Analog Devices (NASDAQ:ADI) Reaches New 12-Month High on Earnings Beat

Analog Devices, Inc. (NASDAQ:ADI) shares hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $260.38 and last traded at $260.5070, with a volume of 1587619 shares trading hands. The stock had previously closed at $252.02.

The semiconductor company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.04. Analog Devices had a return on equity of 10.32% and a net margin of 18.85%.The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the business posted $1.67 EPS. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Monday, December 8th will be given a dividend of $0.99 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $3.96 annualized dividend and a dividend yield of 1.5%. Analog Devices’s dividend payout ratio (DPR) is 101.02%.

Analysts Set New Price Targets

Several research firms recently commented on ADI. Cfra reaffirmed a “buy” rating and set a $280.00 price objective on shares of Analog Devices in a research report on Tuesday. BNP Paribas Exane started coverage on shares of Analog Devices in a report on Tuesday, November 4th. They issued an “outperform” rating and a $300.00 target price on the stock. Truist Financial boosted their target price on shares of Analog Devices from $249.00 to $258.00 and gave the company a “hold” rating in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday, August 21st. Finally, Piper Sandler set a $290.00 price objective on Analog Devices in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $281.87.

Insider Buying and Selling

In related news, Director Ray Stata sold 3,125 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $230.21, for a total value of $719,406.25. Following the completion of the sale, the director directly owned 142,571 shares of the company’s stock, valued at approximately $32,821,269.91. This represents a 2.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $234.95, for a total transaction of $2,349,500.00. Following the transaction, the chief executive officer directly owned 163,640 shares in the company, valued at $38,447,218. This represents a 5.76% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 39,750 shares of company stock valued at $9,598,496. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of institutional investors and hedge funds have recently bought and sold shares of ADI. Howard Hughes Medical Institute purchased a new stake in shares of Analog Devices during the second quarter worth about $25,000. Activest Wealth Management boosted its stake in Analog Devices by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 127 shares during the period. RMG Wealth Management LLC bought a new position in Analog Devices in the 2nd quarter worth approximately $26,000. Clayton Financial Group LLC purchased a new stake in Analog Devices during the 3rd quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of Analog Devices during the third quarter valued at approximately $32,000. 86.81% of the stock is owned by institutional investors.

Analog Devices Price Performance

The company has a quick ratio of 1.79, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. The firm’s fifty day moving average price is $239.06 and its 200 day moving average price is $235.77. The stock has a market cap of $126.89 billion, a PE ratio of 65.80, a P/E/G ratio of 1.98 and a beta of 1.09.

Analog Devices Company Profile

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.