Analog Devices (NASDAQ:ADI) Given New $235.00 Price Target at Wells Fargo & Company

Analog Devices (NASDAQ:ADI) had its price objective upped by Wells Fargo & Company from $205.00 to $235.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on ADI. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Friday, May 23rd. Wall Street Zen upgraded Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Cfra Research cut Analog Devices from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, May 22nd. Truist Financial lifted their price target on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Finally, UBS Group lowered their price target on Analog Devices from $295.00 to $285.00 and set a “buy” rating on the stock in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $250.50.

Analog Devices Trading Up 3.0%

Shares of NASDAQ:ADI opened at $231.80 on Monday. The stock has a 50 day moving average of $206.26 and a 200 day moving average of $210.80. The company has a market cap of $115.03 billion, a PE ratio of 73.82, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices has a 12-month low of $158.65 and a 12-month high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.15. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the company posted $1.40 EPS. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, equities research analysts expect that Analog Devices will post 7.14 EPS for the current year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Wednesday, June 4th. Analog Devices’s payout ratio is currently 107.90%.

Analog Devices announced that its board has authorized a stock repurchase program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Analog Devices

In related news, Director Ray Stata sold 3,125 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $180.21, for a total transaction of $563,156.25. Following the completion of the sale, the director now directly owns 186,321 shares in the company, valued at approximately $33,576,907.41. This trade represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the sale, the executive vice president now owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,934 shares of company stock valued at $6,643,956 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Analog Devices

Several institutional investors have recently bought and sold shares of the stock. EFG Asset Management North America Corp. raised its stake in shares of Analog Devices by 0.3% in the 1st quarter. EFG Asset Management North America Corp. now owns 14,209 shares of the semiconductor company’s stock valued at $2,866,000 after acquiring an additional 47 shares during the period. Midwest Professional Planners LTD. raised its stake in shares of Analog Devices by 0.6% in the 4th quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock valued at $1,975,000 after acquiring an additional 53 shares during the period. Portland Global Advisors LLC raised its stake in shares of Analog Devices by 1.3% in the 4th quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after acquiring an additional 53 shares during the period. Heritage Financial Services LLC raised its stake in shares of Analog Devices by 1.6% in the 1st quarter. Heritage Financial Services LLC now owns 3,317 shares of the semiconductor company’s stock valued at $669,000 after acquiring an additional 53 shares during the period. Finally, NTV Asset Management LLC raised its stake in shares of Analog Devices by 2.7% in the 4th quarter. NTV Asset Management LLC now owns 2,063 shares of the semiconductor company’s stock valued at $438,000 after acquiring an additional 54 shares during the period. 86.81% of the stock is currently owned by institutional investors.

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.