Analog Devices, Inc. (NASDAQ:ADI - Get Free Report)'s stock price gapped down before the market opened on Friday after Citigroup lowered their price target on the stock from $265.00 to $235.00. The stock had previously closed at $178.36, but opened at $172.13. Citigroup currently has a buy rating on the stock. Analog Devices shares last traded at $173.38, with a volume of 863,087 shares traded.
Other research analysts have also recently issued research reports about the stock. Oppenheimer reiterated an "outperform" rating and set a $270.00 price target (up previously from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Williams Trading set a $245.00 target price on shares of Analog Devices in a report on Friday, February 14th. Lake Street Capital began coverage on Analog Devices in a research note on Friday, February 14th. They issued a "buy" rating on the stock. Morgan Stanley lifted their price objective on Analog Devices from $248.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, Truist Financial raised their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $254.73.
Read Our Latest Report on Analog Devices
Insider Buying and Selling
In related news, EVP Vivek Jain sold 12,684 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the sale, the executive vice president now directly owns 43,175 shares in the company, valued at approximately $9,066,750. This trade represents a 22.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now directly owns 49,916 shares in the company, valued at $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,684 shares of company stock valued at $5,591,600. 0.33% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Analog Devices
A number of hedge funds have recently added to or reduced their stakes in ADI. Orion Capital Management LLC acquired a new stake in Analog Devices in the fourth quarter worth $27,000. Menard Financial Group LLC acquired a new stake in shares of Analog Devices in the fourth quarter valued at approximately $27,000. Mainstream Capital Management LLC acquired a new position in shares of Analog Devices during the fourth quarter worth approximately $30,000. Hopwood Financial Services Inc. acquired a new stake in Analog Devices in the 4th quarter valued at approximately $30,000. Finally, Cassady Schiller Wealth Management LLC increased its holdings in shares of Analog Devices by 63.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 55 shares during the period. Institutional investors and hedge funds own 86.81% of the company's stock.
Analog Devices Trading Up 1.3 %
The firm has a market capitalization of $89.70 billion, a P/E ratio of 57.55, a PEG ratio of 2.85 and a beta of 1.06. The business's 50 day moving average is $208.27 and its two-hundred day moving average is $215.55. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.
Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period 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. Analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current year.
Analog Devices Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 2.19%. This is a boost from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's payout ratio is currently 126.11%.
Analog Devices announced that its board has initiated a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.
About Analog Devices
(
Get Free Report)
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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