Oppenheimer Reaffirms Outperform Rating for Analog Devices (NASDAQ:ADI)

Analog Devices (NASDAQ:ADI)‘s stock had its “outperform” rating reaffirmed by equities researchers at Oppenheimer in a research report issued on Thursday,Benzinga reports. They presently have a $270.00 target price on the semiconductor company’s stock, up from their prior target price of $245.00. Oppenheimer’s price objective points to a potential upside of 10.50% from the company’s current price.

ADI has been the subject of several other research reports. Piper Sandler dropped their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Wells Fargo & Company lifted their price objective on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday. Barclays dropped their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Benchmark boosted 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. Finally, JPMorgan Chase & Co. upped their price objective on Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.19.

Analog Devices Price Performance

NASDAQ ADI traded up $2.69 during midday trading on Thursday, hitting $244.35. The company had a trading volume of 2,526,297 shares, compared to its average volume of 3,636,527. 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 twelve month low of $182.57 and a twelve month high of $247.10. The company has a market capitalization of $121.22 billion, a PE ratio of 74.29, a P/E/G ratio of 2.53 and a beta of 1.04. The firm has a 50-day moving average price of $214.54 and a 200-day moving average price of $219.80.

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

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

Insider Transactions at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction 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 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. This trade represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Analog Devices

Several institutional investors have recently modified their holdings of the business. Swedbank AB lifted its stake in Analog Devices by 6.7% in 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 in the last quarter. Whittier Trust Co. lifted its holdings in Analog Devices by 17.0% during 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 lifted its holdings in Analog Devices by 9.5% during the 3rd quarter. Foundations Investment Advisors LLC now owns 2,020 shares of the semiconductor company’s stock valued at $465,000 after purchasing an additional 176 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Analog Devices by 5.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,431 shares of the semiconductor company’s stock valued at $2,861,000 after purchasing an additional 587 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in Analog Devices by 6.4% during the 3rd quarter. Private Advisor Group LLC now owns 20,936 shares of the semiconductor company’s stock worth $4,818,000 after buying an additional 1,264 shares during the period. Institutional investors own 86.81% of the company’s stock.

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.