Bank of America Forecasts Strong Price Appreciation for Analog Devices (NASDAQ:ADI) Stock

Analog Devices (NASDAQ:ADI) had its price target increased by analysts at Bank of America from $320.00 to $350.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price indicates a potential upside of 13.44% from the stock’s previous close.

ADI has been the topic of several other research reports. Oppenheimer boosted their price objective on Analog Devices from $265.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. The Goldman Sachs Group reiterated a “buy” rating and set a $300.00 target price on shares of Analog Devices in a research note on Tuesday, November 25th. JPMorgan Chase & Co. increased their price target on shares of Analog Devices from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Wednesday, November 26th. Barclays set a $315.00 price objective on shares of Analog Devices in a report on Thursday, January 15th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Analog Devices in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $312.04.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $308.52 on Wednesday. The company has a current ratio of 2.19, a quick ratio of 1.68 and a debt-to-equity ratio of 0.24. The stock has a market cap of $151.07 billion, a PE ratio of 67.66, a price-to-earnings-growth ratio of 1.65 and a beta of 1.03. The stock’s fifty day simple moving average is $274.55 and its two-hundred day simple moving average is $251.60. Analog Devices has a 1-year low of $158.65 and a 1-year high of $313.19.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.04. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Analog Devices had a net margin of 20.58% and a return on equity of 11.23%. The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.67 earnings per share. As a group, analysts forecast that Analog Devices will post 7.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Katsufumi Nakamura sold 500 shares of Analog Devices stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $301.46, for a total value of $150,730.00. Following the completion of the transaction, the senior vice president directly owned 12,710 shares in the company, valued at approximately $3,831,556.60. The trade was a 3.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray Stata sold 3,125 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $230.21, for a total value of $719,406.25. Following the sale, the director owned 142,571 shares in the company, valued at approximately $32,821,269.91. This represents a 2.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 53,544 shares of company stock worth $14,328,561 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Analog Devices

A number of large investors have recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in Analog Devices by 39.5% in the 4th quarter. Brighton Jones LLC now owns 1,867 shares of the semiconductor company’s stock valued at $397,000 after purchasing an additional 529 shares during the period. Sivia Capital Partners LLC raised its position in shares of Analog Devices by 36.0% in the second quarter. Sivia Capital Partners LLC now owns 1,752 shares of the semiconductor company’s stock worth $417,000 after buying an additional 464 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Analog Devices in the second quarter worth $230,000. CHICAGO TRUST Co NA boosted its stake in Analog Devices by 54.0% during the second quarter. CHICAGO TRUST Co NA now owns 2,560 shares of the semiconductor company’s stock valued at $609,000 after buying an additional 898 shares during the period. Finally, Revisor Wealth Management LLC purchased a new position in Analog Devices during the second quarter worth about $312,000. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Company Profile

Analog Devices, Inc (NASDAQ: ADI) is a multinational semiconductor company that designs, manufactures and markets a broad portfolio of analog, mixed-signal and digital signal processing integrated circuits. Founded in 1965 by Ray Stata and Matthew Lorber, the company has grown into a leading supplier of components that convert, condition and process real-world signals for electronic systems. Analog Devices is headquartered in Massachusetts and serves customers around the world across multiple end markets.

The company’s product lineup includes data converters (ADCs and DACs), amplifiers, power management ICs, radio-frequency (RF) and microwave components, sensors and MEMS devices, signal chain and isolation products, timing and clocking solutions, and embedded processors and software for system-level design.