Avnet (NASDAQ:AVT) Price Target Raised to $45.00

Avnet (NASDAQ:AVTGet Rating) had its price objective boosted by investment analysts at Wells Fargo & Company from $40.00 to $45.00 in a research report issued on Tuesday, The Fly reports. Wells Fargo & Company‘s target price suggests a potential downside of 8.09% from the stock’s current price.

Several other equities research analysts also recently issued reports on AVT. Truist Financial lowered their price objective on shares of Avnet from $45.00 to $41.00 and set a “hold” rating on the stock in a research note on Friday, April 8th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating and set a $42.00 target price on the stock. in a report on Tuesday, April 5th. Finally, Citigroup lifted their price target on Avnet from $45.00 to $50.00 in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $46.33.

Avnet stock opened at $48.96 on Tuesday. The stock’s 50 day moving average price is $43.27 and its 200 day moving average price is $41.49. The firm has a market capitalization of $4.78 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 0.19 and a beta of 1.27. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.12 and a current ratio of 2.02. Avnet has a one year low of $35.71 and a one year high of $50.19.

Avnet (NASDAQ:AVTGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.63. Avnet had a net margin of 2.29% and a return on equity of 14.40%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. Avnet’s quarterly revenue was up 32.0% on a year-over-year basis. On average, analysts forecast that Avnet will post 6.83 earnings per share for the current fiscal year.

In other news, Director William H. Schumann sold 3,856 shares of the business’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $45.20, for a total transaction of $174,291.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.

Large investors have recently modified their holdings of the company. Verition Fund Management LLC increased its position in Avnet by 49.8% during the first quarter. Verition Fund Management LLC now owns 16,425 shares of the company’s stock worth $667,000 after purchasing an additional 5,462 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in Avnet in the first quarter valued at $165,000. Jane Street Group LLC raised its holdings in Avnet by 3.9% in the first quarter. Jane Street Group LLC now owns 8,498 shares of the company’s stock valued at $345,000 after acquiring an additional 317 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Avnet during the first quarter worth $38,000. Finally, Delphia USA Inc. raised its holdings in shares of Avnet by 35.3% during the first quarter. Delphia USA Inc. now owns 8,193 shares of the company’s stock worth $333,000 after purchasing an additional 2,137 shares during the period. 96.44% of the stock is currently owned by institutional investors and hedge funds.

Avnet Company Profile (Get Rating)

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

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