Zacks Research Downgrades Avnet (NASDAQ:AVT) to Hold

Avnet (NASDAQ:AVT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also issued reports on the company. Wells Fargo & Company upped their target price on Avnet from $60.00 to $70.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. Wall Street Zen lowered Avnet from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 10th. Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Truist Financial lifted their target price on shares of Avnet to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avnet has a consensus rating of “Hold” and an average target price of $89.00.

Avnet Price Performance

Shares of AVT opened at $87.28 on Tuesday. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.09. Avnet has a twelve month low of $44.25 and a twelve month high of $95.26. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The company has a 50 day moving average of $85.76 and a two-hundred day moving average of $68.42.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The business had revenue of $7.12 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. As a group, analysts predict that Avnet will post 5.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the sale, the chief executive officer owned 145,003 shares in the company, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Avnet

Institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new position in shares of Avnet in the 4th quarter valued at $28,000. BOKF NA grew its position in Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company’s stock valued at $31,000 after buying an additional 536 shares during the period. MAI Capital Management increased its holdings in Avnet by 53.7% in the third quarter. MAI Capital Management now owns 673 shares of the company’s stock valued at $35,000 after buying an additional 235 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Avnet by 53.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company’s stock valued at $35,000 after buying an additional 258 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in Avnet by 199.1% in the third quarter. Allworth Financial LP now owns 700 shares of the company’s stock valued at $37,000 after buying an additional 466 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.