Summit Global Investments Increases Stake in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Summit Global Investments has expanded its investment in Advanced Micro Devices, Inc. (NASDAQ:AMD) by 52.1% during the third quarter, as reported in their latest Form 13F filing with the Securities and Exchange Commission. As a result of this increase, the fund now holds 3,885 shares of the semiconductor company, which includes an additional 1,331 shares acquired during the quarter. The value of Summit Global Investments' holdings in AMD reached approximately $637,000, according to the most recent filing.

In addition to Summit Global, several other institutional investors have altered their positions in AMD. For instance, Presidio Capital Management LLC has initiated a new stake in the company worth around $225,000 during the same quarter. Similarly, Verity Asset Management Inc. increased its holdings by 1.9%, bringing its total to 20,520 shares valued at $3,367,000 after acquiring 386 additional shares. Meanwhile, Lewis Asset Management LLC raised its position by 6.9%, now owning 6,961 shares valued at $1,142,000 after a purchase of 452 shares. Sittner & Nelson LLC also expanded their stake by 13.8%, now owning 1,811 shares worth approximately $297,000 after acquiring 220 shares. Lastly, Valliance Asset Management Ltd bought a new stake for $4,922,000. Currently, institutional investors own 71.34% of AMD's stock.

Stock Performance of AMD

As of Friday, NASDAQ:AMD opened at $147.95. The company has a market capitalization of $240.09 billion and displays a price-to-earnings (P/E) ratio of 133.29 and a price/earnings to growth (PEG) ratio of 2.01. AMD's financial health is supported by a current ratio of 2.50, a quick ratio of 1.78, and a very low debt-to-equity ratio at 0.03. The stock has seen a 12-month low of $113.06 and a high of $227.30. The 50-day simple moving average stands at $154.44, with a 200-day average of $155.52.

Advanced Micro Devices recently reported its quarterly earnings results on October 29. The company announced earnings of $0.92 per share, matching the consensus estimate. AMD's return on equity was noted at 6.62%, and the net margin was 7.52%. The reported revenue was $6.82 billion, surpassing the consensus expectation of $6.71 billion, and reflecting a 17.6% increase compared to the same quarter last year. Analysts are now predicting that AMD will achieve earnings of $2.53 per share for the current year.

Insider Activity at AMD

In related news, CEO Lisa T. Su sold 80,000 shares on November 6, with an average price of $143.87, totaling approximately $11.51 million. Post-sale, Su's ownership in AMD comprises 3,566,762 shares valued at over $513 million. This sale represented no change in her overall ownership percentage. In another transaction, Executive Vice President Forrest Eugene Norrod sold 40,540 shares on November 5 at an average price of $141.67, resulting in a total of about $5.74 million. Following this sale, Norrod's ownership reduced slightly, totaling 293,347 shares valued at around $41.56 million. Insiders currently hold 0.73% of the company's stock.

Analyst Ratings and Future Projections

A variety of equity research analysts have provided insights on AMD's stock. Piper Sandler reaffirmed an "overweight" rating, lowering their price target from $200.00 to $180.00. Roth MKM maintained a "buy" rating with a price target of $200.00. Similarly, Bank of America issued a "buy" rating with a decreased price objective of $180.00. Barclays reduced their target from $180.00 to $170.00 while retaining an "overweight" stance. In contrast, Robert W. Baird lowered their price estimate from $200.00 to $175.00. Overall, the stock has a consensus rating of "Moderate Buy" with an average projected price of $192.79, according to MarketBeat.com. Among analysts, one has suggested a sell rating, three recommended holding the stock, twenty-eight rated it as a buy, and one issued a strong buy rating.

About Advanced Micro Devices

Advanced Micro Devices, Inc. operates as a global semiconductor company, known for its production of x86 microprocessors, graphics processing units (GPUs), and other technology products through its diverse segments, including Data Center, Client, Gaming, and Embedded. AMD offers accelerated processing units and semi-custom System-on-Chip (SoC) products as well as embedded processors and development services.

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