Wells Fargo & Company Increases Avnet (NASDAQ:AVT) Price Target to $45.00

Avnet (NASDAQ:AVT) had its price target boosted by Wells Fargo & Company from $40.00 to $45.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 15.01% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus boosted their price target on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday. Truist Financial boosted their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat, Avnet currently has an average rating of “Hold” and a consensus price target of $48.50.

Avnet Price Performance

Shares of AVT stock traded down $0.42 during trading hours on Friday, hitting $52.95. The company had a trading volume of 568,047 shares, compared to its average volume of 604,008. Avnet has a 12 month low of $42.67 and a 12 month high of $55.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. The firm’s fifty day moving average is $52.48 and its 200 day moving average is $49.86. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 8.57 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business’s revenue was down 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.06 earnings per share. On average, sell-side analysts predict that Avnet will post 5.06 EPS for the current fiscal year.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total value of $1,612,200.00. Following the transaction, the chief executive officer now directly owns 139,709 shares in the company, valued at approximately $7,507,961.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Philip R. Gallagher sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at $7,507,961.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares in the company, valued at $2,186,587.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,000 shares of company stock worth $2,536,520. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Avnet

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in Avnet in the fourth quarter valued at approximately $928,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Avnet by 135.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 65,795 shares of the company’s stock worth $3,316,000 after acquiring an additional 37,815 shares in the last quarter. Crestwood Advisors Group LLC raised its position in shares of Avnet by 1.4% during the fourth quarter. Crestwood Advisors Group LLC now owns 19,971 shares of the company’s stock worth $1,007,000 after purchasing an additional 277 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Avnet in the fourth quarter valued at approximately $1,280,000. Finally, Lecap Asset Management Ltd. bought a new stake in shares of Avnet during the fourth quarter worth $477,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Company Profile

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