Advanced Micro Devices, Inc. (NASDAQ:AMD) announced the appointment of John W. Marren, 53, to its board of directors coinciding with Martin Edelman’s decision to step down as member of the company’s board of directors, a position he has held since 2013.
Marren’s 30-year career spans both the financial and technology industries, with a deep focus on semiconductors. He retired from Texas Pacific Group (TPG) Capital in 2015 after spending 16 years at the firm as senior partner and head of technology investments. Prior to TPG, he was managing director and co-head of the Technology Investment Banking Group at Morgan Stanley, and prior to that time was managing director at Alex, Brown and Sons. Before shifting his focus to finance, Marren spent seven years in various technical and business roles at VLSI Technology and Vitesse Semiconductor. He currently serves on a number of private company boards, including Avaya Inc., Infinidat, Inc., and Isola Group.
“John brings substantial board, financial, and technology industry experience as well as strong semiconductor knowledge that make him a valuable addition to AMD as the company enters an exciting growth phase driven by a strengthened and expanded portfolio of new products,” said John Caldwell, AMD’s chairman of the board. “On behalf of the AMD Board, I would also like to express our thanks to Marty for his four years of service as a director. We are grateful for his counsel and insight that has helped AMD transform and build a solid foundation for growth.”
Marren holds a Bachelor of Science degree in electrical engineering from the University of California at Santa Barbara. He is also a Trustee of the University of California, Santa Barbara and a member of the US Olympic and Paralympic Foundation Board. He previously served on the boards of MEMC Electronics Materials, On Semiconductor, Freescale Semiconductor, Sungard Data Systems, and Vertafore Software.
Shares of AMD are up nearly 2% to $13.40 in pre-market trading Tuesday. AMD has a 1-year high of $14.27 and a 1-year low of $1.93. The stock’s 50-day moving average is $11.61 and its 200-day moving average is $8.69.
On the ratings front, AMD has been the subject of a number of recent research reports. In a report issued on February 1, Bernstein Research analyst Stacy Rasgon reiterated a Hold rating on AMD, with a price target of $8.00, which reflects a potential downside of 39% from last closing price. On the same day, Citigroup’s Christopher Danely reiterated a Sell rating on the stock and has a price target of $4.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stacy Rasgon and Christopher Danely have a yearly average return of 3.5% and 2.8% respectively. Rasgon has a success rate of 55% and is ranked #1605 out of 4490 analysts, while Danely has a success rate of 67% and is ranked #1783.
Overall, 2 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 10 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $11.17 which is 14.9% under where the stock closed last Friday.
Advanced Micro Devices, Inc. is a global semiconductor company that develops computer processors and related technologies for business and consumer markets. It design and integrate technology for intelligent devices, including personal computers, game consoles and cloud servers. The company operates through the following segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. The Computing and Graphics segment includes desktop, notebook processors, chipsets, discrete GPUs and professional graphics. The Enterprise, Embedded and Semi-Custom segment includes server and embedded processors, dense servers, semi-custom SoC products, engineering services and royalties.