Analog Devices (NASDAQ:ADI) was upgraded by equities researchers at Summit Insights from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley reduced their price objective on Analog Devices from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 3rd. Zacks Investment Research upgraded Analog Devices from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a research note on Thursday, August 23rd. Raymond James raised their price objective on Analog Devices from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, August 23rd. ValuEngine cut Analog Devices from a “hold” rating to a “sell” rating in a research note on Monday, October 8th. Finally, Barclays restated an “overweight” rating and set a $108.00 price objective on shares of Analog Devices in a research note on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $101.50.

Analog Devices stock opened at $89.68 on Tuesday. The company has a market cap of $31.79 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 1.19 and a beta of 1.23. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.58 and a quick ratio of 1.16. Analog Devices has a 52 week low of $76.62 and a 52 week high of $103.59.

Analog Devices (NASDAQ:ADI) last released its earnings results on Tuesday, November 20th. The semiconductor company reported $1.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.52 by $0.03. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 EPS. As a group, analysts forecast that Analog Devices will post 5.93 earnings per share for the current year.

Analog Devices announced that its Board of Directors has authorized a stock buyback program on Tuesday, August 21st that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, SVP Joseph Hassett sold 12,000 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $100.40, for a total transaction of $1,204,800.00. Following the transaction, the senior vice president now directly owns 26,711 shares of the company’s stock, valued at $2,681,784.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $97.19, for a total value of $971,900.00. Following the transaction, the chief executive officer now directly owns 27,376 shares in the company, valued at $2,660,673.44. The disclosure for this sale can be found here. Insiders sold 88,750 shares of company stock worth $8,561,658 over the last ninety days. 0.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of ADI. Legal & General Group Plc boosted its stake in Analog Devices by 18.3% during the third quarter. Legal & General Group Plc now owns 1,889,741 shares of the semiconductor company’s stock valued at $174,661,000 after buying an additional 291,836 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in Analog Devices by 98.4% during the third quarter. Krane Funds Advisors LLC now owns 13,054 shares of the semiconductor company’s stock valued at $1,207,000 after buying an additional 6,474 shares in the last quarter. Nordea Investment Management AB boosted its stake in Analog Devices by 2.6% during the third quarter. Nordea Investment Management AB now owns 37,522 shares of the semiconductor company’s stock valued at $3,469,000 after buying an additional 968 shares in the last quarter. Kentucky Retirement Systems bought a new position in Analog Devices during the third quarter valued at about $1,308,000. Finally, Equitable Trust Co. boosted its position in shares of Analog Devices by 42.5% in the 3rd quarter. Equitable Trust Co. now owns 212,257 shares of the semiconductor company’s stock valued at $19,625,000 after purchasing an additional 63,322 shares during the period. 89.06% of the stock is currently owned by institutional investors.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.

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Analyst Recommendations for Analog Devices (NASDAQ:ADI)

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