Analog Devices Price Target Raised to $63.00 at Pacific Crest (ADI)
Analysts at Pacific Crest increased their target price on shares of Analog Devices (NYSE:ADI) from $61.00 to $63.00 in a research report issued to clients and investors on Tuesday. Pacific Crest’s target price would suggest a potential upside of 13.90% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at MKM Partners raised their price target on shares of Analog Devices from $54.00 to $57.00 in a research note on Monday. They now have a “neutral” rating on the stock. Separately, analysts at ING Group raised their price target on shares of Analog Devices from $47.00 to $49.00 in a research note on Thursday, May 22nd. Finally, analysts at Nomura reiterated a “neutral” rating on shares of Analog Devices in a research note on Wednesday, May 21st. They now have a $53.00 price target on the stock, up previously from $50.00. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.33.
In other Analog Devices news, CFO David Zinsner unloaded 5,140 shares of the stock on the open market in a transaction dated Monday, June 2nd. The stock was sold at an average price of $52.46, for a total value of $269,644.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Analog Devices (NYSE:ADI) traded up 0.81% during mid-day trading on Tuesday, hitting $55.76. The stock had a trading volume of 2,319,221 shares. Analog Devices has a 52-week low of $43.86 and a 52-week high of $56.18. The stock has a 50-day moving average of $52.00 and a 200-day moving average of $50.89. The company has a market cap of $17.517 billion and a price-to-earnings ratio of 24.50.
Analog Devices (NYSE:ADI) last announced its earnings results on Tuesday, May 20th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, analysts predict that Analog Devices will post $2.36 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 2.68%. The ex-dividend date of this dividend is Wednesday, May 28th.
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).
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