Analog Devices (NASDAQ:ADI) Price Target Raised to $240.00

Analog Devices (NASDAQ:ADI) had its price target raised by stock analysts at Wells Fargo & Company from $220.00 to $240.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 2.39% from the stock’s current price.

Other analysts have also issued reports about the stock. UBS Group boosted their target price on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial lifted their target price on Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research note on Friday, January 10th. Morgan Stanley upped their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday. Barclays reduced their price objective on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.19.

Analog Devices Price Performance

ADI opened at $245.89 on Thursday. The firm has a market cap of $121.99 billion, a PE ratio of 74.91, a P/E/G ratio of 2.53 and a beta of 1.04. The stock has a 50-day moving average price of $214.54 and a 200-day moving average price of $219.80. Analog Devices has a 1 year low of $182.57 and a 1 year high of $244.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the company posted $1.73 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. Sell-side analysts predict that Analog Devices will post 7.09 earnings per share for the current fiscal year.

Analog Devices declared that its board has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

Institutional investors have recently bought and sold shares of the company. Bank of Hawaii raised its holdings in Analog Devices by 4.8% in the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock valued at $240,000 after acquiring an additional 48 shares during the last quarter. MONECO Advisors LLC grew its position in shares of Analog Devices by 2.8% in the third quarter. MONECO Advisors LLC now owns 1,819 shares of the semiconductor company’s stock valued at $419,000 after purchasing an additional 50 shares in the last quarter. DT Investment Partners LLC lifted its position in Analog Devices by 0.7% during the third quarter. DT Investment Partners LLC now owns 6,893 shares of the semiconductor company’s stock worth $1,587,000 after buying an additional 51 shares in the last quarter. Midwest Professional Planners LTD. grew its holdings in Analog Devices by 0.6% in the 4th quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock valued at $1,975,000 after buying an additional 53 shares in the last quarter. Finally, Portland Global Advisors LLC grew its holdings in shares of Analog Devices by 1.3% in the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after purchasing an additional 53 shares during the period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.