Analog Devices (NASDAQ:ADI) Price Target Raised to $240.00 at Wells Fargo & Company

Analog Devices (NASDAQ:ADI) had its price target raised by Wells Fargo & Company from $220.00 to $240.00 in a research note released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

Several other equities research analysts have also recently commented on the stock. Barclays cut 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 report on Friday, January 17th. Truist Financial lifted their target price on Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Thursday. Benchmark boosted their price target on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, TD Cowen dropped their price target on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.19.

Analog Devices Stock Up 0.9 %

NASDAQ:ADI opened at $243.82 on Thursday. The stock has a 50-day simple moving average of $215.06 and a 200 day simple moving average of $219.97. Analog Devices has a 52-week low of $182.57 and a 52-week high of $247.10. The company has a market cap of $120.96 billion, a PE ratio of 74.11, a PEG 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 issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business earned $1.73 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts expect that Analog Devices will post 7.09 EPS for the current fiscal year.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.62%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is 111.85%.

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 purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Analog Devices

Hedge funds and other institutional investors have recently bought and sold shares of the business. Swedbank AB raised its holdings in Analog Devices by 6.7% in the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after acquiring an additional 180,870 shares in the last quarter. Whittier Trust Co. raised its position in Analog Devices by 17.0% during the 3rd quarter. Whittier Trust Co. now owns 2,693 shares of the semiconductor company’s stock worth $620,000 after purchasing an additional 391 shares during the last quarter. Foundations Investment Advisors LLC lifted its holdings in Analog Devices by 9.5% during the 3rd quarter. Foundations Investment Advisors LLC now owns 2,020 shares of the semiconductor company’s stock worth $465,000 after buying an additional 176 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Analog Devices by 5.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,431 shares of the semiconductor company’s stock worth $2,861,000 after buying an additional 587 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of Analog Devices by 6.4% in the 3rd quarter. Private Advisor Group LLC now owns 20,936 shares of the semiconductor company’s stock valued at $4,818,000 after buying an additional 1,264 shares during 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.