Zacks Reiterates Neutral Rating for Analog Devices (ADI)
Analog Devices (NYSE:ADI)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Wednesday. They currently have a $55.00 target price on the stock. Zacks‘s price target suggests a potential upside of 7.15% from the stock’s previous close.
Zacks’ analyst wrote, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its second quarter earnings beat the Zacks Consensus Estimate and guidance was also encouraging. Though we remain concerned about competitive pressures across several markets, ADI is solidly positioned in secular growth markets and its products continue to see very strong deployment in the emerging automotive market. Given this backdrop, the order momentum in the last quarter is encouraging. We therefore reiterate our Neutral rating on the shares.”
In other Analog Devices news, VP Margaret Seif unloaded 4,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $50.92, for a total value of $203,680.00. Following the transaction, the vice president now directly owns 10,368 shares of the company’s stock, valued at approximately $527,939. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
ADI has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Analog Devices in a research note on Wednesday. They now have a $56.00 price target on the stock, down previously from $58.00. Separately, analysts at MKM Partners raised their price target on shares of Analog Devices from $52.00 to $54.00 in a research note on Wednesday. They now have a “neutral” rating on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Analog Devices from $60.00 to $61.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $55.43.
Analog Devices (NYSE:ADI) traded down 1.25% on Wednesday, hitting $51.33. The stock had a trading volume of 4,532,612 shares. Analog Devices has a 52 week low of $43.86 and a 52 week high of $54.40. The stock’s 50-day moving average is $52.2 and its 200-day moving average is $50.63. The company has a market cap of $16.042 billion and a P/E ratio of 23.65.
Analog Devices (NYSE:ADI) last announced its earnings results on Tuesday, May 20th. The company reported $0.59 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.56 by $0.03. The company had revenue of $694.54 million for the quarter, compared to the consensus estimate of $670.93 million. During the same quarter last year, the company posted $0.52 earnings per share. Analog Devices’s revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that Analog Devices will post $2.29 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, June 10th. Investors of record on Friday, May 30th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.88%.
Analog Devices, Inc (NYSE:ADI) is engaged in the design, manufacture and marketing of a range of analog, mixed-signal and digital signal processing integrated circuits (ICs).
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.