Macquarie Reiterates “Outperform” Rating for Analog Devices (ADI)
Analog Devices (NYSE:ADI)‘s stock had its “outperform” rating reaffirmed by investment analysts at Macquarie in a note issued to investors on Tuesday. They currently have a $60.00 price objective on the stock, up from their previous price objective of $55.00. Macquarie’s price target suggests a potential upside of 8.48% from the stock’s previous close.
In other Analog Devices news, CFO David Zinsner sold 5,140 shares of the company’s stock on the open market in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $52.46, for a total transaction of $269,644.40. The sale was disclosed in a document filed with the SEC, which is available at this link.
Analog Devices (NYSE:ADI) traded up 0.86% during mid-day trading on Tuesday, hitting $55.785. 1,404,255 shares of the company’s stock traded hands. 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 $17.525 billion and a P/E 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. Analysts expect that Analog Devices will post $2.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 10th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Wednesday, May 28th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of Analog Devices from $58.00 to $65.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Analog Devices from $55.00 to $60.00 in a research note on Tuesday. They now have a “sector perform” rating on the stock. Finally, analysts at Pacific Crest raised their price target on shares of Analog Devices from $61.00 to $63.00 in a research note on Tuesday. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.33.
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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