Avnet $AVT stock continues to trend higher in the wake of a strategic collaboration with Amazon.
On June 21, 2022, through a new global strategic collaboration agreement, Avnet (Nasdaq: AVT) and Amazon Web Services (AWS) are focused on helping Original Equipment Manufacturers (OEMs) of IoT solutions accelerate their time to market. This multi-year, joint investment will enable Avnet’s IoTConnect Platform to deliver the breadth and depth of AWS’ portfolio of services—creating a scalable, secure platform that preconfigures AWS’ services for application-specific usage.
Avnet’s IoTConnect Platform helps OEMs that are designing connected solutions overcome the pressures of time to market, scalability, reliability, and security. Many OEMs today are lean organizations that need to continue to invest in the resources that provide differentiated value and deliver the expertise to their market. Adding cloud-connected experiences to their product offerings often strains these organizations because IoT requires additional software, security, and cloud management skillsets. Access to pre-integrated and abstracted capabilities that they can quickly assemble and deploy can significantly accelerate their efforts and reduce overhead.
This strategic collaboration provides Avnet’s IoTConnect Platform access to AWS’s portfolio of services, including IoT, machine learning, analytics, and compute services. Avnet customers will soon have access to an aggregated IoT development experience across AWS services, including AWS IoT Core, AWS IoT Greengrass, FreeRTOS, AWS IoT Analytics, and AWS IoT SiteWise. The collaboration between Avnet and AWS will benefit OEMs by providing: (a) Device provisioning, configuration, and lifecycle management, (b) Multi-layer security, (c) Multi-protocol connectivity, (d) Integration of 3rd party services, API gateway, SDKs, (e) Business Intelligence (BI) with data monitoring, analytics, and notifications, (f) Pre-built business applications. This allows OEMs to focus on developing features and applications that genuinely elevate their connected products and accelerate time to market.
Powered by AWS, Avnet’s IoTConnect Platform will provide advanced capabilities such as pre-integrated edge-to-cloud hardware designs and entire lifecycle secure device and identity management. It will also offer OEMs seamlessly scalable full-stack solutions, including hardware-agnostic edge designs and tailored business applications and analytics. These capabilities will be delivered through a single aggregated experience via Avnet’s IoTConnect Platform, enabling OEMs, systems integrators, and software developers to secure, monetize and support end-customer solutions.
“Today, Avnet lives at the intersection of connected technology by regularly working with leading hardware manufacturers and building our expertise at the edge and cloud. With our help, OEMs don’t have to go it alone to deliver simple, fast, and secure IoT implementations,” said Lou Lutostanski, Vice President of IoT, Avnet. “Our collaboration with AWS will help OEMs design, build, deploy and manage cloud-connected devices, applications, and solutions at scale.”
Avnet has had impressive sales growth over the last five years.
Avnet presented excellent Q3 2022 earnings, with an EPS of $2.15 beating by $0.61 and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $6.49B beating by $779.68M, a year-over-year jump of 31.96%.
On Avnet’s last earnings call, the CEO said, “Overall, we continue to forecast favorable demand conditions to hold throughout the second half of this calendar year…Robust demand was again widespread across our end markets. We continue to see strength in the Automotive, Transportation, and Industrial segments. And we expect the Aerospace and Defense segments to remain elevated over the coming quarters.”
Avnet $AVT Chart
The chart of AVT shows a nice consolidation pattern with a clearly defined stop-loss just below support at $40.