Wells Fargo & Company Issues Positive Forecast for Analog Devices (NASDAQ:ADI) Stock Price

Analog Devices (NASDAQ:ADI) had its price target hoisted by Wells Fargo & Company from $205.00 to $235.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 1.68% from the stock’s previous close.

Other analysts have also issued reports about the stock. Wall Street Zen raised shares of Analog Devices from a “hold” rating to a “buy” rating in a research note on Saturday, May 24th. Williams Trading set a $260.00 price target on shares of Analog Devices in a report on Friday, May 23rd. Stifel Nicolaus increased their price objective on shares of Analog Devices from $225.00 to $248.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Evercore ISI lifted their price objective on shares of Analog Devices from $231.00 to $280.00 and gave the company an “outperform” rating in a report on Friday, May 23rd. Finally, Truist Financial upped their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $250.50.

Analog Devices Trading Up 2.7%

Shares of Analog Devices stock traded up $6.08 on Monday, hitting $231.11. 548,499 shares of the company traded hands, compared to its average volume of 3,565,860. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $114.69 billion, a PE ratio of 73.68, a PEG ratio of 2.85 and a beta of 1.00. The stock’s 50 day moving average price is $204.95 and its 200-day moving average price is $210.70. Analog Devices has a 52 week low of $158.65 and a 52 week high of $247.10.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.70 by $0.15. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the business posted $1.40 EPS. Analog Devices’s quarterly revenue was up 22.3% on a year-over-year basis. Equities research analysts predict that Analog Devices will post 7.14 EPS for the current year.

Analog Devices declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $196.84, for a total value of $1,968,400.00. Following the completion of the transaction, the chief executive officer now owns 142,996 shares in the company, valued at $28,147,332.64. This trade represents a 6.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the sale, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This represents a 7.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,934 shares of company stock valued at $6,643,956 in the last three months. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Analog Devices

Large investors have recently bought and sold shares of the company. Activest Wealth Management lifted its holdings in Analog Devices by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 127 shares during the period. Orion Capital Management LLC acquired a new position in shares of Analog Devices in the 4th quarter valued at $27,000. Menard Financial Group LLC purchased a new stake in Analog Devices during the fourth quarter worth $27,000. Alpine Bank Wealth Management acquired a new stake in Analog Devices during the first quarter valued at $27,000. Finally, Mainstream Capital Management LLC acquired a new stake in Analog Devices during the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

About Analog Devices

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.