17 Capital Partners Increases Stake in Advanced Micro Devices by 26.5%

Investment firm 17 Capital Partners LLC has increased its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD) by an impressive 26.5% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the firm now owns a total of 4,797 shares of the semiconductor manufacturer, valued at approximately $681,000.

This acquisition of an additional 1,005 shares is part of a trend among institutional investors adjusting their positions in AMD. Other firms have also made significant moves. Notably, Brighton Jones LLC raised its stake in AMD by 178.2% in the fourth quarter, acquiring an additional 29,438 shares to reach a total of 45,956 shares, worth around $5.55 million. Meanwhile, Revolve Wealth Partners LLC increased its holdings by 2.9%, now owning 8,283 shares valued at $1 million.

In the first quarter, GW&K Investment Management LLC boosted its position by 23.4%, while Crestwood Advisors Group LLC raised its stake by 42.0%. The latter now holds 8,790 shares, valued at $903,000. Additionally, Obermeyer Wealth Partners entered a new position in AMD valued at approximately $217,000. Currently, institutional investors and hedge funds own about 71.34% of the company’s stock.

AMD’s Market Performance and Financial Results

Shares of AMD traded at $223.55 on a recent Thursday. The company’s 50-day moving average stands at $212.60, while its 200-day moving average is $166.99. AMD has maintained a low debt-to-equity ratio of 0.05 and a current ratio of 2.49, indicating strong liquidity. The company boasts a market capitalization of $363.95 billion and a price-to-earnings (P/E) ratio of 128.48.

In its most recent earnings report released on November 4, AMD reported earnings per share (EPS) of $1.20, surpassing analysts’ expectations of $1.17. The firm achieved revenues of $9.25 billion, exceeding the consensus estimate of $8.76 billion. Compared to the same quarter last year, AMD’s revenue increased by 35.6%, with last year’s EPS recorded at $0.92.

Insider Activity and Analyst Ratings

Recent insider trading activities include a significant sale by Ava Hahn, Senior Vice President, who sold 2,868 shares on October 6 for a total of $648,197. Following this transaction, she retains 9,033 shares valued at over $2 million. Additionally, Forrest Eugene Norrod, Executive Vice President, sold 17,200 shares on September 10, amounting to $2.77 million.

Over the past quarter, insiders have sold a total of 39,118 shares valued at approximately $7.56 million. Currently, insiders hold just 0.06% of AMD’s stock.

Several research analysts have recently issued ratings and price target updates for AMD. HSBC raised its price target from $185.00 to $310.00, assigning a “buy” rating. Stifel Nicolaus also increased its target from $240.00 to $280.00, while Rosenblatt Securities maintained a “buy” rating with a target of $300.00. The consensus among analysts is overwhelmingly positive, with three analysts rating AMD as a Strong Buy, twenty-eight as Buy, and eleven as Hold. The average price target currently stands at $273.49.

As AMD continues to grow its market presence, the adjustments made by institutional investors and the positive financial results indicate a robust trajectory for the company in the semiconductor industry.