Wedbush Comments on Advanced Micro Devices, Inc.’s Q2 2024 Earnings (NASDAQ:AMD)

Advanced Micro Devices, Inc. (NASDAQ:AMD) – Research analysts at Wedbush cut their Q2 2024 EPS estimates for shares of Advanced Micro Devices in a note issued to investors on Wednesday, May 1st. Wedbush analyst M. Bryson now forecasts that the semiconductor manufacturer will post earnings of $0.48 per share for the quarter, down from their previous forecast of $0.57. Wedbush currently has a “Outperform” rating and a $200.00 target price on the stock. The consensus estimate for Advanced Micro Devices’ current full-year earnings is $2.64 per share. Wedbush also issued estimates for Advanced Micro Devices’ Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $1.05 EPS, FY2024 earnings at $2.74 EPS, Q1 2025 earnings at $1.05 EPS, Q2 2025 earnings at $1.33 EPS, Q3 2025 earnings at $1.62 EPS and Q4 2025 earnings at $1.87 EPS.

Advanced Micro Devices (NASDAQ:AMD) last posted its earnings results on Tuesday, April 30th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. Advanced Micro Devices had a net margin of 4.89% and a return on equity of 5.72%. The business had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same quarter in the previous year, the business posted $0.43 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis.

A number of other equities analysts have also recently weighed in on AMD. JPMorgan Chase & Co. upped their price objective on shares of Advanced Micro Devices from $115.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 31st. HSBC raised shares of Advanced Micro Devices from a “hold” rating to a “buy” rating and upped their price objective for the company from $180.00 to $225.00 in a research report on Tuesday, April 16th. TD Cowen upped their price objective on shares of Advanced Micro Devices from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Citigroup decreased their price objective on shares of Advanced Micro Devices from $192.00 to $176.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Roth Mkm decreased their price objective on shares of Advanced Micro Devices from $190.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $184.24.

Advanced Micro Devices Stock Up 3.0 %

Shares of Advanced Micro Devices stock opened at $150.60 on Friday. The company has a fifty day moving average price of $175.93 and a 200 day moving average price of $151.50. The company has a current ratio of 2.64, a quick ratio of 1.86 and a debt-to-equity ratio of 0.03. Advanced Micro Devices has a twelve month low of $81.11 and a twelve month high of $227.30. The stock has a market cap of $243.39 billion, a price-to-earnings ratio of 221.47, a price-to-earnings-growth ratio of 2.19 and a beta of 1.66.

Institutional Investors Weigh In On Advanced Micro Devices

A number of institutional investors have recently modified their holdings of the stock. Richardson Financial Services Inc. acquired a new stake in shares of Advanced Micro Devices during the 1st quarter valued at $64,000. Signaturefd LLC boosted its stake in shares of Advanced Micro Devices by 9.3% during the 1st quarter. Signaturefd LLC now owns 29,643 shares of the semiconductor manufacturer’s stock valued at $5,350,000 after buying an additional 2,513 shares during the period. CV Advisors LLC boosted its stake in shares of Advanced Micro Devices by 817.3% during the 1st quarter. CV Advisors LLC now owns 15,245 shares of the semiconductor manufacturer’s stock valued at $2,752,000 after buying an additional 13,583 shares during the period. Catalina Capital Group LLC boosted its stake in shares of Advanced Micro Devices by 131.4% during the 1st quarter. Catalina Capital Group LLC now owns 6,690 shares of the semiconductor manufacturer’s stock valued at $1,207,000 after buying an additional 3,799 shares during the period. Finally, Avidian Wealth Solutions LLC boosted its stake in shares of Advanced Micro Devices by 43.5% during the 1st quarter. Avidian Wealth Solutions LLC now owns 5,068 shares of the semiconductor manufacturer’s stock valued at $915,000 after buying an additional 1,536 shares during the period. Institutional investors and hedge funds own 71.34% of the company’s stock.

Insiders Place Their Bets

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 16,200 shares of Advanced Micro Devices stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $164.25, for a total value of $2,660,850.00. Following the transaction, the executive vice president now owns 1,554,602 shares in the company, valued at $255,343,378.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 16,200 shares of Advanced Micro Devices stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $164.25, for a total transaction of $2,660,850.00. Following the transaction, the executive vice president now directly owns 1,554,602 shares in the company, valued at approximately $255,343,378.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Darla M. Smith sold 1,678 shares of Advanced Micro Devices stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $188.66, for a total transaction of $316,571.48. Following the transaction, the chief accounting officer now owns 4,209 shares in the company, valued at $794,069.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 181,850 shares of company stock worth $34,637,833. 0.73% of the stock is owned by insiders.

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.