JPMorgan Chase & Co. Boosts Analog Devices (NASDAQ:ADI) Price Target to $300.00

Analog Devices (NASDAQ:ADI) had its price objective lifted by JPMorgan Chase & Co. from $280.00 to $300.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

Several other research analysts have also commented on ADI. Wells Fargo & Company lifted their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday. TD Cowen cut their price objective on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Benchmark boosted their target price on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Truist Financial raised their price target on shares of Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, January 10th. Finally, UBS Group lifted their price target on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.19.

Analog Devices Stock Up 0.9 %

Shares of NASDAQ ADI opened at $243.82 on Thursday. The stock has a market cap of $120.96 billion, a PE ratio of 74.11, a P/E/G ratio of 2.53 and a beta of 1.04. The company has a current ratio of 1.84, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. Analog Devices has a 12-month low of $182.57 and a 12-month high of $247.10. The company has a 50-day moving average of $215.06 and a 200 day moving average of $219.97.

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

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a yield of 1.62%. The ex-dividend date is Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 111.85%.

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

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ADI. Norges Bank purchased a new stake in Analog Devices during the 4th quarter worth about $1,755,958,000. Raymond James Financial Inc. purchased a new stake in Analog Devices during the fourth quarter worth approximately $833,386,000. Proficio Capital Partners LLC lifted its stake in Analog Devices by 22,005.0% during the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after purchasing an additional 3,059,349 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Analog Devices by 14.9% in the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock valued at $2,169,689,000 after purchasing an additional 1,189,940 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC grew its position in shares of Analog Devices by 301.1% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock worth $335,933,000 after acquiring an additional 1,186,981 shares during the last quarter. Hedge funds and other institutional investors 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.