Intel (NASDAQ:INTC) Price Target Cut to $21.00 by Analysts at The Goldman Sachs Group

Intel (NASDAQ:INTC) had its target price decreased by stock analysts at The Goldman Sachs Group from $22.00 to $21.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “sell” rating on the chip maker’s stock. The Goldman Sachs Group’s target price points to a potential downside of 7.45% from the company’s current price.

Other analysts have also issued research reports about the company. Bank of America lowered Intel from a “neutral” rating to an “underperform” rating and cut their price target for the company from $35.00 to $23.00 in a report on Friday, August 2nd. Benchmark reiterated a “hold” rating on shares of Intel in a research note on Monday, September 23rd. Cantor Fitzgerald decreased their target price on shares of Intel from $40.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Argus lowered shares of Intel from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, New Street Research cut shares of Intel from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Intel has an average rating of “Hold” and an average price target of $31.92.

Intel Stock Performance

Shares of Intel stock traded up $0.38 during trading hours on Thursday, reaching $22.69. 22,655,113 shares of the stock traded hands, compared to its average volume of 58,821,609. The company has a 50 day moving average price of $21.30 and a 200 day moving average price of $28.33. Intel has a one year low of $18.51 and a one year high of $51.28. The company has a quick ratio of 1.24, a current ratio of 1.59 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $96.59 billion, a price-to-earnings ratio of 23.59 and a beta of 1.03.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). The business had revenue of $12.80 billion for the quarter, compared to analysts’ expectations of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.78%. The firm’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, equities research analysts expect that Intel will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Patrick P. Gelsinger purchased 12,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $20.16 per share, with a total value of $252,000.00. Following the purchase, the chief executive officer now owns 37,975 shares in the company, valued at approximately $765,576. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Intel

Institutional investors and hedge funds have recently modified their holdings of the business. America First Investment Advisors LLC purchased a new stake in Intel in the 2nd quarter valued at about $25,000. Tributary Capital Management LLC purchased a new stake in shares of Intel in the first quarter valued at approximately $27,000. Cyrus J. Lawrence LLC purchased a new stake in shares of Intel in the second quarter valued at approximately $27,000. Spartan Fund Management Inc. bought a new position in Intel in the second quarter worth approximately $31,000. Finally, Financial Connections Group Inc. purchased a new position in Intel during the 2nd quarter worth $32,000. 64.53% of the stock is owned by institutional investors.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.