Analog Devices (NASDAQ:ADI) Price Target Cut to $220.00 by Analysts at KeyCorp

Analog Devices (NASDAQ:ADI – Get Rating) had its price target trimmed by KeyCorp from $230.00 to $220.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has an overweight rating on the semiconductor company’s stock. KeyCorp also issued estimates for Analog Devices’ Q3 2023 earnings at $2.53 EPS and Q4 2024 earnings at $2.89 EPS.

Several other research analysts also recently commented on ADI. BMO Capital Markets raised their target price on Analog Devices from $195.00 to $215.00 and gave the stock an outperform rating in a research note on Thursday, February 16th. Stifel Nicolaus dropped their price target on Analog Devices from $225.00 to $210.00 in a research report on Wednesday. Morgan Stanley lowered their price target on Analog Devices from $210.00 to $195.00 in a report on Wednesday. StockNews.com raised Analog Devices from a hold rating to a buy rating in a research note on Wednesday, May 17th. Finally, Raymond James increased their price target on Analog Devices from $200.00 to $225.00 and gave the company an outperform rating in a research note on Thursday, February 16th. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $208.17.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $172.39 on Thursday. The company has a quick ratio of 1.50, a current ratio of 2.12 and a debt-to-equity ratio of 0.18. Analog Devices has a twelve month low of $133.48 and a twelve month high of $198.24. The stock’s 50 day moving average is $186.11 and its 200-day moving average is $176.80. The firm has a market capitalization of $87.20 billion, a price-to-earnings ratio of 26.00, a PEG ratio of 1.44 and a beta of 1.15.

Analog Devices (NASDAQ:ADI – Get Rating) last announced its quarterly earnings results on Wednesday, May 24th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.08. Analog Devices had a return on equity of 14.69% and a net margin of 27.27%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. Analog Devices’s revenue was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Analog Devices will post 10.65 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Monday, June 5th will be given a $0.86 dividend. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $3.44 annualized dividend and a dividend yield of 2.00%. Analog Devices’s dividend payout ratio (DPR) is presently 51.89%.

Insider Activity

In other news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of Analog Devices stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $187.01, for a total transaction of $4,909,012.50. Following the sale, the chief financial officer now directly owns 23,871 shares in the company, valued at approximately $4,464,115.71. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the business’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $187.01, for a total transaction of $4,909,012.50. Following the completion of the transaction, the chief financial officer now owns 23,871 shares in the company, valued at $4,464,115.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Champy sold 1,495 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total transaction of $277,232.80. Following the completion of the sale, the director now directly owns 6,371 shares in the company, valued at approximately $1,181,438.24. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Analog Devices

A number of large investors have recently bought and sold shares of the company. Markel Corp raised its holdings in Analog Devices by 1.4% during the 1st quarter. Markel Corp now owns 1,077,821 shares of the semiconductor company’s stock worth $178,034,000 after purchasing an additional 15,150 shares during the last quarter. Fairfield Bush & CO. purchased a new stake in Analog Devices during the first quarter valued at about $82,000. United Bank lifted its holdings in shares of Analog Devices by 24.7% in the first quarter. United Bank now owns 6,647 shares of the semiconductor company’s stock worth $1,098,000 after buying an additional 1,315 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Analog Devices by 34.7% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 1,599 shares of the semiconductor company’s stock worth $264,000 after buying an additional 412 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Analog Devices by 14.5% in the first quarter. Canada Pension Plan Investment Board now owns 116,085 shares of the semiconductor company’s stock worth $19,175,000 after purchasing an additional 14,718 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Company Profile

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.