Analog Devices (NASDAQ:ADI) Hits New 1-Year High After Analyst Upgrade

Analog Devices, Inc. (NASDAQ:ADI)’s stock price hit a new 52-week high during trading on Thursday after Susquehanna raised their price target on the stock from $350.00 to $360.00. Susquehanna currently has a positive rating on the stock. Analog Devices traded as high as $313.19 and last traded at $310.3180, with a volume of 759533 shares traded. The stock had previously closed at $304.97.

Several other analysts also recently issued reports on ADI. Wells Fargo & Company set a $340.00 price target on Analog Devices and gave the company an “overweight” rating in a research note on Thursday, January 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $350.00 price objective on shares of Analog Devices in a report on Tuesday, December 16th. Wall Street Zen raised Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday, January 17th. Piper Sandler set a $290.00 price target on Analog Devices in a research report on Tuesday, November 25th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $300.00 price objective on shares of Analog Devices in a report on Tuesday, November 25th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $312.04.

Insider Activity

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $275.07, for a total value of $2,750,700.00. Following the completion of the sale, the chief executive officer owned 155,688 shares in the company, valued at $42,825,098.16. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Katsufumi Nakamura sold 500 shares of Analog Devices stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $301.46, for a total value of $150,730.00. Following the transaction, the senior vice president owned 12,710 shares of the company’s stock, valued at $3,831,556.60. The trade was a 3.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 53,544 shares of company stock valued at $14,328,561. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Analog Devices

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

Analog Devices Stock Up 1.6%

The stock has a 50-day moving average of $273.13 and a 200-day moving average of $251.20. 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 $151.72 billion, a price-to-earnings ratio of 67.86, a P/E/G ratio of 1.60 and a beta of 1.03.

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

Analog Devices Dividend Announcement

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

Analog Devices Company Profile

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.