Avnet (NYSE:AVT) PT Lowered to $50.00 at Raymond James

Avnet (NYSE:AVT) had its price objective reduced by Raymond James from $52.00 to $50.00 in a report released on Friday morning, BenzingaRatingsTable reports. They currently have a strong-buy rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup set a $47.00 price target on Avnet and gave the company a hold rating in a research report on Friday, April 26th. Deutsche Bank assumed coverage on Avnet in a research report on Tuesday, June 11th. They set a hold rating and a $44.00 price target for the company. Finally, Zacks Investment Research raised Avnet from a sell rating to a hold rating in a research report on Tuesday, April 30th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average target price of $45.50.

Shares of NYSE:AVT opened at $40.72 on Friday. Avnet has a 52 week low of $33.55 and a 52 week high of $49.40. The firm has a fifty day simple moving average of $43.89.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.05). The firm had revenue of $4.68 billion during the quarter, compared to analyst estimates of $4.61 billion. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 earnings per share.

Hedge funds have recently bought and sold shares of the business. Wealthcare Advisory Partners LLC grew its position in Avnet by 1,687.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock valued at $32,000 after acquiring an additional 658 shares during the period. Advisory Services Network LLC grew its position in Avnet by 1,178.9% during the first quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock valued at $40,000 after acquiring an additional 837 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Avnet during the second quarter valued at about $74,000. Osborn Williams & Donohoe LLC purchased a new stake in Avnet during the first quarter valued at about $132,000. Finally, Smith Salley & Associates purchased a new stake in Avnet during the second quarter valued at about $204,000. 96.44% of the stock is owned by hedge funds and other institutional investors.

Avnet Company Profile

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

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Analyst Recommendations for Avnet (NYSE:AVT)

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