Analog Devices Given “Neutral” Rating at Zacks (ADI)
Analog Devices (NYSE:ADI)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Wednesday. They currently have a $55.00 price objective on the stock. Zacks‘s price target points to a potential upside of 5.34% from the stock’s previous close.
Zacks’ analyst wrote, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its third quarter earnings were in-line with 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.”
Shares of Analog Devices (NYSE:ADI) traded down 2.89% on Wednesday, hitting $50.70. 2,556,669 shares of the company’s stock traded hands. Analog Devices has a 52-week low of $45.28 and a 52-week high of $56.18. The stock has a 50-day moving average of $51.79 and a 200-day moving average of $52.25. The company has a market cap of $15.927 billion and a P/E ratio of 23.12.
Analog Devices (NYSE:ADI) last released its earnings data on Tuesday, August 26th. The company reported $0.63 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.63. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $716.32 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts predict that Analog Devices will post $2.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 17th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.83%.
Other equities research analysts have also recently issued reports about the stock. Analysts at Macquarie reiterated an “outperform” rating on shares of Analog Devices in a research note on Wednesday. They now have a $55.00 price target on the stock, down previously from $60.00. Separately, analysts at Barclays reiterated an “equal weight” rating on shares of Analog Devices in a research note on Wednesday. They now have a $50.00 price target on the stock, up previously from $49.00. Finally, analysts at RBC Capital cut their price target on shares of Analog Devices from $60.00 to $56.00 in a research note on Wednesday. They now have a “sector perform” rating on the stock. Ten analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $57.00.
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.
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