Avnet (NASDAQ:AVT) PT Lowered to $48.00

Avnet (NASDAQ:AVT) had its target price lowered by stock analysts at Truist Financial from $49.00 to $48.00 in a report released on Thursday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential downside of 2.85% from the stock’s current price.

Separately, The Goldman Sachs Group decreased their target price on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Avnet has a consensus rating of “Hold” and a consensus price target of $45.00.

Avnet Stock Performance

Shares of AVT traded up $0.77 on Thursday, reaching $49.41. The company’s stock had a trading volume of 746,177 shares, compared to its average volume of 581,849. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. The stock has a market capitalization of $4.46 billion, a P/E ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. The stock’s 50 day simple moving average is $47.92 and its two-hundred day simple moving average is $47.40. Avnet has a 12-month low of $40.44 and a 12-month high of $51.65.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the business posted $2.00 EPS. Avnet’s revenue was down 13.2% on a year-over-year basis. Research analysts forecast that Avnet will post 5.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avnet

Several large investors have recently bought and sold shares of AVT. Rise Advisors LLC bought a new stake in Avnet in the first quarter worth $29,000. CWM LLC boosted its stake in Avnet by 330.2% during the third quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after buying an additional 492 shares during the period. Venturi Wealth Management LLC boosted its stake in Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after buying an additional 208 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Avnet during the fourth quarter worth $40,000. Finally, Hexagon Capital Partners LLC boosted its stake in Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after buying an additional 824 shares during the period. Institutional investors own 95.78% of the company’s stock.

About Avnet

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.