Benchmark Raises Analog Devices (NASDAQ:ADI) Price Target to $275.00

Analog Devices (NASDAQ:ADI) had its price target increased by Benchmark from $245.00 to $275.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target points to a potential upside of 13.80% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Wells Fargo & Company started coverage on Analog Devices in a research report on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 target price on the stock. Truist Financial increased their price objective on Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a report on Friday, January 10th. TD Cowen decreased their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Piper Sandler cut their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.95.

Analog Devices Stock Up 9.7 %

NASDAQ:ADI opened at $241.66 on Thursday. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week high of $244.14. The company’s 50-day simple moving average is $214.54 and its 200-day simple moving average is $219.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock has a market capitalization of $119.89 billion, a P/E ratio of 73.45, a P/E/G ratio of 2.46 and a beta of 1.04.

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

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

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADI. Charles Schwab Investment Management Inc. boosted its stake in Analog Devices by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock worth $623,399,000 after buying an additional 39,186 shares during the last quarter. Swiss National Bank boosted its position in shares of Analog Devices by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock valued at $339,012,000 after acquiring an additional 4,600 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its position in shares of Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after acquiring an additional 7,386 shares during the last quarter. Curbstone Financial Management Corp purchased a new stake in shares of Analog Devices in the fourth quarter valued at about $460,000. Finally, Summit Global Investments acquired a new stake in Analog Devices during the third quarter worth about $867,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.