Avnet (AVT) has risen sharply, recording gains of 1.64% in the past 4 weeks. However, the stock has corrected -0.24% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 1.25% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Avnet, Inc. is up 6.17% in the last 3-month period. Year-to-Date the stock performance stands at -2.33%. The stock has recorded a 20-day Moving Average of 1.26% and the 50-Day Moving Average is 1.39%.
Avnet (NYSE:AVT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $41.13 and $41.02 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $41.55. The buying momentum continued till the end and the stock did not give up its gains. It closed at $41.50, notching a gain of 0.53% for the day. The total traded volume was 877,655 . The stock had closed at $41.28 on the previous day.
Also, Equity analysts at the Brokerage firm Citigroup maintains its rating on Avnet (NYSE:AVT). The rating major has initiated the coverage with sell rating on the shares. The Analysts at Citigroup raises the price target from $31 per share to $37 per share. The rating by the firm was issued on August 11, 2016.
Avnet, Inc. distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices, and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems, software, storage, services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives, microprocessor, motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.