Avnet (AVT) : Traders are bullish on Avnet (AVT) as it has outperformed the S&P 500 by a wide margin of 1.92% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 2.23%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.29% in the last 1 week, and is up 2.97% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 2.05% and the 50-Day Moving Average is 1.57%. Avnet (NYSE:AVT): stock turned positive on Friday. Though the stock opened at $41.3, the bulls momentum made the stock top out at $41.99 level for the day. The stock recorded a low of $41.3 and closed the trading day at $41.6, in the green by 0.73%. The total traded volume for the day was 907,615. The stock had closed at $41.3 in the previous days trading.
The company Insiders own 1.13% of Avnet shares according to the proxy statements. Institutional Investors own 93.89% of Avnet shares. Also, Citigroup maintains its rating on Avnet (NYSE:AVT). The global brokerage major raises the current price target from $31 per share to $37 per share. Analysts at the Citigroup have a current rating of Sell on the shares. 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.