Forrest Eugene Norrod, Executive Vice President and General Manager of the Data Center Solutions Group (DSG) at Advanced Micro Devices Inc. (NASDAQ:AMD), sold common stock totaling approximately $8.68 million on September 15, 2026, according to a regulatory filing. The transactions involved the sale of 17,258 shares at prices ranging from $497.98 to $506.92 per share. These sales, along with a preceding exercise of stock options, were conducted under a pre-arranged Rule 10b5-1 trading plan adopted by Mr. Norrod on May 20, 2026. The timing proves fortuitous, as AMD shares have since surged to $552.90, delivering a 114% return over the past year. According to InvestingPro analysis, the stock currently trades above its Fair Value, placing it among the most overvalued semiconductor stocks.
Mr. Norrod disposed of 17,258 shares of AMD common stock across several trades on the reported date. The shares were sold at weighted average prices between $498.3 and $506.88. The total value of these sales amounted to $8,683,155.
Prior to the sales, Mr. Norrod acquired 7,261 shares of AMD common stock by exercising stock options at a price of $84.85 per share, totaling $616,095. These options were part of a grant that vests in thirds on August 9, 2021, 2022, and 2023.
Following these transactions, Mr. Norrod directly holds 363,317 shares of Advanced Micro Devices common stock.
In other recent news, Advanced Micro Devices (AMD) reported impressive third-quarter results with revenue reaching $13.38 billion, marking a 45% increase year-over-year and surpassing consensus estimates by $279 million. The company’s Data Center segment was a significant driver, showing a 97% year-over-year growth and a 27% sequential increase. Following these results, Oppenheimer upgraded AMD’s stock rating to Outperform, highlighting strong data center performance and AI chip sales, and set a price target of $600. Similarly, DA Davidson raised its price target for AMD to $600, maintaining a Buy rating, citing the robust data center growth. StoneX also reiterated a Buy rating with a $685 price target, emphasizing the strength in AMD’s data center operations.
HSBC increased its price target for AMD shares to $540, although it maintained a Hold rating, suggesting the potential upside did not justify a more bullish stance. TD Cowen reiterated a Buy rating with a $675 price target, noting AMD’s successful quarter despite broader industry concerns, particularly with the Helios product. These developments reflect a positive outlook from analysts on AMD’s performance, particularly in the data center sector.