Morgan Stanley Increases Analog Devices (NASDAQ:ADI) Price Target to $250.00

Analog Devices (NASDAQ:ADI - Get Free Report) had its target price boosted by analysts at Morgan Stanley from $248.00 to $250.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. Morgan Stanley's target price would indicate a potential upside of 4.64% from the company's current price.

Several other equities analysts also recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Analog Devices in a research note on Friday, November 22nd. They issued an "equal weight" rating and a $220.00 price target on the stock. Needham & Company LLC reissued a "hold" rating on shares of Analog Devices in a research note on Thursday. Barclays decreased their price target on shares of Analog Devices from $250.00 to $210.00 and set an "equal weight" rating on the stock in a research note on Friday, January 17th. Piper Sandler reduced their target price on shares of Analog Devices from $235.00 to $220.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 27th. Finally, TD Cowen reduced their target price on shares of Analog Devices from $270.00 to $260.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $255.19.

Analog Devices Price Performance

Shares of NASDAQ ADI traded down $4.91 during trading on Thursday, hitting $238.91. The company had a trading volume of 6,176,402 shares, compared to its average volume of 3,812,068. The stock has a fifty day simple moving average of $215.50 and a two-hundred day simple moving average of $220.24. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The firm has a market capitalization of $118.52 billion, a price-to-earnings ratio of 76.09, a price-to-earnings-growth ratio of 2.76 and a beta of 1.04. The company has a quick ratio of 1.35, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the business earned $1.73 earnings per share. The company's revenue for the quarter was down 3.6% compared to the same quarter last year. On average, research analysts expect that Analog Devices will post 7.11 earnings per share for the current year.

Analog Devices declared that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Analog Devices by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock worth $10,432,961,000 after acquiring an additional 413,084 shares in the last quarter. State Street Corp grew its holdings in Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company's stock worth $5,195,302,000 after acquiring an additional 106,664 shares in the last quarter. Geode Capital Management LLC grew its holdings in Analog Devices by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock worth $2,248,971,000 after acquiring an additional 247,737 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company's stock valued at $2,169,689,000 after buying an additional 1,189,940 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Analog Devices in the 4th quarter valued at $1,755,958,000. Institutional investors and hedge funds 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.