Analog Devices (NASDAQ:ADI) Price Target Raised to $248.00 at Truist Financial

Analog Devices (NASDAQ:ADI) had its price objective lifted by Truist Financial from $230.00 to $248.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s target price would suggest a potential upside of 3.80% from the company’s current price.

Several other analysts also recently commented on the stock. Benchmark increased 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. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research note on Thursday. Barclays cut their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. TD Cowen decreased their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company boosted their price objective on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Analog Devices presently has a consensus rating of “Moderate Buy” and an average target price of $255.19.

Analog Devices Price Performance

ADI stock opened at $238.91 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.93. The business has a 50-day simple moving average of $215.50 and a two-hundred day simple moving average of $220.24. The company has a market capitalization of $118.52 billion, a P/E ratio of 76.09, a price-to-earnings-growth ratio of 2.76 and a beta of 1.04. Analog Devices has a 52-week low of $182.57 and a 52-week high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating 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 previous year, the firm earned $1.73 earnings per share. Analog Devices’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts expect that Analog Devices will post 7.11 EPS for the current fiscal year.

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

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total value of $2,158,300.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,744,590.89. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by company insiders.

Institutional Trading of Analog Devices

Hedge funds and other institutional investors have recently bought and sold shares of the company. Orion Capital Management LLC purchased a new position in shares of Analog Devices during the 4th quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in Analog Devices during the third quarter valued at $28,000. Mainstream Capital Management LLC purchased a new position in Analog Devices during the fourth quarter worth about $30,000. Hopwood Financial Services Inc. purchased a new position in Analog Devices during the fourth quarter worth about $30,000. Finally, Cassady Schiller Wealth Management LLC increased its stake in 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 during the last quarter. 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.