Wells Fargo & Company Increases Analog Devices (NASDAQ:ADI) Price Target to $240.00

Analog Devices (NASDAQ:ADI) had its target price increased by Wells Fargo & Company from $220.00 to $240.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently commented on ADI. Benchmark lifted their price target on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial boosted their target price on shares of Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a report on Friday, January 10th. UBS Group boosted their target price on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Thursday. Finally, Morgan Stanley upped their price target on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $255.41.

Analog Devices Trading Down 2.0 %

NASDAQ:ADI opened at $238.91 on Thursday. The company has a current ratio of 1.93, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $118.49 billion, a PE ratio of 76.09, a price-to-earnings-growth ratio of 2.60 and a beta of 1.04. The firm’s 50 day moving average is $215.50 and its 200 day moving average is $220.34. Analog Devices has a 12 month low of $182.57 and a 12 month high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. Analog Devices’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. Sell-side analysts expect that Analog Devices will post 7.09 earnings per share for the current year.

Analog Devices announced that its board has initiated a stock 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 typically an indication that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.66%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 117.20%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the sale, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Analog Devices

Institutional investors have recently modified their holdings of the company. Orion Capital Management LLC purchased a new stake in shares of Analog Devices during the fourth quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Analog Devices during the third quarter worth about $28,000. Mainstream Capital Management LLC purchased a new stake in shares of Analog Devices during the fourth quarter worth about $30,000. Hopwood Financial Services Inc. purchased a new stake in shares of Analog Devices during the fourth quarter worth about $30,000. Finally, Cassady Schiller Wealth Management LLC boosted its holdings 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 during the period. 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.