As of May 26, 2023, Intel (NASDAQ: INTC) has recently released its quarterly earnings data for the period ending on April 27th. The chip maker reported an earnings per share of ($0.04), which exceeded the consensus estimate of ($0.16) by a notable $0.12. In terms of revenue, the company displayed a positive trend and posted $11.72 billion for the quarter – surpassing analyst estimates of $11.13 billion.
Despite this accomplishment, Intel’s revenue for Q1 was down by 36.2% from the same quarter last year when it earned $0.87 EPS. Yet several hedge funds and institutional investors have shown optimism in Intel’s performance as they consistently increase their shares in the company over time.
Moneta Group Investment Advisors LLC initially boosted its holdings to an unprecedented degree in early 2023 and now owns an extensive amount of stocks worth approximately $1,351,468,000, representing a significant investment on their part in Intel’s success. With Norges Bank acquiring a new position shortly after Moneta Group Investment Advisor LLC reached out to them, it is clear that there is widespread faith among investors regarding Intel’s potential for growth.
Clearbridge Investments LLC also increased its stake tremendously in Q1, bringing their total shares up to 16,439,207 valued at an impressive worth of $814,727,000 – another indicator of how investors currently perceive the future prospects for this technology giant.
Morgan Stanley and FIL Ltd increased both its positions during preceding quarters as well, with Morgan Stanley now owning more than fifty-three million shares while FIL Ltd finished strong during Q1 possessing just under eighteen million stocks worth nearly five hundred eighty-five million dollars at present calculations.
The unpredictability associated with investing often makes these moves difficult to interpret or understand alongside business performance trends like profit margins or net income figures; however it can provide beneficial insight into investor sentiment surrounding a company’s future. As of the opening bell, shares of Intel stock traded at $27.40 per share on Friday with investors eager to see how the next quarter pans out for this technology and chip-making giant.
Zacks Research Increases EPS Estimates for Intel Co.
On May 24th, 2023, Zacks Research released a research note on tech giant Intel Co.’s (NASDAQ: INTC) third-quarter earnings, increasing their EPS estimates for the quarter. Analyst S. Bose predicts that Intel’s earnings per share will rise to $0.07, up from their previous estimate of $0.03. It’s important to note that Zacks Research also released estimates for Q1 2024 earnings at $0.22 and Q3 2024 earnings at $0.27.
Citigroup and Truist Financial are among several other equities research analysts who have recently commented on the company, with Citigroup raising its target price from $25.50 to $32.00 while giving the company a “neutral” rating in April this year.
Moreover, in January this year, Robert W. Baird reduced its target price on shares of Intel from $34.00 to $32.00 and set a “neutral” rating on the stock while Cowen dropped its price target on shares of Intel from $31.00 to $26.00 and assigned the company the “market perform” rating.
Sanford C Bernstein also raised Intel’s shares from an “underperform” rating to a “market perform” rating while raising their price objective for the company from $20.00 to $30.00 back in April this year.
All these ratings lead to Bloomberg.com reporting that Intel presently has an average rating of “Hold,” with a consensus target price of $31.52 at present.
In other news, CEO Patrick P Gelsinger invested over ₹2 crore ($249,362) by buying nearly 8,200 shares of the business’s stock at an average price of ₹2,441 ($30.41) per share in May this year alone.
Financial experts believe that these investments show Patrick P Gelsinger’s confidence in the company despite the mixed ratings from other analysts.
Lastly, it’s important to note that insiders own 0.04% of Intel’s stock as of now.
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