Analog Devices Inc. (ADI) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Analog Devices Inc. (NASDAQ:ADI) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $72.00 price target 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.”
ADI has been the subject of several other research reports. Stifel Nicolaus raised their price target on shares of Analog Devices from $78.00 to $80.00 and gave the stock a buy rating in a research note on Thursday, September 8th. Pacific Crest reaffirmed an overweight rating on shares of Analog Devices in a report on Sunday, August 28th. KeyCorp reaffirmed a buy rating on shares of Analog Devices in a report on Wednesday, July 6th. Credit Suisse Group AG reaffirmed a buy rating on shares of Analog Devices in a report on Tuesday, June 14th. Finally, Deutsche Bank AG raised their price objective on shares of Analog Devices from $55.00 to $65.00 and gave the stock a hold rating in a report on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Analog Devices has a consensus rating of Buy and a consensus price target of $70.64.
Analog Devices (NASDAQ:ADI) opened at 63.35 on Wednesday. The stock’s 50 day moving average is $62.90 and its 200 day moving average is $59.83. Analog Devices has a one year low of $47.24 and a one year high of $66.91. The firm has a market capitalization of $19.48 billion, a P/E ratio of 29.92 and a beta of 1.25.
Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Analog Devices had a net margin of 19.49% and a return on equity of 19.40%. The company earned $870 million during the quarter, compared to analyst estimates of $847.43 million. During the same quarter last year, the business posted $0.77 EPS. Analog Devices’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities research analysts predict that Analog Devices will post $2.92 earnings per share for the current fiscal year.
In other news, SVP Rick D. Hess sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $60.03, for a total value of $360,180.00. Following the transaction, the senior vice president now owns 36,495 shares in the company, valued at $2,190,794.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ray Stata sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $64.06, for a total transaction of $3,203,000.00. Following the completion of the transaction, the director now owns 257,631 shares in the company, valued at approximately $16,503,841.86. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Carnick & Kubik LLC purchased a new position in shares of Analog Devices during the first quarter valued at about $608,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Analog Devices during the first quarter valued at about $105,000. JPMorgan Chase & Co. increased its position 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 increased its position 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 position in shares of Analog Devices during the first quarter valued at about $214,000. Hedge funds and other 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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