A notable occurrence unfolded on April 16, 2024, as Evercore ISI Group unveiled its coverage initiation of Advanced Micro Devices (NasdaqGS:AMD), advocating an Outperform stance. This strategic move by Evercore ISI Group reflects a promising outlook on the horizon for AMD.
Analyst Price Forecast Indicates Upward Trajectory
Markers from March 31, 2024, reveal a one-year average price target for Advanced Micro Devices at 194.57. Analysts’ forecasts span from a modest 60.60 to a lofty 283.50, with the average target signaling a notable 21.36% surge from the latest reported closing price of 160.32.
Take a look at the top companies poised for price target advancement in the current market landscape.
Forecasts predict a prospective annual revenue spike for Advanced Micro Devices to 28,980MM, representing a robust 27.78% increase. Furthermore, the anticipated annual non-GAAP EPS stands at an impressive 4.82.
Deciphering the Fund Sentiment
The recent quarter disclosed 3,615 funds or institutions reporting positions in Advanced Micro Devices, showcasing a notable uptick of 328 owners or 9.98%. The average portfolio weight allocated to AMD across all funds stands at 0.78%, marking a significant 16.88% rise. Institutional shares owned have surged by 3.87% in the last three months to reach 1,264,053K shares. The sentiment surrounding AMD’s put/call ratio, standing at 0.97, paints a bullish picture for the stock.
Insights into Shareholder Activity
Venture into holdings, and you’ll find Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) with 50,706K shares, marking a 3.14% stake in the company. An augmentation from the previous filing indicates a 0.81% rise, and an impressive 29.16% elevation in portfolio allocation towards AMD in the last quarter.
The Vanguard 500 Index Fund Investor Shares (VFINX) has 39,468K shares in possession, representing a 2.44% ownership of the company. Noteworthy is the 1.63% increase from the prior filing, amplifying the firm’s portfolio engagement with AMD by 28.74% over the quarter.
Jpmorgan Chase holds 35,980K shares, translating to a 2.23% ownership in AMD. The firm demonstrated a 0.47% uptick in ownership from the previous reporting period, boasting a 25.44% surge in portfolio allocation concerning AMD over the quarter.
Geode Capital Management possesses 31,777K shares, denoting a 1.97% stake in Advanced Micro Devices. Their ownership depicted a 2.12% increase, with a substantial 28.59% uplift in portfolio allocation towards AMD over the quarter.
Additionally, Invesco Qqq Trust, Series 1, manages 29,547K shares with a 1.83% ownership position in AMD. Their ownership hike of 6.51% from the previous filing indicates a 31.50% surge in portfolio allocation towards AMD over the quarter.
Deeper Dive into Advanced Micro Devices
With a legacy spanning over half a century, Advanced Micro Devices (AMD) stands as a driving force behind high-performance computing, graphics, and visualization technologies. These pillars underpin gaming, immersive platforms, and data center capabilities, catering to the needs of millions worldwide. Incorporating AMD technology into their daily operations enables consumers, Fortune 500 enterprises, and cutting-edge research establishments to enhance their lifestyle, business operations, and recreational experiences, underscoring AMD’s influence.
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