Avnet (NASDAQ:AVT) Raised to Strong-Buy at Wall Street Zen

Avnet (NASDAQ:AVT) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages also recently commented on AVT. Weiss Ratings upgraded shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Truist Financial raised their target price on shares of Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, Wells Fargo & Company lifted their target price on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $93.25.

Avnet Price Performance

Shares of NASDAQ AVT opened at $90.03 on Friday. The firm’s 50-day moving average is $95.43 and its two-hundred day moving average is $87.55. The company has a market capitalization of $7.40 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 0.27 and a beta of 1.06. Avnet has a 12-month low of $44.25 and a 12-month high of $108.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.48. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The business had revenue of $8.30 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period last year, the company posted $0.81 EPS. The company’s revenue was up 47.7% on a year-over-year basis. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities analysts anticipate that Avnet will post 10.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the sale, the senior vice president directly owned 76,674 shares in the company, valued at $6,985,001.40. The trade was a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Philip R. 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 completion of the sale, the chief executive officer directly owned 168,923 shares of the company’s stock, valued at $16,632,158.58. The trade was a 23.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.00% of the company’s stock.

Institutional Trading of Avnet

Several large investors have recently added to or reduced their stakes in AVT. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Avnet during the 2nd quarter worth approximately $25,000. State of Wyoming purchased a new position in Avnet in the 2nd quarter valued at about $37,000. Summit Securities Group LLC boosted its holdings in Avnet by 32.1% in the first quarter. Summit Securities Group LLC now owns 765 shares of the company’s stock valued at $47,000 after purchasing an additional 186 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in Avnet by 38.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock worth $59,000 after acquiring an additional 185 shares in the last quarter. Finally, Rakuten Securities Inc. acquired a new position in Avnet during the 2nd quarter worth $71,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Company Profile

Avnet, Inc is a global technology distributor and solutions provider that connects electronic component manufacturers with customers ranging from original equipment manufacturers and contract manufacturers to design engineers and startups. The company distributes semiconductors, interconnect products, passive and electromechanical components, and embedded computing products used in industrial, automotive, communications, aerospace and defense, healthcare, and consumer applications.

In addition to component distribution, Avnet provides engineering and design support, embedded systems, product customization, supply chain management, logistics, and other services intended to help customers move products from concept and prototyping through production.