Oppenheimer Reiterates Outperform Rating for Analog Devices (NASDAQ:ADI)

Oppenheimer reaffirmed their outperform rating on shares of Analog Devices (NASDAQ:ADI) in a report published on Thursday,Benzinga reports. They currently have a $270.00 target price on the semiconductor company’s stock, up from their prior target price of $245.00.

Several other analysts have also recently weighed in on ADI. Piper Sandler dropped their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. TD Cowen lowered their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Wells Fargo & Company raised their price objective on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday. Truist Financial upped their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research report on Thursday. Finally, Benchmark lifted their price target on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $255.19.

Analog Devices Trading Up 0.9 %

ADI opened at $243.82 on Thursday. The firm has a market capitalization of $120.96 billion, a price-to-earnings ratio of 74.11, a price-to-earnings-growth ratio of 2.53 and a beta of 1.04. The company’s 50 day simple moving average is $215.06 and its two-hundred day simple moving average is $219.97. Analog Devices has a 1-year low of $182.57 and a 1-year high of $247.10. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data 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 firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 earnings per share. Analysts expect that Analog Devices will post 7.09 EPS for the current fiscal year.

Analog Devices announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.99 per share. The ex-dividend date is Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.62%. Analog Devices’s payout ratio is currently 111.85%.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total transaction of $2,158,300.00. Following the completion of the transaction, the chief executive officer now owns 21,983 shares in the company, valued at approximately $4,744,590.89. The trade was a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.33% of the stock is owned by insiders.

Institutional Trading of Analog Devices

A number of institutional investors have recently bought and sold shares of ADI. Vanguard Group Inc. lifted its position in shares of Analog Devices by 0.8% during the 4th 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. State Street Corp raised its stake in Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock worth $5,195,302,000 after acquiring an additional 106,664 shares in the last quarter. Geode Capital Management LLC lifted its position in Analog Devices by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company’s stock valued at $2,248,971,000 after acquiring an additional 247,737 shares during the last quarter. Franklin Resources Inc. boosted its stake in Analog Devices by 14.9% in the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock valued at $2,169,689,000 after acquiring an additional 1,189,940 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Analog Devices during the fourth quarter worth about $1,755,958,000. 86.81% of the stock is 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.