Analog Devices (NASDAQ:ADI) Price Target Raised to $275.00 at Benchmark

Analog Devices (NASDAQ:ADI) had its price target hoisted by analysts at Benchmark from $245.00 to $275.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target would indicate a potential upside of 13.80% from the company’s previous close.

Several other equities analysts have also commented on the stock. Barclays decreased 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 report on Friday, January 17th. Morgan Stanley lowered their price target on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Wells Fargo & Company began coverage on Analog Devices in a report on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective on the stock. TD Cowen decreased their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices currently has an average rating of “Moderate Buy” and a consensus target price of $249.95.

Analog Devices Price Performance

NASDAQ:ADI opened at $241.66 on Thursday. Analog Devices has a 52 week low of $182.57 and a 52 week high of $244.14. The stock’s fifty day moving average is $214.54 and its two-hundred day moving average is $219.80. The company has a market capitalization of $119.89 billion, a P/E ratio of 73.45, a P/E/G ratio of 2.46 and a beta of 1.04. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19.

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

Analog Devices announced that its Board of Directors has authorized a stock repurchase program 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 programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $215.83, for a total transaction of $2,158,300.00. Following the transaction, the chief executive officer now owns 21,983 shares in the company, valued at $4,744,590.89. This trade represents a 31.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

Several large investors have recently modified their holdings of ADI. Vanguard Group Inc. raised its position in Analog Devices by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company’s stock valued at $10,432,961,000 after purchasing an additional 413,084 shares during the last quarter. State Street Corp increased its stake in Analog Devices by 0.5% in the third quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock valued at $5,195,302,000 after purchasing an additional 106,664 shares during the period. Geode Capital Management LLC raised its holdings in shares of Analog Devices by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company’s stock valued at $2,248,971,000 after buying an additional 247,737 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after buying an additional 1,189,940 shares during the period. Finally, Norges Bank purchased a new position in shares of Analog Devices during the fourth quarter worth about $1,755,958,000. 86.81% of the stock is 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.