Analog Devices (NASDAQ:ADI) Sets New 1-Year High After Analyst Upgrade

Analog Devices, Inc. (NASDAQ:ADI - Get Free Report)'s share price reached a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $285.00 to $300.00. KeyCorp currently has an overweight rating on the stock. Analog Devices traded as high as $247.73 and last traded at $246.35, with a volume of 576430 shares traded. The stock had previously closed at $241.81.

A number of other brokerages have also commented on ADI. Noble Financial raised Analog Devices to an "outperform" rating in a report on Wednesday, June 18th. Benchmark reaffirmed a "buy" rating and set a $260.00 price objective (down from $275.00) on shares of Analog Devices in a report on Friday, May 23rd. Morgan Stanley dropped their target price on shares of Analog Devices from $214.00 to $212.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Keefe, Bruyette & Woods raised Analog Devices to an "outperform" rating in a research report on Wednesday, June 18th. Finally, Evercore ISI increased their target price on Analog Devices from $231.00 to $280.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Analog Devices currently has a consensus rating of "Moderate Buy" and a consensus price target of $256.06.

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 Thursday, May 1st. The stock was sold at an average price of $196.84, for a total value of $1,968,400.00. Following the transaction, the chief executive officer owned 142,996 shares of the company's stock, valued at approximately $28,147,332.64. This represents a 6.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ray Stata sold 3,125 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total value of $612,000.00. Following the completion of the transaction, the director directly owned 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 disclosure for this sale can be found here. Insiders sold a total of 16,250 shares of company stock worth $3,143,556 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Analog Devices

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Broderick Brian C raised its stake in shares of Analog Devices by 2.6% during the 4th 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 in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Analog Devices by 284.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 31,050 shares of the semiconductor company's stock valued at $6,262,000 after buying an additional 22,973 shares during the period. Freestone Grove Partners LP acquired a new stake in Analog Devices during the 4th quarter valued at $10,212,000. Sowell Financial Services LLC bought a new stake in shares of Analog Devices during the 1st quarter worth about $296,000. Finally, Keybank National Association OH increased its stake in shares of Analog Devices by 85.8% during the first quarter. Keybank National Association OH now owns 27,077 shares of the semiconductor company's stock worth $5,461,000 after purchasing an additional 12,505 shares during the period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Stock Up 2.0%

The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19. The firm has a 50-day simple moving average of $222.07 and a two-hundred day simple moving average of $212.96. The stock has a market cap of $122.40 billion, a P/E ratio of 67.21, a PEG ratio of 2.27 and a beta of 1.02.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.15. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm posted $1.40 EPS. The firm's quarterly revenue was up 22.3% on a year-over-year basis. Equities research analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

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.

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