Zacks Investment Research upgraded shares of Analog Devices Inc. (NASDAQ:ADI) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $72.00 price objective on the stock.
According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its third quarter earnings were above the Zacks Consensus Estimate. The company has agreed to acquire Linear business in a cash and stock deal worth $14.8 billion. The acquisition is expected to be accretive to non-GAAP earnings and cash flow. It also acquired the Cyber Security Solutions to enhance its capabilities in the field of secure radio communications. Though we remain concerned about weakness in the consumer market, ADI is solidly positioned in growth markets like industrial, auto and communication. Also its products continue to see very strong deployment in the emerging automotive market.”
A number of other research analysts have also issued reports on ADI. Credit Suisse Group AG reissued a buy rating on shares of Analog Devices in a report on Tuesday, June 14th. Bank of America Corp. lowered Analog Devices from a buy rating to a neutral rating and dropped their target price for the company from $61.00 to $60.00 in a report on Monday, June 27th. Royal Bank Of Canada dropped their target price on Analog Devices from $65.00 to $63.00 and set an outperform rating on the stock in a report on Friday, July 1st. KeyCorp reissued a buy rating on shares of Analog Devices in a report on Wednesday, July 6th. Finally, B. Riley reissued a buy rating and issued a $73.00 target price on shares of Analog Devices in a report on Wednesday, July 27th. Eleven analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $70.64.
Shares of Analog Devices (NASDAQ:ADI) opened at 64.42 on Wednesday. The firm has a market capitalization of $19.81 billion, a P/E ratio of 30.43 and a beta of 1.25. Analog Devices has a 52 week low of $47.24 and a 52 week high of $66.91. The firm has a 50 day moving average price of $62.92 and a 200-day moving average price of $59.77.
Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. The business had revenue of $870 million for the quarter, compared to analyst estimates of $847.43 million. Analog Devices had a return on equity of 19.40% and a net margin of 19.49%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 earnings per share. Equities research analysts predict that Analog Devices will post $2.92 EPS for the current fiscal year.
In other Analog Devices news, SVP Rick D. Hess sold 6,000 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $60.03, for a total transaction of $360,180.00. Following the completion of the sale, the senior vice president now directly owns 36,495 shares in the company, valued at $2,190,794.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David Zinsner sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $64.33, for a total value of $964,950.00. Following the sale, the senior vice president now owns 35,897 shares of the company’s stock, valued at $2,309,254.01. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.
A number of large investors have recently made changes to their positions in ADI. Carnick & Kubik LLC purchased a new stake in shares of Analog Devices during the first quarter valued at approximately $608,000. NN Investment Partners Holdings N.V. purchased a new stake in shares of Analog Devices during the first quarter valued at approximately $105,000. JPMorgan Chase & Co. raised its stake in shares of Analog Devices by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 8,984,315 shares of the company’s stock valued at $531,782,000 after buying an additional 197,978 shares in the last quarter. Columbia Partners L L C Investment Management raised its stake in shares of Analog Devices by 6.4% in the first quarter. Columbia Partners L L C Investment Management now owns 18,688 shares of the company’s stock valued at $1,106,000 after buying an additional 1,132 shares in the last quarter. Finally, Peapack Gladstone Financial Corp purchased a new stake in shares of Analog Devices during the first quarter valued at approximately $214,000. Institutional investors own 85.71% of the company’s stock.
Analog Devices Company Profile
Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.
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