Analog Devices (NASDAQ:ADI) Coverage Initiated by Analysts at Benchmark

Analysts at Benchmark began coverage on shares of Analog Devices (NASDAQ:ADI) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $245.00 price target on the semiconductor company’s stock. Benchmark’s price objective points to a potential upside of 17.03% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reduced their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. TD Cowen lowered their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Morgan Stanley lowered their target price on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company started coverage on shares of Analog Devices in a research note on Friday, November 22nd. They set an “equal weight” rating and a $220.00 target price for the company. 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, Analog Devices presently has a consensus rating of “Moderate Buy” and an average price target of $248.52.

Analog Devices Stock Performance

ADI opened at $209.34 on Friday. Analog Devices has a 12-month low of $182.57 and a 12-month high of $244.14. The company has a market cap of $103.86 billion, a price-to-earnings ratio of 63.63, a PEG ratio of 2.38 and a beta of 1.04. The company’s 50 day moving average is $214.22 and its 200 day moving average is $219.87. The company has a current ratio of 1.84, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released its earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.03. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The firm’s revenue was down 10.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.01 EPS. On average, equities research analysts predict that Analog Devices will post 7.09 EPS for the current year.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Analog Devices

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Analog Devices by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after purchasing an additional 39,186 shares during the period. Swiss National Bank lifted its position in Analog Devices by 0.3% in the third quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock valued at $339,012,000 after buying an additional 4,600 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its position in Analog Devices by 47.7% in the third quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after buying an additional 7,386 shares during the last quarter. Curbstone Financial Management Corp acquired a new position in Analog Devices in the fourth quarter valued at about $460,000. Finally, Summit Global Investments acquired a new stake in shares of Analog Devices during the third quarter worth about $867,000. Hedge funds and other institutional investors 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.