Analog Devices (NASDAQ:ADI) Price Target Cut to $235.00 by Analysts at Citigroup

Analog Devices (NASDAQ:ADI) had its price objective reduced by stock analysts at Citigroup from $265.00 to $235.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective would suggest a potential upside of 31.17% from the company’s current price.

Several other equities analysts have also recently commented on ADI. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Morgan Stanley boosted their target price on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. UBS Group raised their price target on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Barclays lowered their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Finally, Benchmark raised their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $254.73.

Analog Devices Stock Up 0.4 %

NASDAQ:ADI traded up $0.80 during trading hours on Friday, hitting $179.16. 6,528,826 shares of the stock traded hands, compared to its average volume of 3,444,645. The firm has a market cap of $88.86 billion, a price-to-earnings ratio of 57.06, a PEG ratio of 2.85 and a beta of 1.06. The firm has a 50 day moving average price of $209.43 and a 200 day moving average price of $216.37. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices has a fifty-two week low of $158.65 and a fifty-two week high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company posted $1.73 EPS. Equities research analysts anticipate that Analog Devices will post 7.14 earnings per share for the current year.

Analog Devices announced that its board has authorized a stock buyback plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total transaction of $836,760.00. Following the sale, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. The trade was a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vivek Jain sold 12,684 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,684 shares of company stock valued at $5,591,600 over the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ADI. Orion Capital Management LLC acquired a new stake in shares of Analog Devices during the 4th quarter worth about $27,000. Menard Financial Group LLC acquired a new stake in shares of Analog Devices during the fourth quarter worth approximately $27,000. Mainstream Capital Management LLC bought a new position in shares of Analog Devices in the fourth quarter valued at approximately $30,000. Hopwood Financial Services Inc. bought a new position in shares of Analog Devices in the fourth quarter valued at approximately $30,000. Finally, Cassady Schiller Wealth Management LLC boosted its holdings in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 55 shares in the last quarter. 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.