Pinnacle Associates Ltd. Sells 3,113 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Pinnacle Associates Ltd. reduced its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,447 shares of the semiconductor manufacturer’s stock after selling 3,113 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Advanced Micro Devices were worth $11,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ZRC Wealth Management LLC lifted its holdings in Advanced Micro Devices by 90.4% in the third quarter. ZRC Wealth Management LLC now owns 158 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 75 shares during the period. Morton Brown Family Wealth LLC increased its position in Advanced Micro Devices by 94.4% in the second quarter. Morton Brown Family Wealth LLC now owns 175 shares of the semiconductor manufacturer’s stock worth $27,000 after buying an additional 85 shares in the last quarter. Fairway Wealth LLC purchased a new stake in Advanced Micro Devices in the second quarter worth about $27,000. Semmax Financial Advisors Inc. increased its position in Advanced Micro Devices by 926.7% in the first quarter. Semmax Financial Advisors Inc. now owns 154 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 139 shares in the last quarter. Finally, Chelsea Counsel Co. purchased a new stake in Advanced Micro Devices in the first quarter worth about $34,000. 71.34% of the stock is owned by institutional investors.

Advanced Micro Devices Price Performance

Shares of AMD stock opened at $148.60 on Thursday. Advanced Micro Devices, Inc. has a 52-week low of $94.07 and a 52-week high of $227.30. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.01 and a current ratio of 2.82. The firm has a market capitalization of $240.18 billion, a P/E ratio of 218.53, a P/E/G ratio of 2.33 and a beta of 1.70. The stock has a 50 day moving average price of $155.17 and a 200 day moving average price of $156.03.

Advanced Micro Devices (NASDAQ:AMD) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.92. Advanced Micro Devices had a return on equity of 5.98% and a net margin of 5.82%. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same period last year, the company earned $0.53 EPS. Advanced Micro Devices’s quarterly revenue was up 17.6% compared to the same quarter last year. As a group, sell-side analysts predict that Advanced Micro Devices, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AMD. Citigroup reduced their price target on Advanced Micro Devices from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $180.00 target price on shares of Advanced Micro Devices in a research report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Advanced Micro Devices in a research report on Monday. Wedbush reiterated an “outperform” rating and set a $200.00 target price on shares of Advanced Micro Devices in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company increased their target price on Advanced Micro Devices from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Advanced Micro Devices Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.