Avnet (NASDAQ:AVT) Stock Gets Price Target Bump from Truist Financial

Avnet (NASDAQ:AVT) had its price objective hoisted by analysts at Truist Financial from $110.00 to $125.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s target price suggests a potential upside of 57.67% from the stock’s previous close.

AVT has been the subject of several other reports. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Zacks Research downgraded Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Finally, Wells Fargo & Company upped their target price on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.25.

Avnet Price Performance

AVT stock traded up $2.65 during trading on Thursday, reaching $79.28. 1,722,682 shares of the company were exchanged, compared to its average volume of 1,260,999. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The stock’s 50 day moving average price is $94.24 and its 200 day moving average price is $81.57. Avnet has a 52-week low of $44.25 and a 52-week high of $108.63. The company has a market cap of $6.52 billion, a P/E ratio of 11.90, a PEG ratio of 0.26 and a beta of 1.11.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.86 by $0.77. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company had revenue of $10.72 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the company posted $0.84 earnings per share. The firm’s quarterly revenue was up 81.7% compared to the same quarter last year. As a group, analysts predict that Avnet will post 10.45 earnings per share for the current fiscal year.

Insider Activity at Avnet

In other Avnet news, CEO Philip Gallagher sold 51,900 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the sale, the chief executive officer owned 168,923 shares in the company, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the transaction, the senior vice president directly owned 76,674 shares of the company’s stock, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Avnet

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Avnet during the second quarter valued at $916,146,000. Dimensional Fund Advisors LP raised its stake in Avnet by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company’s stock valued at $362,655,000 after purchasing an additional 22,137 shares during the last quarter. Pzena Investment Management LLC acquired a new position in Avnet in the 2nd quarter valued at about $277,153,000. Bank of America Corp DE lifted its holdings in Avnet by 6.4% in the 1st quarter. Bank of America Corp DE now owns 1,166,847 shares of the company’s stock valued at $71,901,000 after purchasing an additional 70,345 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Avnet in the 2nd quarter valued at about $74,897,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet’s fiscal Q1 results reportedly beat expectations, with record sales, broad-based component demand and margin gains. Higher memory pricing and upbeat Q2 guidance also point to continued near-term momentum, though tighter supply and increased working-capital needs are considerations. Article: Avnet Q1 Earnings Beat Estimates on Record Sales & Strong Demand
• Positive Sentiment: Truist raised its price target to $125 from $110 and maintained a Buy rating, signaling confidence in Avnet’s potential. Article: Truist Financial price-target update
• Neutral Sentiment: Wells Fargo raised its target to $85 from $80 but kept an Underweight rating, reflecting a more cautious view despite the higher target. Article: Avnet Given New $85 Price Target at Wells Fargo
• Negative Sentiment: A shareholder revolt is targeting two directors after Avnet’s $550 million debt deal. The challenge could raise concerns about governance and the company’s financing decisions. Article: Avnet Shareholder Revolt Targets Two Directors After $550 Million Debt Deal

About Avnet

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.