Analog Devices (NASDAQ:ADI) Given New $248.00 Price Target at Truist Financial

Analog Devices (NASDAQ:ADI) had its price objective boosted by Truist Financial from $230.00 to $248.00 in a research note released on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the semiconductor company’s stock.

A number of other analysts have also weighed in on the stock. UBS Group increased their target price on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday. Benchmark upped their price target on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler cut their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Barclays decreased their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a report on Thursday. Seven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Analog Devices has an average rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Stock Performance

Shares of ADI stock opened at $243.82 on Thursday. The company has a market capitalization of $120.96 billion, a P/E ratio of 74.11, a PEG ratio of 2.53 and a beta of 1.04. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week 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 stock has a 50 day moving average price of $215.06 and a two-hundred day moving average price of $219.97.

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

Analog Devices announced that its board has authorized a stock repurchase program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 1.62%. 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 (DPR) is presently 111.85%.

Insider Activity at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Analog Devices

Hedge funds have recently bought and sold shares of the company. Orion Capital Management LLC purchased a new position in Analog Devices in the fourth quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Analog Devices during the third quarter valued at approximately $28,000. Mainstream Capital Management LLC purchased a new position in Analog Devices in the 4th quarter worth approximately $30,000. Hopwood Financial Services Inc. purchased a new position in Analog Devices in the 4th quarter worth approximately $30,000. Finally, Cassady Schiller Wealth Management LLC lifted its position in Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 55 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.

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.