Avnet (NASDAQ:AVT) Downgraded by Zacks Research to “Hold”

Avnet (NASDAQ:AVT) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. Wells Fargo & Company lifted their target price on Avnet from $60.00 to $70.00 and gave the company an “underweight” rating in a report on Thursday, April 30th. Bank of America raised Avnet from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a report on Tuesday, June 16th. Finally, Truist Financial lifted their price objective on Avnet to $95.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.00.

Avnet Trading Down 1.7%

Shares of AVT stock opened at $87.28 on Tuesday. The firm has a market cap of $7.16 billion, a P/E ratio of 33.96, a PEG ratio of 0.40 and a beta of 1.09. Avnet has a 1-year low of $44.25 and a 1-year high of $95.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05. The firm’s 50-day simple moving average is $85.76 and its 200-day simple moving average is $68.42.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The firm had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the firm earned $0.84 earnings per share. Avnet’s revenue was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. As a group, equities analysts forecast that Avnet will post 5.12 EPS for the current year.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the sale, the chief executive officer owned 145,003 shares of the company’s stock, valued at $12,023,648.76. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by company insiders.

Institutional Trading of Avnet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Avnet during the 4th quarter valued at approximately $62,393,000. AQR Capital Management LLC grew its position in shares of Avnet by 30.7% during the fourth quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock worth $142,394,000 after buying an additional 695,929 shares in the last quarter. Jain Global LLC acquired a new position in Avnet during the 4th quarter worth $18,873,000. Loews Corp increased its position in shares of Avnet by 258.3% in the 4th quarter. Loews Corp now owns 430,000 shares of the company’s stock worth $20,674,000 after purchasing an additional 310,000 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Avnet by 75.3% in the 4th quarter. Millennium Management LLC now owns 654,695 shares of the company’s stock valued at $31,478,000 after purchasing an additional 281,273 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.