Citigroup Lowers Analog Devices (NASDAQ:ADI) Price Target to $235.00

Analog Devices (NASDAQ:ADI) had its target price cut by Citigroup from $265.00 to $235.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective would suggest a potential upside of 31.17% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Benchmark raised their price target on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Williams Trading set a $245.00 target price on Analog Devices in a report on Friday, February 14th. Maxim Group initiated coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Truist Financial lifted their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Finally, Oppenheimer reissued an “outperform” rating and set a $270.00 target price (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $254.73.

Analog Devices Trading Up 0.4 %

NASDAQ ADI opened at $179.16 on Friday. The company has a market cap of $88.86 billion, a price-to-earnings ratio of 57.06, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06. Analog Devices has a twelve month low of $158.65 and a twelve month high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average is $208.90 and its 200 day moving average is $216.04.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the business posted $1.73 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Analog Devices will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. This represents a 22.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the transaction, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,684 shares of company stock worth $5,591,600 in the last quarter. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Analog Devices by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company’s stock worth $10,432,961,000 after buying an additional 413,084 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Analog Devices by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company’s stock worth $2,248,971,000 after acquiring an additional 247,737 shares during the period. Franklin Resources Inc. increased its holdings in Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after acquiring an additional 1,189,940 shares during the last quarter. Norges Bank bought a new stake in Analog Devices in the 4th quarter valued at about $1,755,958,000. Finally, FMR LLC lifted its holdings in Analog Devices by 0.8% during the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company’s stock valued at $1,582,831,000 after purchasing an additional 61,390 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Company Profile

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.