Frank Rimerman Advisors LLC raised its position in Advanced Micro Devices by 44.8% during the 1st quarter. Frank Rimerman Advisors LLC now owns 31,381 shares of the semiconductor manufacturer's stock worth $3,224,000 after buying an additional 9,703 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Advanced Micro Devices during the 1st quarter worth $72,846,000. Cynosure Group LLC raised its position in Advanced Micro Devices by 27.8% during the 1st quarter. Cynosure Group LLC now owns 3,634 shares of the semiconductor manufacturer's stock worth $373,000 after buying an additional 790 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in Advanced Micro Devices during the 1st quarter worth $365,000. Hedge funds and other institutional investors own 71.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Seaport Res Ptn upgraded shares of Advanced Micro Devices to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley lowered their price target on shares of Advanced Micro Devices from $185.00 to $168.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Erste Group Bank raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Benchmark upped their price target on shares of Advanced Micro Devices from $170.00 to $210.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Wedbush reaffirmed a "cautious" rating on shares of Advanced Micro Devices in a research note on Saturday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $178.56.

Insider Buying and Selling

In related news, EVP Mark D. Papermaster sold 17,998 shares of the firm's 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 transaction, the executive vice president owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company's stock.

Advanced Micro Devices Trading Up 0.2%

NASDAQ AMD traded up $0.36 during mid-day trading on Friday, hitting $172.76. The company's stock had a trading volume of 68,723,246 shares, compared to its average volume of 66,889,100. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $182.50. The stock's fifty day simple moving average is $144.55 and its two-hundred day simple moving average is $118.21. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.97. The firm has a market capitalization of $280.36 billion, a P/E ratio of 99.29, a price-to-earnings-growth ratio of 2.07 and a beta of 1.94.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted 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). Advanced Micro Devices had a net margin of 9.57% and a return on equity of 7.54%. The business had revenue of $7.69 billion during the quarter, compared to analysts' expectations of $7.41 billion. During the same quarter in the previous year, the business posted $0.69 EPS. The company's quarterly revenue was up 31.7% on a year-over-year basis. Research analysts expect that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

Advanced Micro Devices announced that its board has initiated a share repurchase plan on Wednesday, May 14th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership 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.