Granite Bay Wealth Management LLC Invests $7.54 Million in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Granite Bay Wealth Management LLC bought a new position in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 47,040 shares of the semiconductor manufacturer’s stock, valued at approximately $7,536,000. Advanced Micro Devices comprises approximately 0.3% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 27th biggest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of AMD. Tradewinds Capital Management LLC increased its position in shares of Advanced Micro Devices by 102.9% during the first quarter. Tradewinds Capital Management LLC now owns 140 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 71 shares during the last quarter. Morton Brown Family Wealth LLC increased its holdings 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 valued at $27,000 after buying an additional 85 shares during the last quarter. Fairway Wealth LLC bought a new stake in Advanced Micro Devices in the second quarter valued at about $27,000. Northwest Bank & Trust Co bought a new stake in Advanced Micro Devices in the fourth quarter valued at about $28,000. Finally, Semmax Financial Advisors Inc. increased its holdings 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 valued at $28,000 after buying an additional 139 shares during the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMD. Barclays lowered their price objective on Advanced Micro Devices from $235.00 to $180.00 and set an “overweight” rating for the company in a report on Monday, July 29th. Edward Jones began coverage on Advanced Micro Devices in a report on Tuesday, August 20th. They issued a “buy” rating for the company. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Advanced Micro Devices in a report on Wednesday, July 31st. Cantor Fitzgerald decreased their target price on Advanced Micro Devices from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Robert W. Baird decreased their target price on Advanced Micro Devices from $200.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $193.45.

Insider Buying and Selling

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 16,756 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $184.50, for a total value of $3,091,482.00. Following the transaction, the executive vice president now owns 1,546,227 shares of the company’s stock, valued at $285,278,881.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is owned by corporate insiders.

Advanced Micro Devices Price Performance

Shares of NASDAQ:AMD opened at $164.08 on Tuesday. Advanced Micro Devices, Inc. has a 12 month low of $93.11 and a 12 month high of $227.30. The stock has a market cap of $265.20 billion, a price-to-earnings ratio of 241.29, a PEG ratio of 2.14 and a beta of 1.69. The stock’s 50 day moving average price is $146.63 and its 200 day moving average price is $158.39. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.82 and a quick ratio of 2.01.

Advanced Micro Devices (NASDAQ:AMD) last announced its earnings results on Tuesday, July 30th. The semiconductor manufacturer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.68 by $0.01. Advanced Micro Devices had a return on equity of 5.98% and a net margin of 5.82%. The firm had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts anticipate that Advanced Micro Devices, Inc. will post 2.56 earnings per share for the current fiscal year.

About Advanced Micro Devices

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.