Analog Devices Inc. (NASDAQ:ADI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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 topic of several other research reports. B. Riley reissued a “buy” rating and set a $73.00 price objective on shares of Analog Devices in a research note on Wednesday, July 27th. MKM Partners lifted their price objective on shares of Analog Devices from $56.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Wells Fargo & Co. reissued a “buy” rating on shares of Analog Devices in a research note on Thursday, August 18th. Citigroup Inc. lowered shares of Analog Devices from a “buy” rating to a “neutral” rating and lifted their price target for the company from $60.00 to $68.00 in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Finally, Oppenheimer Holdings Inc. raised shares of Analog Devices from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $70.83.

Analyst Recommendations for Analog Devices (NASDAQ:ADI)

Analog Devices (NASDAQ:ADI) opened at 64.25 on Wednesday. The company has a 50-day moving average of $63.46 and a 200-day moving average of $60.52. Analog Devices has a 1-year low of $47.24 and a 1-year high of $66.91. The firm has a market capitalization of $19.76 billion, a price-to-earnings ratio of 30.35 and a beta of 1.18.

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, topping the 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 business had revenue of $870 million for the quarter, compared to analyst estimates of $847.43 million. During the same quarter last year, the firm earned $0.77 EPS. Analog Devices’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities analysts predict that Analog Devices will post $2.92 earnings per share for the current year.

In other news, Director John C. Hodgson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $64.42, for a total value of $483,150.00. Following the completion of the transaction, the director now owns 18,485 shares of the company’s stock, valued at $1,190,803.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Peter Real sold 6,500 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $64.14, for a total value of $416,910.00. Following the completion of the transaction, the senior vice president now directly owns 13,786 shares of the company’s stock, valued at approximately $884,234.04. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in Analog Devices by 40.2% in the third quarter. JPMorgan Chase & Co. now owns 13,513,568 shares of the company’s stock valued at $870,948,000 after buying an additional 3,872,491 shares in the last quarter. Capital International Investors increased its position in Analog Devices by 187.5% in the second quarter. Capital International Investors now owns 3,793,500 shares of the company’s stock valued at $214,864,000 after buying an additional 2,473,800 shares in the last quarter. First Eagle Investment Management LLC increased its position in Analog Devices by 33.0% in the third quarter. First Eagle Investment Management LLC now owns 4,031,950 shares of the company’s stock valued at $259,859,000 after buying an additional 1,001,397 shares in the last quarter. Ameriprise Financial Inc. increased its position in Analog Devices by 58.1% in the third quarter. Ameriprise Financial Inc. now owns 2,141,684 shares of the company’s stock valued at $138,021,000 after buying an additional 786,774 shares in the last quarter. Finally, Tiverton Asset Management LLC increased its position in Analog Devices by 1,410.4% in the second quarter. Tiverton Asset Management LLC now owns 680,032 shares of the company’s stock valued at $16,300,000 after buying an additional 635,009 shares in the last quarter. 85.99% of the stock is owned by 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.

5 Day Chart for NASDAQ:ADI

Receive News & Stock Ratings for Analog Devices Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Analog Devices Inc. and related stocks with our FREE daily email newsletter.