Morgan Stanley Reiterates “Overweight” Rating for Analog Devices Inc. (ADI)
Analog Devices Inc. (NASDAQ:ADI)‘s stock had its “overweight” rating reaffirmed by equities researchers at Morgan Stanley in a research report issued to clients and investors on Wednesday.
Other analysts also recently issued research reports about the stock. B. Riley restated a “buy” rating and set a $73.00 price objective on shares of Analog Devices in a research report on Wednesday, July 27th. Citigroup Inc. downgraded shares of Analog Devices from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $60.00 to $68.00 in a research report on Wednesday, July 27th. They noted that the move was a valuation call. Barclays PLC boosted their price objective on shares of Analog Devices from $55.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 27th. Pacific Crest boosted their price objective on shares of Analog Devices from $60.00 to $77.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 27th. Finally, SunTrust Banks Inc. set a $80.00 price objective on shares of Analog Devices and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Eleven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $70.83.
Shares of Analog Devices (NASDAQ:ADI) opened at 68.21 on Wednesday. The stock has a market capitalization of $20.97 billion, a P/E ratio of 32.22 and a beta of 1.18. The company’s 50-day moving average is $63.99 and its 200-day moving average is $60.84. Analog Devices has a one year low of $47.24 and a one year high of $68.50.
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 analysts’ consensus estimates 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 the consensus estimate of $847.43 million. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. On average, equities research analysts anticipate that Analog Devices will post $2.92 earnings per share for the current year.
In related news, Director Ray Stata sold 25,000 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $64.02, for a total transaction of $1,600,500.00. Following the completion of the sale, the director now owns 257,631 shares of the company’s stock, valued at approximately $16,493,536.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Rick D. Hess sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $62.63, for a total transaction of $375,780.00. Following the sale, the senior vice president now directly owns 30,495 shares of the company’s stock, valued at approximately $1,909,901.85. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ADI. Nuveen Asset Management LLC increased its stake in Analog Devices by 46.0% in the first quarter. Nuveen Asset Management LLC now owns 128,706 shares of the company’s stock worth $7,618,000 after buying an additional 40,544 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in Analog Devices during the first quarter worth about $1,547,000. Legal & General Group Plc increased its stake in Analog Devices by 2.1% in the first quarter. Legal & General Group Plc now owns 1,300,917 shares of the company’s stock worth $76,999,000 after buying an additional 27,162 shares during the period. Jones Financial Companies Lllp increased its stake in Analog Devices by 23.1% in the first quarter. Jones Financial Companies Lllp now owns 18,053 shares of the company’s stock worth $1,068,000 after buying an additional 3,383 shares during the period. Finally, Moore Capital Management LP acquired a new stake in Analog Devices during the first quarter worth about $12,607,000. 87.40% of the stock is owned by hedge funds and other institutional investors.
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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