Analog Devices (NASDAQ:ADI) Price Target Raised to $300.00 at JPMorgan Chase & Co.

Analog Devices (NASDAQ:ADI) had its target price increased by research analysts at JPMorgan Chase & Co. from $280.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 25.57% from the company’s previous close.

ADI has been the topic of several other reports. Piper Sandler decreased their price objective 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. Wells Fargo & Company upped their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a report on Thursday. TD Cowen decreased their price objective on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Finally, Benchmark upped their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Price Performance

Shares of ADI opened at $238.91 on Thursday. The company has a market cap of $118.52 billion, a price-to-earnings ratio of 76.09, a PEG ratio of 2.76 and a beta of 1.04. Analog Devices has a 1-year low of $182.57 and a 1-year high of $247.10. The company’s fifty day simple moving average is $215.50 and its 200 day simple moving average is $220.24. The company has a current ratio of 1.93, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last issued its 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. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 earnings per share. On average, research analysts forecast that Analog Devices will post 7.11 earnings per share for the current fiscal year.

Analog Devices announced that its board has authorized 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 buy up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ADI. Norges Bank acquired a new position in Analog Devices during the fourth quarter worth about $1,755,958,000. Raymond James Financial Inc. acquired a new position in Analog Devices during the fourth quarter worth about $833,386,000. Proficio Capital Partners LLC raised its stake in Analog Devices by 22,005.0% during the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after acquiring an additional 3,059,349 shares in the last quarter. Franklin Resources Inc. raised its stake in Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after acquiring an additional 1,189,940 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in Analog Devices by 301.1% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock worth $335,933,000 after acquiring an additional 1,186,981 shares in the last quarter. 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.