Analog Devices (NASDAQ:ADI) Price Target Raised to $250.00

Analog Devices (NASDAQ:ADI) had its target price upped by investment analysts at Morgan Stanley from $248.00 to $250.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective indicates a potential upside of 3.45% from the company’s previous close.

Several other research firms have also commented on ADI. Benchmark upped their price target on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Thursday. Truist Financial upped their price objective on Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a research report on Friday, January 10th. Piper Sandler cut their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, November 27th. Finally, Wells Fargo & Company began coverage on shares of Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $250.05.

Analog Devices Stock Up 9.7 %

Shares of ADI stock opened at $241.66 on Thursday. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week high of $244.14. The firm has a market capitalization of $119.89 billion, a PE ratio of 73.45, a P/E/G ratio of 2.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock’s 50-day simple moving average is $214.54 and its 200-day simple moving average is $219.80.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results 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 net margin of 17.35% and a return on equity of 9.01%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $1.73 EPS. Analog Devices’s quarterly revenue was down 3.6% on a year-over-year basis. Equities analysts expect that Analog Devices will post 7.09 earnings per share for the current year.

Analog Devices announced that its Board of Directors has initiated a stock repurchase program on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the business’s 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 transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swedbank AB boosted its position in shares of Analog Devices by 6.7% during the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after acquiring an additional 180,870 shares during the last quarter. Whittier Trust Co. boosted its holdings in Analog Devices by 17.0% in the 3rd quarter. Whittier Trust Co. now owns 2,693 shares of the semiconductor company’s stock valued at $620,000 after purchasing an additional 391 shares during the last quarter. Foundations Investment Advisors LLC grew its stake in shares of Analog Devices by 9.5% in the 3rd quarter. Foundations Investment Advisors LLC now owns 2,020 shares of the semiconductor company’s stock valued at $465,000 after buying an additional 176 shares during the period. Sequoia Financial Advisors LLC increased its holdings in shares of Analog Devices by 5.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,431 shares of the semiconductor company’s stock worth $2,861,000 after buying an additional 587 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Analog Devices by 6.4% during the 3rd quarter. Private Advisor Group LLC now owns 20,936 shares of the semiconductor company’s stock valued at $4,818,000 after buying an additional 1,264 shares during the period. Institutional investors and hedge funds own 86.81% of the company’s stock.

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.