Avnet (NASDAQ:AVT) PT Raised to $45.00 at Wells Fargo & Company

Avnet (NASDAQ:AVT) had its price objective increased by equities researchers at Wells Fargo & Company from $40.00 to $45.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 15.01% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus upped their price target on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a report on Friday. Truist Financial raised their price target on shares of Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.50.

Avnet Stock Down 0.8 %

Avnet stock traded down $0.42 during mid-day trading on Friday, hitting $52.95. The company had a trading volume of 568,047 shares, compared to its average volume of 604,008. The business has a fifty day moving average of $52.45 and a 200 day moving average of $49.91. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48. Avnet has a 1 year low of $42.67 and a 1 year high of $55.46. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of 8.57 and a beta of 1.16.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.27. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The company’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period last year, the company earned $2.06 earnings per share. On average, sell-side analysts expect that Avnet will post 5.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Philip R. Gallagher sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the completion of the sale, the chief executive officer now owns 139,709 shares in the company, valued at approximately $7,507,961.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Avnet news, CEO Philip R. Gallagher sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now directly owns 139,709 shares in the company, valued at approximately $7,507,961.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carlo Bozotti sold 9,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares of the company’s stock, valued at $629,843.20. The disclosure for this sale can be found here. Insiders sold a total of 47,000 shares of company stock worth $2,536,520 over the last ninety days. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avnet

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after purchasing an additional 157,709 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of Avnet by 9.8% during the 1st quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company’s stock worth $10,417,000 after acquiring an additional 18,700 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Avnet by 4.0% during the 4th quarter. Allianz Asset Management GmbH now owns 1,083,424 shares of the company’s stock valued at $54,605,000 after acquiring an additional 41,951 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Avnet by 316.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock valued at $2,349,000 after acquiring an additional 34,675 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Avnet by 21.2% in the 1st quarter. Acadian Asset Management LLC now owns 170,937 shares of the company’s stock worth $8,474,000 after purchasing an additional 29,884 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.