Oppenheimer Reiterates “Outperform” Rating for Analog Devices (NASDAQ:ADI)

Analog Devices (NASDAQ:ADI)‘s stock had its “outperform” rating reaffirmed by investment analysts at Oppenheimer in a note issued to investors on Thursday,Benzinga reports. They currently have a $270.00 target price on the semiconductor company’s stock, up from their prior target price of $245.00. Oppenheimer’s price objective suggests a potential upside of 13.01% from the company’s current price.

ADI has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Thursday. Wells Fargo & Company upped their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial raised their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research note on Thursday. Morgan Stanley boosted their price target on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.19.

Analog Devices Stock Down 2.0 %

Analog Devices 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. Analog Devices has a one year low of $182.57 and a one year high of $247.10. The company has a 50-day simple moving average of $215.50 and a 200-day simple moving average of $220.24. The firm has a market capitalization of $118.52 billion, a P/E ratio of 76.09, a P/E/G ratio of 2.76 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last posted its 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 firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. Analog Devices’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 EPS. As a group, equities analysts expect that Analog Devices will post 7.11 earnings per share for the current year.

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

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Thursday, January 2nd. The stock was 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 of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Analog Devices

Institutional investors have recently made changes to their positions in the stock. Bank of Hawaii grew its stake in Analog Devices by 4.8% in the third quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock valued at $240,000 after purchasing an additional 48 shares in the last quarter. MONECO Advisors LLC grew its stake in shares of Analog Devices by 2.8% in the 3rd quarter. MONECO Advisors LLC now owns 1,819 shares of the semiconductor company’s stock valued at $419,000 after buying an additional 50 shares in the last quarter. DT Investment Partners LLC increased its holdings in Analog Devices by 0.7% in the third quarter. DT Investment Partners LLC now owns 6,893 shares of the semiconductor company’s stock worth $1,587,000 after buying an additional 51 shares during the last quarter. Midwest Professional Planners LTD. raised its position in Analog Devices by 0.6% during the fourth quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock valued at $1,975,000 after acquiring an additional 53 shares in the last quarter. Finally, Portland Global Advisors LLC lifted its stake in Analog Devices by 1.3% in the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after acquiring an additional 53 shares during the last quarter. 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.