Needham & Company LLC Reaffirms Hold Rating for Analog Devices (NASDAQ:ADI)

Analog Devices (NASDAQ:ADI)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports.

Other analysts have also issued research reports about the company. TD Cowen cut their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Morgan Stanley cut their price target on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a report on Wednesday, November 27th. Piper Sandler cut their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, November 27th. Barclays cut their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, Benchmark boosted their price target on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $255.19.

Analog Devices Stock Performance

Shares of ADI opened at $238.91 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.35. Analog Devices has a one year low of $182.57 and a one year high of $247.10. The firm has a market capitalization of $118.52 billion, a P/E ratio of 76.09, a PEG ratio of 2.76 and a beta of 1.04. The business has a fifty day moving average of $215.50 and a 200 day moving average of $220.24.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the company posted $1.73 earnings per share. Analog Devices’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Analog Devices will post 7.11 EPS for the current year.

Analog Devices announced that its board has approved a share repurchase program on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Analog Devices

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Hawaii raised its position in Analog Devices by 4.8% during the third quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock valued at $240,000 after purchasing an additional 48 shares during the period. MONECO Advisors LLC raised its position in Analog Devices by 2.8% during the third quarter. MONECO Advisors LLC now owns 1,819 shares of the semiconductor company’s stock valued at $419,000 after purchasing an additional 50 shares during the period. DT Investment Partners LLC raised its position in Analog Devices by 0.7% during the third quarter. DT Investment Partners LLC now owns 6,893 shares of the semiconductor company’s stock valued at $1,587,000 after purchasing an additional 51 shares during the period. Midwest Professional Planners LTD. raised its position in Analog Devices by 0.6% during the fourth quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock valued at $1,975,000 after purchasing an additional 53 shares during the period. Finally, Portland Global Advisors LLC raised its position in Analog Devices by 1.3% during the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after purchasing an additional 53 shares during the period. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

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.