Intel (INTC) Shares Gap Down Following Analyst Downgrade

Intel Co. (NASDAQ:INTC) gapped down before the market opened on Monday after ValuEngine downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $53.83, but opened at $52.50. Intel shares last traded at $50.71, with a volume of 45326168 shares trading hands.

Several other brokerages have also commented on INTC. BidaskClub upgraded Intel from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 9th. Barclays upped their target price on Intel from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, April 27th. Wells Fargo & Co reiterated a “buy” rating and issued a $65.00 price target on shares of Intel in a report on Thursday, June 21st. Morgan Stanley increased their price target on Intel from $43.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday, April 27th. Finally, Zacks Investment Research lowered Intel from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 28th. Four equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $55.35.

In other news, CEO Brian M. Krzanich sold 3,072 shares of Intel stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $52.78, for a total value of $162,140.16. Following the completion of the transaction, the chief executive officer now directly owns 259,683 shares in the company, valued at $13,706,068.74. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Navin Shenoy sold 1,010 shares of Intel stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $52.80, for a total value of $53,328.00. Following the completion of the transaction, the executive vice president now owns 32,920 shares of the company’s stock, valued at $1,738,176. The disclosure for this sale can be found here. Insiders sold 13,192 shares of company stock valued at $693,559 over the last three months. Company insiders own 0.03% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goodman Financial Corp bought a new stake in Intel during the fourth quarter valued at $102,000. Virtue Capital Management LLC bought a new stake in Intel during the fourth quarter valued at $109,000. Elmwood Wealth Management Inc. bought a new stake in Intel during the first quarter valued at $110,000. Financial Gravity Wealth Inc. bought a new stake in Intel during the first quarter valued at $120,000. Finally, Delphi Private Advisors LLC boosted its stake in Intel by 286.1% during the fourth quarter. Delphi Private Advisors LLC now owns 2,911 shares of the chip maker’s stock valued at $134,000 after buying an additional 2,157 shares during the period. Institutional investors own 66.89% of the company’s stock.

The company has a market cap of $245.61 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.56 and a beta of 0.95. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.35.

Intel (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, April 26th. The chip maker reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.15. Intel had a return on equity of 25.41% and a net margin of 17.32%. The firm had revenue of $16.10 billion during the quarter, compared to analyst estimates of $15.08 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year. equities analysts anticipate that Intel Co. will post 3.99 earnings per share for the current fiscal year.

About Intel

Intel Corporation designs, manufactures, and sells computer, networking, data storage, and communication platforms worldwide. The company operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments.

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