Citigroup Raises Analog Devices (NASDAQ:ADI) Price Target to $260.00

Analog Devices (NASDAQ:ADI) had its target price upped by stock analysts at Citigroup from $235.00 to $260.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective indicates a potential upside of 14.84% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Williams Trading set a $245.00 price target on shares of Analog Devices in a report on Friday, February 14th. Stifel Nicolaus decreased their price target on shares of Analog Devices from $275.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Wells Fargo & Company boosted their target price on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Finally, Cantor Fitzgerald boosted their target price on shares of Analog Devices from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $251.20.

Analog Devices Price Performance

Shares of NASDAQ ADI traded down $0.71 during mid-day trading on Monday, hitting $226.40. 1,169,380 shares of the company’s stock traded hands, compared to its average volume of 4,082,846. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. Analog Devices has a 1 year low of $158.65 and a 1 year high of $247.10. The company has a market capitalization of $112.29 billion, a P/E ratio of 72.17, a PEG ratio of 2.85 and a beta of 0.98. The company’s 50-day moving average is $196.58 and its two-hundred day moving average is $210.33.

Analog Devices (NASDAQ:ADI) last issued its 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. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm earned $1.73 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Analog Devices will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its board has authorized a stock buyback 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 often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total value of $563,156.25. Following the sale, the director now owns 186,321 shares in the company, valued at approximately $33,576,907.41. This trade represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the completion of the sale, the chief executive officer now directly owns 64,918 shares in the company, valued at $13,575,652.16. This trade represents a 13.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,934 shares of company stock worth $8,735,156 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Analog Devices

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Analog Devices by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,397,181 shares of the semiconductor company’s stock worth $685,109,000 after buying an additional 63,566 shares during the last quarter. Woodline Partners LP acquired a new position in Analog Devices during the first quarter worth $32,580,000. Zurich Insurance Group Ltd FI increased its holdings in Analog Devices by 26.1% during the first quarter. Zurich Insurance Group Ltd FI now owns 190,351 shares of the semiconductor company’s stock worth $38,388,000 after buying an additional 39,393 shares during the last quarter. Semmax Financial Advisors Inc. increased its holdings in Analog Devices by 2.9% during the first quarter. Semmax Financial Advisors Inc. now owns 6,042 shares of the semiconductor company’s stock worth $1,254,000 after buying an additional 173 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in Analog Devices by 3.0% during the first quarter. Empowered Funds LLC now owns 44,639 shares of the semiconductor company’s stock worth $9,002,000 after buying an additional 1,312 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.