Analog Devices (NASDAQ:ADI) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Analog Devices (NASDAQ:ADI) announced its earnings results on Tuesday. The semiconductor company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.04, Zacks reports. Analog Devices had a net margin of 18.85% and a return on equity of 10.32%.

Analog Devices Stock Up 3.0%

Shares of NASDAQ:ADI opened at $239.40 on Tuesday. The stock has a market capitalization of $117.77 billion, a P/E ratio of 61.07, a price-to-earnings-growth ratio of 1.98 and a beta of 1.09. The stock’s 50-day moving average price is $238.67 and its 200-day moving average price is $235.30. The company has a current ratio of 2.32, a quick ratio of 1.79 and a debt-to-equity ratio of 0.24. Analog Devices has a 12-month low of $158.65 and a 12-month high of $258.13.

Wall Street Analysts Forecast Growth

ADI has been the topic of several research reports. Piper Sandler raised their price objective on shares of Analog Devices from $215.00 to $245.00 and gave the company a “neutral” rating in a research report on Thursday, August 21st. Evercore ISI increased their target price on Analog Devices from $280.00 to $303.00 and gave the company an “outperform” rating in a research note on Thursday, August 21st. BNP Paribas Exane started coverage on Analog Devices in a research note on Tuesday, November 4th. They set an “outperform” rating and a $300.00 price target for the company. Benchmark upped their price objective on Analog Devices from $260.00 to $285.00 and gave the stock a “buy” rating in a report on Thursday, August 21st. Finally, BNP Paribas assumed coverage on Analog Devices in a report on Tuesday, November 4th. They set an “outperform” rating and a $300.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $278.42.

Insider Buying and Selling

In related news, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $246.92, for a total value of $771,625.00. Following the transaction, the director directly owned 155,071 shares of the company’s stock, valued at $38,290,131.32. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Martin Cotter sold 12,500 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $246.25, for a total transaction of $3,078,125.00. Following the transaction, the senior vice president directly owned 63,048 shares of the company’s stock, valued at approximately $15,525,570. This trade represents a 16.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 59,750 shares of company stock valued at $14,684,296 over the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of large investors have recently made changes to their positions in the business. Amundi increased its stake in shares of Analog Devices by 44.8% during the third quarter. Amundi now owns 6,215,129 shares of the semiconductor company’s stock valued at $1,507,740,000 after buying an additional 1,922,302 shares during the period. Raymond James Financial Inc. boosted its holdings in Analog Devices by 29.2% in the third quarter. Raymond James Financial Inc. now owns 4,829,931 shares of the semiconductor company’s stock valued at $1,186,714,000 after acquiring an additional 1,091,004 shares in the last quarter. Rafferty Asset Management LLC increased its position in Analog Devices by 47.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 1,802,338 shares of the semiconductor company’s stock valued at $428,992,000 after purchasing an additional 580,546 shares during the period. Credit Agricole S A bought a new position in Analog Devices in the 3rd quarter worth $112,402,000. Finally, Wellington Management Group LLP raised its holdings in Analog Devices by 21.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,560,230 shares of the semiconductor company’s stock worth $629,049,000 after purchasing an additional 457,297 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors.

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.