Analog Devices (NASDAQ:ADI) Given New $350.00 Price Target at Bank of America

Analog Devices (NASDAQ:ADI) had its target price lifted by Bank of America from $320.00 to $350.00 in a research note published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $350.00 target price on shares of Analog Devices in a research report on Tuesday, December 16th. Truist Financial boosted their price objective on Analog Devices from $258.00 to $291.00 and gave the company a “hold” rating in a report on Friday, December 19th. Wall Street Zen upgraded Analog Devices from a “hold” rating to a “buy” rating in a report on Saturday, January 17th. Barclays set a $315.00 price target on shares of Analog Devices in a research note on Thursday, January 15th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $270.00 price target on shares of Analog Devices in a research report on Wednesday, November 26th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $309.86.

Analog Devices Trading Up 3.1%

Shares of ADI stock opened at $304.97 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.19 and a quick ratio of 1.68. The firm has a market cap of $149.33 billion, a PE ratio of 66.88, a price-to-earnings-growth ratio of 1.60 and a beta of 1.03. The company has a 50-day moving average of $273.13 and a two-hundred day moving average of $251.20. Analog Devices has a 1-year low of $158.65 and a 1-year high of $309.17.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.04. Analog Devices had a net margin of 20.58% and a return on equity of 11.23%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the previous year, the firm earned $1.67 EPS. The business’s revenue was up 25.9% on a year-over-year basis. On average, analysts predict that Analog Devices will post 7.14 EPS for the current year.

Analog Devices Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were paid a dividend of $0.99 per share. The ex-dividend date was Monday, December 8th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.3%. Analog Devices’s payout ratio is presently 86.84%.

Insider Transactions at Analog Devices

In other news, CAO Michael Sondel sold 8,169 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $278.03, for a total value of $2,271,227.07. Following the transaction, the chief accounting officer owned 18,913 shares in the company, valued at approximately $5,258,381.39. This represents a 30.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $230.21, for a total value of $719,406.25. Following the sale, the director directly owned 142,571 shares in the company, valued at $32,821,269.91. This trade represents a 2.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,544 shares of company stock valued at $14,328,561 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Analog Devices in the second quarter valued at approximately $1,803,377,000. Amundi grew its position in shares of Analog Devices by 44.8% during the third quarter. Amundi now owns 6,215,129 shares of the semiconductor company’s stock worth $1,507,740,000 after acquiring an additional 1,922,302 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Analog Devices by 29.2% in the 3rd quarter. Raymond James Financial Inc. now owns 4,829,931 shares of the semiconductor company’s stock valued at $1,186,714,000 after acquiring an additional 1,091,004 shares during the period. Marshall Wace LLP raised its position in Analog Devices by 948.2% in the 2nd quarter. Marshall Wace LLP now owns 1,085,990 shares of the semiconductor company’s stock valued at $258,487,000 after purchasing an additional 982,385 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Analog Devices by 47.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,745,985 shares of the semiconductor company’s stock worth $653,599,000 after purchasing an additional 882,909 shares during the period. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

About Analog Devices

Analog Devices, Inc (NASDAQ: ADI) is a multinational semiconductor company that designs, manufactures and markets a broad portfolio of analog, mixed-signal and digital signal processing integrated circuits. Founded in 1965 by Ray Stata and Matthew Lorber, the company has grown into a leading supplier of components that convert, condition and process real-world signals for electronic systems. Analog Devices is headquartered in Massachusetts and serves customers around the world across multiple end markets.

The company’s product lineup includes data converters (ADCs and DACs), amplifiers, power management ICs, radio-frequency (RF) and microwave components, sensors and MEMS devices, signal chain and isolation products, timing and clocking solutions, and embedded processors and software for system-level design.