Avnet (NASDAQ:AVT) Stock Rating Lowered by Zacks Research

Avnet (NASDAQ:AVT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

A number of other research analysts also recently weighed in on AVT. Wells Fargo & Company raised their price target on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Weiss Ratings raised shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. Truist Financial increased their target price on shares of Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.25.

Avnet Price Performance

Shares of AVT opened at $91.06 on Monday. The firm has a market cap of $7.49 billion, a PE ratio of 22.82, a PEG ratio of 0.28 and a beta of 1.06. The firm’s 50 day moving average price is $95.22 and its 200 day moving average price is $87.96. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. Avnet has a twelve month low of $44.25 and a twelve month high of $108.63.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.48. The firm had revenue of $8.30 billion during the quarter, compared to analysts’ expectations of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company’s revenue was up 47.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, research analysts expect that Avnet will post 10.45 EPS for the current fiscal year.

Insider Activity at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the sale, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. The trade was a 29.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Philip R. Gallagher sold 51,900 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the sale, the chief executive officer directly owned 168,923 shares of the company’s stock, valued at $16,632,158.58. The trade was a 23.50% decrease in their position. The SEC filing for this sale provides additional information. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avnet

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Avnet during the 2nd quarter worth $916,146,000. Dimensional Fund Advisors LP grew its stake in Avnet by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company’s stock valued at $362,655,000 after buying an additional 22,137 shares during the last quarter. Pzena Investment Management LLC acquired a new position in Avnet in the 2nd quarter valued at $277,153,000. Bank of America Corp DE grew its stake in Avnet by 6.4% in the 1st quarter. Bank of America Corp DE now owns 1,166,847 shares of the company’s stock valued at $71,901,000 after buying an additional 70,345 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Avnet in the 2nd quarter valued at $74,897,000. Institutional investors own 95.78% of the company’s stock.

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.