Advanced Micro Devices, Inc. (AMD) Expected to Post Quarterly Sales of $1.16 Billion
Analysts predict that Advanced Micro Devices, Inc. (NASDAQ:AMD) will post sales of $1.16 billion for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Advanced Micro Devices’ earnings. The highest sales estimate is $1.2 billion and the lowest is $1.15 billion. Advanced Micro Devices reported sales of $1.03 billion in the same quarter last year, which would suggest a positive year over year growth rate of 12.6%. The firm is expected to issue its next earnings report on Thursday, July 20th.
On average, analysts expect that Advanced Micro Devices will report full-year sales of $1.16 billion for the current financial year, with estimates ranging from $4.68 billion to $5.02 billion. For the next year, analysts expect that the firm will report sales of $5.34 billion per share, with estimates ranging from $5.05 billion to $6 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Advanced Micro Devices.
Advanced Micro Devices (NASDAQ:AMD) last released its quarterly earnings results on Monday, May 1st. The semiconductor manufacturer reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The firm had revenue of $984 million for the quarter, compared to analysts’ expectations of $984.40 million. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) earnings per share.
Several analysts have recently commented on AMD shares. Canaccord Genuity restated a “buy” rating and set a $17.00 price objective on shares of Advanced Micro Devices in a research report on Thursday, April 6th. Bank of America Corp restated a “buy” rating and set a $16.50 price objective on shares of Advanced Micro Devices in a research report on Friday, March 3rd. Vetr upgraded shares of Advanced Micro Devices from a “buy” rating to a “strong-buy” rating and set a $16.07 price objective on the stock in a research report on Thursday, February 23rd. Wells Fargo & Co restated an “outperform” rating and set a $14.00 price objective (up from $12.00) on shares of Advanced Micro Devices in a research report on Tuesday, May 2nd. Finally, Macquarie downgraded shares of Advanced Micro Devices from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $16.00 to $10.00 in a research report on Tuesday, May 2nd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.51.
Advanced Micro Devices (NASDAQ:AMD) traded up 0.18% on Friday, hitting $11.00. 31,907,640 shares of the stock were exchanged. The company has a 50-day moving average of $11.96 and a 200 day moving average of $11.63. Advanced Micro Devices has a 12 month low of $4.07 and a 12 month high of $15.55. The firm’s market cap is $10.40 billion.
In related news, CFO Devinder Kumar sold 100,634 shares of Advanced Micro Devices stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $10.85, for a total transaction of $1,091,878.90. Following the completion of the transaction, the chief financial officer now directly owns 704,311 shares of the company’s stock, valued at approximately $7,641,774.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP James Robert Anderson sold 20,000 shares of Advanced Micro Devices stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $10.86, for a total transaction of $217,200.00. Following the transaction, the senior vice president now directly owns 300,334 shares of the company’s stock, valued at $3,261,627.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,392,429 shares of company stock valued at $617,658,345. 1.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Monashee Investment Management LLC purchased a new position in Advanced Micro Devices during the third quarter worth approximately $9,536,000. Riverhead Capital Management LLC purchased a new position in Advanced Micro Devices during the third quarter worth approximately $138,000. Zweig DiMenna Associates LLC purchased a new position in Advanced Micro Devices during the third quarter worth approximately $7,532,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Advanced Micro Devices by 11.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,595 shares of the semiconductor manufacturer’s stock worth $177,000 after buying an additional 2,598 shares in the last quarter. Finally, Dynamic Capital Management Ltd boosted its position in Advanced Micro Devices by 738.8% in the third quarter. Dynamic Capital Management Ltd now owns 348,135 shares of the semiconductor manufacturer’s stock worth $2,406,000 after buying an additional 306,629 shares in the last quarter. 54.77% of the stock is owned by hedge funds and other institutional investors.
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About Advanced Micro Devices
Advanced Micro Devices, Inc is a global semiconductor company. The Company is engaged in offering x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs) and professional graphics, and server and embedded processors and semi-custom System-on-Chip (SoC) products and technology for game consoles.
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