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

Analog Devices (NASDAQ:ADI) had its target price hoisted by equities research analysts at Truist Financial from $230.00 to $248.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price objective would indicate a potential upside of 1.44% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. TD Cowen decreased their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Benchmark boosted their price target on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley boosted their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, UBS Group lifted their price objective on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday. Seven equities 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.com, Analog Devices currently has an average rating of “Moderate Buy” and a consensus price target of $254.00.

Analog Devices Stock Performance

ADI traded up $2.82 during trading on Thursday, reaching $244.48. The company’s stock had a trading volume of 1,947,079 shares, compared to its average volume of 3,616,656. Analog Devices has a 52-week low of $182.57 and a 52-week high of $247.10. The company’s fifty day moving average price is $214.54 and its 200-day moving average price is $219.80. The company has a market capitalization of $121.29 billion, a price-to-earnings ratio of 74.22, a price-to-earnings-growth ratio of 2.53 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84.

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

Analog Devices declared that its board has authorized a share repurchase plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management 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 on 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 owns 21,983 shares in the company, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ADI. Orion Capital Management LLC acquired a new stake in Analog Devices in the 4th quarter worth $27,000. Capital Performance Advisors LLP acquired a new position in Analog Devices during the third quarter valued at approximately $28,000. Mainstream Capital Management LLC acquired a new position in shares of Analog Devices in the fourth quarter valued at approximately $30,000. Hopwood Financial Services Inc. acquired a new position in shares of Analog Devices in the fourth quarter valued at approximately $30,000. Finally, Cassady Schiller Wealth Management LLC boosted its holdings in shares of Analog Devices by 63.2% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 55 shares during the period. 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.