4. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 69
Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and manufactures a range of hardware components, some of which are essential for powering workplace computers. The company’s Ryzen Pro processors offer increased performance, responsiveness, scalability, and security and can be used for a simple document edit or much more complex computations. On May 5, 2022, the company announced its new Ryzen 5000 C-Series processors which will be powering next-gen Chromebooks. With lockdowns lifted and companies going back to physical operations, Advanced Micro Devices, Inc. (NASDAQ:AMD) is expected to skyrocket as the demand for its industry-leading chips soars.
This May, Advanced Micro Devices, Inc. (NASDAQ:AMD) reported earnings for the fiscal first quarter of 2022, in which it beat both EPS and revenue estimates. The company reported earnings per share of $1.13 and beat estimates by $0.20. Advanced Micro Devices, Inc. (NASDAQ:AMD) generated quarterly revenues of $5.89 billion, up 70.89% year over year, beating market consensus by $313.37 million. Moreover, Advanced Micro Devices, Inc. (NASDAQ:AMD) has returned 20.52% over the past twelve months as of May 6, making it one of the best return-to-office stocks to buy in 2022.
On April 25, 2022, Raymond James analyst Chris Caso upgraded Advanced Micro Devices, Inc. (NASDAQ:AMD) to Strong Buy from Outperform with a $160 price target on the shares. Caso views the company to be well-positioned to benefit from share gains in the data center market.
Hedge funds are betting big on Advanced Micro Devices, Inc. (NASDAQ:AMD). Insider Monkey identified 69 hedge funds long Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of the fourth quarter of 2021. The total stakes of these funds came in at $6.74 billion, up from $5.25 billion in the previous quarter with 65 positions.
Ken Fisher’s Fisher Asset Management was the top stakeholder in Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of last December. The fund’s stakes were valued at $2.87 billion, which represents 1.6% of Fisher Asset Management’s Q4 2021 investment portfolio.
Here is what Carillon Tower Advisers had to say about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth-quarter 2021 investor letter:
“Advanced Micro Devices (AMD) supplies semiconductor chips for central processing units (CPUs) and graphic processing units (GPUs). The firm has been gaining share against its primary competitor in the datacenter server CPU space, as this rival has been unable to match the design and manufacturing capabilities of AMD and its partners. Investors are also looking forward to the closing of the previously announced merger with a semiconductor manufacturer that is another one of the portfolio’s holdings. The merger will increase AMD’s capabilities in the Field Programmable Gate Array (FPGA) chip space, and the combined company should possess the potential to win additional market share in the datacenter chip market.”
