Analog Devices (NASDAQ:ADI) Earns “Hold” Rating from Needham & Company LLC

Analog Devices (NASDAQ:ADI)‘s stock had its “hold” rating restated by Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports.

Several other research analysts have also recently issued reports on the company. Morgan Stanley dropped their price objective on Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Wells Fargo & Company initiated coverage on Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective on the stock. Piper Sandler dropped their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Truist Financial increased their price objective on Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a research note on Friday, January 10th. Finally, Benchmark increased their price objective on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Trading Down 2.0 %

ADI opened at $238.91 on Thursday. The stock has a market cap of $118.52 billion, a price-to-earnings ratio of 76.09, a P/E/G ratio of 2.76 and a beta of 1.04. The stock’s 50 day moving average price is $215.50 and its 200-day moving average price is $220.24. Analog Devices has a one year low of $182.57 and a one year 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 1.93.

Analog Devices (NASDAQ:ADI) last released its 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 firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. On average, equities analysts forecast that Analog Devices will post 7.11 EPS for the current year.

Analog Devices announced that its Board of Directors has approved 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 buy up to 9.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 21,983 shares in the company, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company 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 added to or reduced their stakes in ADI. Swedbank AB raised its stake in Analog Devices by 6.7% in the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock worth $666,137,000 after acquiring an additional 180,870 shares during the last quarter. Whittier Trust Co. raised its stake in Analog Devices by 17.0% in the 3rd quarter. Whittier Trust Co. now owns 2,693 shares of the semiconductor company’s stock worth $620,000 after acquiring an additional 391 shares during the last quarter. Foundations Investment Advisors LLC raised its stake in Analog Devices by 9.5% in the 3rd quarter. Foundations Investment Advisors LLC now owns 2,020 shares of the semiconductor company’s stock worth $465,000 after acquiring an additional 176 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Analog Devices by 5.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,431 shares of the semiconductor company’s stock worth $2,861,000 after purchasing an additional 587 shares during the period. Finally, Private Advisor Group LLC grew its position in Analog Devices by 6.4% during the 3rd quarter. Private Advisor Group LLC now owns 20,936 shares of the semiconductor company’s stock worth $4,818,000 after purchasing an additional 1,264 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

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.