Analog Devices (NASDAQ:ADI) Releases Earnings Results, Beats Estimates By $0.14 EPS

Analog Devices (NASDAQ:ADI) posted its quarterly earnings data on Wednesday. The semiconductor company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.14, Briefing.com reports. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. The company’s revenue was down 33.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.83 earnings per share. Analog Devices updated its Q3 2024 guidance to 1.400-1.600 EPS and its Q3 guidance to $1.40-$1.60 EPS.

Analog Devices Price Performance

Shares of ADI stock opened at $216.64 on Wednesday. The company has a market capitalization of $107.43 billion, a PE ratio of 38.75, a price-to-earnings-growth ratio of 5.47 and a beta of 1.14. The firm has a fifty day simple moving average of $198.29 and a 200-day simple moving average of $192.41. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 0.17. Analog Devices has a twelve month low of $154.99 and a twelve month high of $218.70.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ADI. KeyCorp upped their price target on shares of Analog Devices from $220.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Stifel Nicolaus upped their price target on shares of Analog Devices from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday. Truist Financial dropped their price target on shares of Analog Devices from $226.00 to $222.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Jefferies Financial Group initiated coverage on shares of Analog Devices in a research report on Monday, May 13th. They set a “buy” rating and a $250.00 price target for the company. Finally, Oppenheimer increased their price objective on shares of Analog Devices from $215.00 to $245.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $214.50.

Insider Buying and Selling at Analog Devices

In related news, EVP Vivek Jain sold 3,479 shares of Analog Devices stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $197.56, for a total value of $687,311.24. Following the sale, the executive vice president now directly owns 5,745 shares in the company, valued at approximately $1,134,982.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Vivek Jain sold 3,479 shares of Analog Devices stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $197.56, for a total value of $687,311.24. Following the sale, the executive vice president now directly owns 5,745 shares in the company, valued at approximately $1,134,982.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Champy sold 1,228 shares of Analog Devices stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $197.64, for a total transaction of $242,701.92. Following the completion of the sale, the director now owns 6,371 shares in the company, valued at $1,259,164.44. The disclosure for this sale can be found here. Insiders have sold 24,707 shares of company stock worth $4,874,613 in the last ninety days. 0.31% of the stock is owned by insiders.

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.