Truist Financial Forecasts Strong Price Appreciation for Analog Devices (NASDAQ:ADI) Stock

Analog Devices (NASDAQ:ADI) had its price target increased by equities research analysts at Truist Financial from $216.00 to $230.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price objective would suggest a potential upside of 8.30% from the company’s current price.

Several other brokerages also recently weighed in on ADI. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. Piper Sandler cut their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Analog Devices in a research note on Tuesday, October 8th. Morgan Stanley dropped their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company initiated coverage on shares of Analog Devices in a research note on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price objective for the company. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $249.48.

Analog Devices Stock Performance

NASDAQ:ADI opened at $212.37 on Friday. The firm has a market cap of $105.40 billion, a price-to-earnings ratio of 64.55, a price-to-earnings-growth ratio of 2.47 and a beta of 1.05. Analog Devices has a 1-year low of $182.57 and a 1-year high of $244.14. The firm’s fifty day moving average price is $216.48 and its 200 day moving average price is $222.92. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.64 by $0.03. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period in the previous year, the firm earned $2.01 EPS. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. On average, sell-side analysts expect that Analog Devices will post 7.15 EPS for the current year.

Insider Activity at Analog Devices

In related news, EVP Gregory M. Bryant sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $223.87, for a total transaction of $4,477,400.00. Following the completion of the transaction, the executive vice president now owns 59,093 shares of the company’s stock, valued at $13,229,149.91. This trade represents a 25.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $2,238,700.00. Following the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,921,334.21. This represents a 31.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,000 shares of company stock valued at $11,029,300. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in Analog Devices in the 3rd quarter valued at approximately $28,000. Archer Investment Corp grew its holdings in shares of Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 73 shares in the last quarter. Peterson Financial Group Inc. acquired a new stake in shares of Analog Devices during the 3rd quarter worth approximately $43,000. Reston Wealth Management LLC acquired a new stake in shares of Analog Devices during the 3rd quarter worth approximately $48,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Analog Devices during the 3rd quarter worth approximately $80,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.