Truist Financial Forecasts Strong Price Appreciation for Analog Devices (NASDAQ:ADI) Stock

Analog Devices (NASDAQ:ADI) had its target price boosted by equities research analysts at Truist Financial from $230.00 to $248.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s target price would indicate a potential upside of 1.44% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Morgan Stanley raised their target price on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday. Piper Sandler dropped their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. TD Cowen dropped their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Finally, UBS Group boosted their target price on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and an average target price of $254.00.

Analog Devices Trading Up 1.2 %

Shares of Analog Devices stock traded up $2.82 on Thursday, hitting $244.48. The stock had a trading volume of 1,947,079 shares, compared to its average volume of 3,616,656. The stock has a 50 day moving average of $214.54 and a 200 day moving average of $219.80. Analog Devices has a twelve month low of $182.57 and a twelve month high of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The firm has a market capitalization of $121.29 billion, a P/E ratio of 74.22, a PEG ratio of 2.53 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. Sell-side analysts expect that Analog Devices will post 7.09 earnings per share for the current fiscal year.

Analog Devices announced that its Board of Directors has approved a share buyback program on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new stake in Analog Devices in the third quarter valued at $28,000. Orion Capital Management LLC acquired a new stake in Analog Devices in the fourth quarter valued at $27,000. Hopwood Financial Services Inc. acquired a new stake in shares of Analog Devices during the fourth quarter worth about $30,000. Mainstream Capital Management LLC acquired a new stake in shares of Analog Devices during the fourth quarter worth about $30,000. Finally, Cassady Schiller Wealth Management LLC increased its position in shares of Analog Devices by 63.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

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.