Intel (NASDAQ:INTC) Shares Up 3.4% Following Analyst Upgrade

Key Points

• Intel's shares rose 3.4% after Wedbush increased their price target from $19 to $20, while maintaining a neutral rating on the stock.
• The stock has a current consensus rating of "Reduce" and a target price of $29.26, with a significant number of analysts suggesting Hold ratings.
• Several institutional investors boosted their stakes in Intel, with Vanguard Group increasing its position by 2.3% during the second quarter, now owning over 385 million shares.

Shares of Intel Corporation (NASDAQ:INTC - Get Free Report) shot up 3.4% during trading on Thursday after Wedbush raised their price target on the stock from $19.00 to $20.00. Wedbush currently has a neutral rating on the stock. Intel traded as high as $38.40 and last traded at $38.16. 104,194,983 shares changed hands during trading, an increase of 1% from the average session volume of 103,073,961 shares. The stock had previously closed at $36.92.

INTC has been the subject of a number of other research reports. Needham & Company LLC restated a "hold" rating on shares of Intel in a research report on Friday, July 25th. KeyCorp restated a "sector weight" rating on shares of Intel in a research report on Monday. Morgan Stanley lifted their target price on shares of Intel from $23.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Monday. HSBC restated a "reduce" rating and set a $24.00 target price (up previously from $21.25) on shares of Intel in a research report on Tuesday, October 7th. Finally, TD Cowen lifted their target price on shares of Intel from $20.00 to $35.00 and gave the stock a "hold" rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $29.26.

Hedge Funds Weigh In On Intel

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Intel by 2.3% during the second quarter. Vanguard Group Inc. now owns 385,903,735 shares of the chip maker's stock worth $8,644,244,000 after purchasing an additional 8,513,298 shares during the last quarter. State Street Corp increased its position in Intel by 1.6% during the second quarter. State Street Corp now owns 203,617,629 shares of the chip maker's stock worth $4,561,035,000 after purchasing an additional 3,168,824 shares during the last quarter. Geode Capital Management LLC increased its position in Intel by 1.8% during the second quarter. Geode Capital Management LLC now owns 97,563,079 shares of the chip maker's stock worth $2,174,854,000 after purchasing an additional 1,760,773 shares during the last quarter. Primecap Management Co. CA increased its position in Intel by 4.3% during the second quarter. Primecap Management Co. CA now owns 80,298,180 shares of the chip maker's stock worth $1,798,679,000 after purchasing an additional 3,313,890 shares during the last quarter. Finally, Norges Bank acquired a new position in Intel during the second quarter worth approximately $1,579,378,000. Institutional investors and hedge funds own 64.53% of the company's stock.

Intel Stock Up 3.4%

The company has a debt-to-equity ratio of 0.42, a current ratio of 1.24 and a quick ratio of 0.92. The firm's 50-day moving average is $29.81 and its 200 day moving average is $24.06. The stock has a market cap of $167.03 billion, a price-to-earnings ratio of -8.00 and a beta of 1.33.

Intel (NASDAQ:INTC - Get Free Report) last issued its quarterly earnings results on Thursday, October 23rd. The chip maker reported $0.11 EPS for the quarter. Intel had a negative net margin of 38.64% and a negative return on equity of 3.78%. Sell-side analysts anticipate that Intel Corporation will post -0.11 earnings per share for the current fiscal year.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.

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