Wells Fargo & Company Forecasts Strong Price Appreciation for Analog Devices (NASDAQ:ADI) Stock

Analog Devices (NASDAQ:ADI) had its target price increased by analysts at Wells Fargo & Company from $220.00 to $240.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 0.46% from the stock’s previous close.

ADI has been the subject of several other reports. Barclays decreased their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Benchmark lifted their price objective on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley lifted their price objective on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler cut their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Finally, TD Cowen cut their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $255.19.

Analog Devices Price Performance

Analog Devices stock opened at $238.91 on Thursday. The firm has a market capitalization of $118.52 billion, a P/E ratio of 76.09, a PEG ratio of 2.76 and a beta of 1.04. Analog Devices has a 1 year low of $182.57 and a 1 year high of $247.10. The business has a 50-day moving average of $215.50 and a 200-day moving average of $220.24. The company has a current ratio of 1.93, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.73 EPS. On average, equities analysts anticipate that Analog Devices will post 7.11 EPS for the current year.

Analog Devices declared that its board has authorized a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in shares of Analog Devices during the 3rd quarter worth approximately $28,000. Orion Capital Management LLC acquired a new position in shares of Analog Devices during the 4th quarter worth approximately $27,000. Hopwood Financial Services Inc. acquired a new position in shares of Analog Devices during the 4th quarter worth approximately $30,000. Mainstream Capital Management LLC acquired a new position in shares of Analog Devices during the 4th quarter worth approximately $30,000. Finally, Cassady Schiller Wealth Management LLC increased its holdings in shares of Analog Devices by 63.2% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Company Profile

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.