Analog Devices Inc. (ADI) Upgraded by Zacks Investment Research to Buy
Analog Devices Inc. (NASDAQ:ADI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $70.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.65% from the company’s current price.
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.”
Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Analog Devices from $58.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Morgan Stanley restated a “buy” rating and issued a $78.00 price objective on shares of Analog Devices in a report on Thursday, August 18th. Wells Fargo & Co. reiterated a “buy” rating on shares of Analog Devices in a report on Thursday, August 18th. Pacific Crest reiterated a “buy” rating on shares of Analog Devices in a report on Sunday, September 11th. Finally, Stifel Nicolaus boosted their target price on shares of Analog Devices from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Analog Devices has a consensus rating of “Buy” and an average price target of $70.57.
Analog Devices (NASDAQ:ADI) opened at 62.14 on Wednesday. Analog Devices has a 12-month low of $47.24 and a 12-month high of $66.91. The company has a 50 day moving average of $62.64 and a 200-day moving average of $59.94. The stock has a market cap of $19.11 billion, a P/E ratio of 29.35 and a beta of 1.25.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.07. The firm earned $870 million during the quarter, compared to the consensus estimate of $847.43 million. Analog Devices had a return on equity of 19.40% and a net margin of 19.49%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. Equities analysts forecast that Analog Devices will post $2.92 earnings per share for the current year.
In related news, SVP Rick D. Hess sold 6,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $62.63, for a total value of $375,780.00. Following the completion of the transaction, the senior vice president now directly owns 30,495 shares of the company’s stock, valued at approximately $1,909,901.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Eileen Wynne sold 2,504 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $64.25, for a total value of $160,882.00. Following the completion of the transaction, the vice president now directly owns 1,297 shares of the company’s stock, valued at $83,332.25. The disclosure for this sale can be found here. 0.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parametric Risk Advisors LLC purchased a new position in Analog Devices during the first quarter valued at approximately $444,000. Pictet Asset Management Ltd. increased its stake in shares of Analog Devices by 2.1% in the first quarter. Pictet Asset Management Ltd. now owns 175,527 shares of the company’s stock worth $9,302,000 after buying an additional 3,600 shares during the period. Primecap Management Co. CA increased its stake in shares of Analog Devices by 1.0% in the first quarter. Primecap Management Co. CA now owns 4,403,345 shares of the company’s stock worth $260,634,000 after buying an additional 42,500 shares during the period. UBS Group AG increased its stake in shares of Analog Devices by 7.5% in the first quarter. UBS Group AG now owns 494,028 shares of the company’s stock worth $29,240,000 after buying an additional 34,645 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of Analog Devices during the first quarter worth about $112,000. 85.70% of the stock is owned by hedge funds and other institutional investors.
About Analog Devices
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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