Oppenheimer Reaffirms Outperform Rating for Analog Devices (NASDAQ:ADI)

Analog Devices (NASDAQ:ADI)‘s stock had its “outperform” rating reissued by analysts at Oppenheimer in a report released on Thursday,Benzinga reports. They currently have a $270.00 price target on the semiconductor company’s stock, up from their prior price target of $245.00. Oppenheimer’s price target indicates a potential upside of 10.50% from the stock’s previous close.

Several other research firms also recently issued reports on ADI. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Thursday. UBS Group boosted their target price on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company boosted their target price on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday. Piper Sandler dropped their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Stock Performance

Shares of ADI traded up $2.69 during trading hours on Thursday, hitting $244.35. The stock had a trading volume of 2,526,297 shares, compared to its average volume of 3,636,527. The firm has a market capitalization of $121.22 billion, a PE ratio of 74.29, a PEG ratio of 2.53 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. The stock has a fifty day moving average price of $214.54 and a 200 day moving average price of $219.80. Analog Devices has a 12 month low of $182.57 and a 12 month high of $247.10.

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

Analog Devices announced that its board has initiated a stock repurchase plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value 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 represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Analog Devices

Several large investors have recently made changes to their positions in ADI. GF Fund Management CO. LTD. bought a new stake in shares of Analog Devices in the 4th quarter worth approximately $19,984,000. Pinney & Scofield Inc. bought a new position in shares of Analog Devices during the fourth quarter valued at about $50,000. Parr Mcknight Wealth Management Group LLC bought a new position in Analog Devices in the fourth quarter worth about $7,786,000. WCG Wealth Advisors LLC grew its holdings in shares of Analog Devices by 6.5% during the fourth quarter. WCG Wealth Advisors LLC now owns 14,523 shares of the semiconductor company’s stock valued at $3,085,000 after buying an additional 888 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Analog Devices in the fourth quarter worth approximately $45,213,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

About Analog Devices

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.