Analog Devices (NASDAQ:ADI) Price Target Raised to $260.00

Analog Devices (NASDAQ:ADI) had its price target upped by Citigroup from $235.00 to $260.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also commented on ADI. Benchmark increased their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Lake Street Capital assumed coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, February 20th. Truist Financial raised their price target on Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Finally, Maxim Group started coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $252.35.

Analog Devices Stock Down 1.0%

NASDAQ ADI opened at $222.22 on Monday. The stock’s 50 day simple moving average is $197.63 and its 200 day simple moving average is $210.50. Analog Devices has a one year low of $158.65 and a one year high of $247.10. The firm has a market cap of $110.22 billion, a PE ratio of 70.77, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Analog Devices will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the sale, the chief executive officer now directly owns 64,918 shares in the company, valued at $13,575,652.16. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total value of $563,156.25. Following the transaction, the director now owns 186,321 shares in the company, valued at $33,576,907.41. This trade represents a 1.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,934 shares of company stock valued at $8,735,156. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Orion Capital Management LLC bought a new position in Analog Devices during the 4th quarter worth about $27,000. Menard Financial Group LLC bought a new stake in Analog Devices in the 4th quarter valued at approximately $27,000. Activest Wealth Management grew its stake in shares of Analog Devices by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 127 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in shares of Analog Devices in the first quarter valued at approximately $27,000. Finally, Hopwood Financial Services Inc. bought a new stake in shares of Analog Devices in the fourth quarter worth $30,000. 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.