Wells Fargo & Company Begins Coverage on Analog Devices (NASDAQ:ADI)

Stock analysts at Wells Fargo & Company began coverage on shares of Analog Devices (NASDAQ:ADI) in a research note issued on Friday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $220.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 2.52% from the company’s current price.

A number of other analysts also recently weighed in on ADI. Bank of America cut their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. JPMorgan Chase & Co. raised their price objective on Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Truist Financial cut shares of Analog Devices from a “buy” rating to a “hold” rating and decreased their target price for the stock from $266.00 to $233.00 in a research note on Monday, September 23rd. Finally, Morgan Stanley increased their price target on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $252.05.

Analog Devices Stock Performance

ADI opened at $214.59 on Friday. The company has a market capitalization of $106.54 billion, a price-to-earnings ratio of 64.44, a P/E/G ratio of 3.01 and a beta of 1.08. The business’s 50-day moving average price is $224.87 and its two-hundred day moving average price is $225.56. Analog Devices has a 1 year low of $179.63 and a 1 year high of $244.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the prior year, the business posted $2.49 EPS. The business’s revenue was down 24.8% compared to the same quarter last year. Equities analysts expect that Analog Devices will post 6.34 EPS for the current fiscal year.

Insider Activity

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the completion of the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at $11,672,108.91. This represents a 16.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Edward H. Frank sold 995 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $234.31, for a total value of $233,138.45. Following the completion of the sale, the director now directly owns 3,753 shares of the company’s stock, valued at approximately $879,365.43. This trade represents a 20.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,995 shares of company stock worth $25,116,338. 0.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in Analog Devices in the third quarter worth about $28,000. New Millennium Group LLC purchased a new stake in shares of Analog Devices in the 2nd quarter worth approximately $29,000. Archer Investment Corp increased its position in Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares in the last quarter. ORG Partners LLC increased its position in Analog Devices by 675.0% during the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 135 shares in the last quarter. Finally, CVA Family Office LLC boosted its holdings in Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 45 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

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.