Analog Devices, Inc. (ADI) Rating Increased to Neutral at Instinet
Analog Devices, Inc. (NASDAQ:ADI) was upgraded by Instinet from a “reduce” rating to a “neutral” rating in a research report issued on Thursday. The brokerage presently has a $80.00 price objective on the semiconductor company’s stock, up from their previous price objective of $72.50. Instinet’s target price indicates a potential downside of 5.19% from the stock’s current price.
Several other equities research analysts also recently issued reports on the stock. Jefferies Group LLC restated a “buy” rating on shares of Analog Devices in a research note on Monday, July 10th. BidaskClub downgraded shares of Analog Devices from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Raymond James Financial, Inc. started coverage on shares of Analog Devices in a research note on Friday, June 16th. They issued a “market perform” rating on the stock. Royal Bank Of Canada restated a “buy” rating and issued a $92.00 price objective on shares of Analog Devices in a research note on Friday, August 4th. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $90.00 price objective (up previously from $87.00) on shares of Analog Devices in a research note on Thursday, June 1st. Twelve investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $91.85.
Analog Devices (ADI) opened at 84.38 on Thursday. The firm has a market capitalization of $30.97 billion, a PE ratio of 32.32 and a beta of 1.28. Analog Devices has a 52-week low of $59.01 and a 52-week high of $90.49. The stock’s 50 day moving average is $79.59 and its 200-day moving average is $80.13.
Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, August 30th. The semiconductor company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. Analog Devices had a return on equity of 19.06% and a net margin of 14.77%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company posted $0.82 earnings per share. The company’s revenue for the quarter was up 64.9% compared to the same quarter last year. Equities analysts expect that Analog Devices will post $4.59 earnings per share for the current year.
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In other news, SVP Margaret K. Seif sold 3,000 shares of the firm’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $80.28, for a total value of $240,840.00. Following the completion of the sale, the senior vice president now directly owns 20,404 shares in the company, valued at $1,638,033.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce R. Evans bought 14,000 shares of the stock in a transaction dated Friday, July 7th. The stock was acquired at an average price of $78.28 per share, with a total value of $1,095,920.00. Following the completion of the purchase, the director now owns 67,540 shares of the company’s stock, valued at approximately $5,287,031.20. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 24,487 shares of company stock valued at $1,992,008. 1.10% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in ADI. Vanguard Group Inc. raised its stake in shares of Analog Devices by 3.0% in the second quarter. Vanguard Group Inc. now owns 29,053,102 shares of the semiconductor company’s stock worth $2,260,331,000 after buying an additional 847,762 shares during the period. BlackRock Inc. raised its stake in shares of Analog Devices by 6.2% in the second quarter. BlackRock Inc. now owns 24,482,633 shares of the semiconductor company’s stock worth $1,904,749,000 after buying an additional 1,437,338 shares during the period. Wellington Management Group LLP raised its stake in shares of Analog Devices by 14.4% in the first quarter. Wellington Management Group LLP now owns 18,479,225 shares of the semiconductor company’s stock worth $1,514,372,000 after buying an additional 2,319,193 shares during the period. State Street Corp raised its stake in shares of Analog Devices by 20.0% in the first quarter. State Street Corp now owns 14,958,586 shares of the semiconductor company’s stock worth $1,225,852,000 after buying an additional 2,493,568 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Analog Devices by 54.1% in the second quarter. Franklin Resources Inc. now owns 9,251,799 shares of the semiconductor company’s stock worth $719,786,000 after buying an additional 3,248,336 shares during the period. Institutional investors own 86.88% of the company’s stock.
About Analog Devices
Analog Devices, Inc (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products.
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