Q3 2023 Earnings Forecast for Intel Co. Issued By Zacks Research (NASDAQ:INTC)

Intel Co. (NASDAQ:INTC – Get Rating) – Zacks Research upped their Q3 2023 EPS estimates for Intel in a research note issued on Wednesday, May 24th. Zacks Research analyst S. Bose now forecasts that the chip maker will post earnings per share of $0.07 for the quarter, up from their previous estimate of $0.03. The consensus estimate for Intel’s current full-year earnings is $0.41 per share. Zacks Research also issued estimates for Intel’s Q1 2024 earnings at $0.22 EPS and Q3 2024 earnings at $0.27 EPS.

Intel (NASDAQ:INTC – Get Rating) last announced its quarterly earnings data on Thursday, April 27th. The chip maker reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.12. The company had revenue of $11.72 billion for the quarter, compared to analyst estimates of $11.13 billion. Intel had a positive return on equity of 3.06% and a negative net margin of 5.06%. Intel’s revenue for the quarter was down 36.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 EPS.

Several other equities research analysts have also recently commented on the company. Citigroup lifted their target price on Intel from $25.50 to $32.00 and gave the company a “neutral” rating in a research note on Monday, April 17th. Truist Financial boosted their price objective on Intel from $29.00 to $32.00 in a report on Friday, April 28th. Robert W. Baird reduced their target price on shares of Intel from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, January 27th. Cowen dropped their price target on shares of Intel from $31.00 to $26.00 and set a “market perform” rating for the company in a research note on Friday, January 27th. Finally, Sanford C. Bernstein raised shares of Intel from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $20.00 to $30.00 in a research note on Monday, April 3rd. Eight equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Intel presently has an average rating of “Hold” and a consensus target price of $31.52.

Intel Trading Down 5.5 %

Shares of Intel stock opened at $27.40 on Friday. The firm has a 50 day simple moving average of $30.48 and a 200 day simple moving average of $28.96. Intel has a fifty-two week low of $24.59 and a fifty-two week high of $44.93. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.76 and a quick ratio of 1.29.

Insider Activity

In other news, CEO Patrick P. Gelsinger purchased 8,200 shares of the business’s stock in a transaction on Monday, May 1st. The stock was purchased at an average price of $30.41 per share, for a total transaction of $249,362.00. Following the completion of the purchase, the chief executive officer now directly owns 138,265 shares in the company, valued at approximately $4,204,638.65. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC boosted its holdings in shares of Intel by 100,953.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 51,133,863 shares of the chip maker’s stock worth $1,351,468,000 after buying an additional 51,083,262 shares during the period. Norges Bank acquired a new position in shares of Intel in the fourth quarter valued at approximately $1,092,939,000. Clearbridge Investments LLC increased its stake in shares of Intel by 4,407.3% during the first quarter. Clearbridge Investments LLC now owns 16,439,207 shares of the chip maker’s stock worth $814,727,000 after purchasing an additional 16,074,485 shares during the period. Morgan Stanley boosted its position in shares of Intel by 29.8% in the fourth quarter. Morgan Stanley now owns 53,342,230 shares of the chip maker’s stock valued at $1,409,835,000 after acquiring an additional 12,241,200 shares during the period. Finally, FIL Ltd boosted its holdings in Intel by 116.1% in the 1st quarter. FIL Ltd now owns 17,892,208 shares of the chip maker’s stock valued at $584,538,000 after purchasing an additional 9,614,072 shares during the period. 59.48% of the stock is currently owned by institutional investors.

About Intel

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Intel Corp. engages in the design, manufacture, and sale of computer products and technologies. It delivers computer, networking, data storage, and communications platforms. The firm operates through the following segments: Client Computing Group (CCG), Data Center and AI (DCAI), Network and Edge (NEX), Mobileye, Accelerated Computing Systems and Graphics (AXG), Intel Foundry Services (IFS), and All Other.