Avnet (NASDAQ:AVT) Rating Lowered to Buy at Wall Street Zen

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

A number of other analysts have also issued reports on the stock. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Avnet from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. Wells Fargo & Company raised their price objective on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Finally, Truist Financial boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $93.25.

Avnet Price Performance

Avnet stock opened at $106.93 on Friday. 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. The business has a 50 day simple moving average of $93.76 and a 200-day simple moving average of $84.81. The stock has a market capitalization of $8.78 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 0.33 and a beta of 1.06.

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

Insider Activity at Avnet

In other news, CEO Philip Gallagher sold 51,900 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value 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 approximately $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the sale, the senior vice president directly owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Avnet

Several large investors have recently bought and sold shares of AVT. Foster & Motley Inc. bought a new position in shares of Avnet in the second quarter valued at $11,263,000. Edgestream Partners L.P. bought a new stake in shares of Avnet during the first quarter worth about $2,400,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Avnet in the 2nd quarter worth about $5,838,000. Meeder Asset Management Inc. acquired a new stake in shares of Avnet in the 2nd quarter worth about $2,978,000. Finally, Renaissance Technologies LLC lifted its position in Avnet by 420.3% in the 1st quarter. Renaissance Technologies LLC now owns 82,200 shares of the company’s stock valued at $5,065,000 after acquiring an additional 66,400 shares in the last quarter. 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.