Analog Devices (NASDAQ:ADI) Price Target Raised to $235.00

Analog Devices (NASDAQ:ADI - Get Free Report) had its price objective increased by Wells Fargo & Company from $205.00 to $235.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the semiconductor company's stock. Wells Fargo & Company's target price suggests a potential upside of 1.68% from the stock's current price.

ADI has been the subject of several other research reports. Morgan Stanley decreased their target price on Analog Devices from $214.00 to $212.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. KGI Securities assumed coverage on shares of Analog Devices in a research report on Friday, May 23rd. They set a "buy" rating on the stock. Cantor Fitzgerald upped their target price on shares of Analog Devices from $230.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Truist Financial raised their price target on shares of Analog Devices from $230.00 to $248.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Finally, Williams Trading set a $260.00 price objective on Analog Devices in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Analog Devices currently has a consensus rating of "Moderate Buy" and a consensus price target of $250.50.

Analog Devices Stock Performance

ADI traded up $6.08 during trading on Monday, hitting $231.11. 548,499 shares of the company traded hands, compared to its average volume of 3,565,860. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The firm has a market cap of $114.69 billion, a P/E ratio of 73.68, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The stock's fifty day moving average is $204.95 and its 200 day moving average is $210.70. Analog Devices has a one year low of $158.65 and a one year high of $247.10.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.15. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm posted $1.40 earnings per share. The company's revenue for the quarter was up 22.3% on a year-over-year basis. As a group, equities analysts predict that Analog Devices will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its board has authorized a share buyback 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 purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Ray Stata sold 3,125 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total value of $612,000.00. Following the transaction, the director now owns 180,071 shares of the company's stock, valued at approximately $35,265,104.64. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,934 shares of company stock valued at $6,643,956. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ADI. Broderick Brian C lifted its stake in Analog Devices by 2.6% in the fourth quarter. Broderick Brian C now owns 79,221 shares of the semiconductor company's stock worth $16,831,000 after purchasing an additional 2,017 shares during the last quarter. Freestone Grove Partners LP bought a new stake in shares of Analog Devices during the 4th quarter worth approximately $10,212,000. CIBC Asset Management Inc boosted its holdings in Analog Devices by 2.0% during the 4th quarter. CIBC Asset Management Inc now owns 183,227 shares of the semiconductor company's stock valued at $38,928,000 after acquiring an additional 3,529 shares during the period. Two Sigma Investments LP purchased a new position in Analog Devices during the 4th quarter valued at $906,000. Finally, Truist Financial Corp grew its position in Analog Devices by 0.6% in the 4th quarter. Truist Financial Corp now owns 1,489,162 shares of the semiconductor company's stock valued at $316,387,000 after acquiring an additional 9,202 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

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.

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