Advanced Micro Devices, Inc. $AMD Stock Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama grew its position in Advanced Micro Devices, Inc. (NASDAQ:AMD) by 64.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 678,654 shares of the semiconductor manufacturer’s stock after acquiring an additional 264,988 shares during the quarter. Advanced Micro Devices accounts for about 1.2% of Retirement Systems of Alabama’s holdings, making the stock its 14th largest position. Retirement Systems of Alabama’s holdings in Advanced Micro Devices were worth $415,173,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Advanced Micro Devices by 3.1% in the second quarter. BlackRock Inc. now owns 150,301,510 shares of the semiconductor manufacturer’s stock valued at $87,311,650,000 after purchasing an additional 4,535,126 shares in the last quarter. State Street Corp lifted its position in Advanced Micro Devices by 2.9% in the second quarter. State Street Corp now owns 76,920,783 shares of the semiconductor manufacturer’s stock worth $46,606,266,000 after purchasing an additional 2,149,563 shares during the period. Bank of America Corp DE acquired a new stake in Advanced Micro Devices during the second quarter worth $7,022,226,000. Jennison Associates LLC boosted its stake in Advanced Micro Devices by 5.8% during the second quarter. Jennison Associates LLC now owns 9,972,952 shares of the semiconductor manufacturer’s stock worth $5,793,388,000 after buying an additional 545,575 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Advanced Micro Devices by 33.9% in the 2nd quarter. Wellington Management Group LLP now owns 9,334,396 shares of the semiconductor manufacturer’s stock valued at $5,422,444,000 after buying an additional 2,365,419 shares during the period. Institutional investors and hedge funds own 71.34% of the company’s stock.

Insider Activity

In related news, EVP Forrest Norrod sold 17,262 shares of the firm’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $540.70, for a total transaction of $9,333,563.40. Following the completion of the sale, the executive vice president directly owned 353,317 shares of the company’s stock, valued at $191,038,501.90. This trade represents a 4.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lisa T. Su sold 70,000 shares of Advanced Micro Devices stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $506.80, for a total value of $35,476,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,032,156 shares of the company’s stock, valued at $1,536,696,660.80. This represents a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 230,957 shares of company stock worth $114,799,511 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Advanced Micro Devices Stock Up 13.3%

Shares of NASDAQ AMD opened at $508.58 on Tuesday. The stock has a market cap of $830.24 billion, a PE ratio of 110.56, a PEG ratio of 5.01 and a beta of 2.49. The business has a fifty day moving average of $547.67 and a two-hundred day moving average of $416.28. Advanced Micro Devices, Inc. has a 52-week low of $188.22 and a 52-week high of $658.52. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.91 and a current ratio of 2.72.

Advanced Micro Devices (NASDAQ:AMD) last issued its earnings results on Tuesday, November 3rd. The semiconductor manufacturer reported $2.09 EPS for the quarter, beating the consensus estimate of $1.95 by $0.14. Advanced Micro Devices had a net margin of 16.77% and a return on equity of 14.15%. The company had revenue of $13.38 billion for the quarter, compared to the consensus estimate of $13.10 billion. During the same quarter in the previous year, the company earned $1.20 EPS. The firm’s revenue for the quarter was up 44.7% compared to the same quarter last year. As a group, equities research analysts expect that Advanced Micro Devices, Inc. will post 6.59 earnings per share for the current fiscal year.

Advanced Micro Devices News Roundup

Here are the key news stories impacting Advanced Micro Devices this week:

• Positive Sentiment: Google Cloud is using AMD’s 5th Gen EPYC processors for host infrastructure supporting its TPU 8tx system. The deal expands AMD’s role in large-scale AI infrastructure, although it is a CPU infrastructure win rather than a selection of AMD’s AI accelerators. AMD announcement on Google Cloud
• Positive Sentiment: Oppenheimer upgraded AMD to Outperform and set a $600 price target, citing accelerating sales and forecasting 135% data-center revenue growth next year. The call helped bolster confidence in AMD’s AI growth outlook. CNBC report on Oppenheimer upgrade
• Positive Sentiment: Recent quarterly results provided additional support: revenue rose 45% year over year, with data-center revenue up 97%, and management expects revenue growth to accelerate. A broader technology-sector rally also helped lift sentiment. Quarterly results and outlook
• Neutral Sentiment: AMD also benefited as investors looked for alternatives amid pressure on Nvidia, though analysts noted that chipmakers could face increased scrutiny of sales practices. MarketWatch analysis
• Negative Sentiment: A reported Radeon GPU bug affecting SSD lifespan is a product concern, although it did not prevent the rally. Commentary also flagged elevated valuation and rising inventory as risks to sustaining gains. TipRanks report on Radeon GPU bug

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Zacks Research downgraded shares of Advanced Micro Devices from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 1st. Roth Capital lifted their target price on shares of Advanced Micro Devices from $500.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Sanford C. Bernstein reissued an “outperform” rating on shares of Advanced Micro Devices in a research note on Wednesday, November 4th. Truist Financial increased their price target on shares of Advanced Micro Devices from $594.00 to $605.00 and gave the stock a “buy” rating in a research report on Wednesday, November 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $700.00 price target on shares of Advanced Micro Devices in a research note on Wednesday, November 4th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Advanced Micro Devices presently has an average rating of “Moderate Buy” and a consensus target price of $642.47.

Advanced Micro Devices Company Profile

Advanced Micro Devices, Inc (AMD) is a semiconductor company that designs processors, graphics products and adaptive computing solutions. Its products serve data center, personal computing, gaming, embedded and other markets. AMD is a fabless chip designer, relying on third-party manufacturing partners to produce its semiconductors.

The company’s product portfolio includes EPYC server processors, Ryzen desktop and laptop processors, Radeon graphics products, Instinct accelerators for data center computing, and adaptive chips and systems used in embedded applications.