Wells Fargo & Company Lowers Avnet (NASDAQ:AVT) Price Target to $43.00

Avnet (NASDAQ:AVT) had its price target dropped by investment analysts at Wells Fargo & Company from $45.00 to $43.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 13.52% from the company’s current price.

A number of other research analysts have also recently commented on the company. Truist Financial lowered their price target on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday. Bank of America downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Trading Up 1.8 %

Avnet stock opened at $49.72 on Thursday. Avnet has a 12-month low of $39.22 and a 12-month high of $59.24. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 1.13 and a beta of 1.04. The firm has a 50 day moving average of $47.81 and a 200 day moving average of $51.37. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the business posted $1.10 EPS. Avnet’s revenue for the quarter was down 6.0% compared to the same quarter last year. As a group, research analysts predict that Avnet will post 3.41 earnings per share for the current year.

Institutional Investors Weigh In On Avnet

A number of hedge funds have recently bought and sold shares of AVT. Hexagon Capital Partners LLC grew its stake in shares of Avnet by 12.9% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company’s stock worth $88,000 after buying an additional 208 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after acquiring an additional 211 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock valued at $39,000 after acquiring an additional 246 shares during the last quarter. World Investment Advisors grew its position in Avnet by 3.7% in the fourth quarter. World Investment Advisors now owns 7,223 shares of the company’s stock worth $378,000 after acquiring an additional 255 shares in the last quarter. Finally, Highland Capital Management LLC increased its stake in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after acquiring an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

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.