BidaskClub upgraded shares of Analog Devices (NASDAQ:ADI) from a sell rating to a hold rating in a research note published on Friday, September 21st.
A number of other equities research analysts have also recently issued reports on ADI. Loop Capital assumed coverage on shares of Analog Devices in a report on Thursday, June 21st. They issued a buy rating and a $117.00 target price on the stock. Piper Jaffray Companies upped their price target on shares of Analog Devices from $99.00 to $105.00 and gave the company an overweight rating in a research note on Thursday, May 31st. Sanford C. Bernstein upped their price target on shares of Analog Devices from $105.00 to $110.00 and gave the company an outperform rating in a research note on Thursday, May 31st. Nomura initiated coverage on shares of Analog Devices in a research report on Wednesday, July 18th. They set a neutral rating and a $100.00 target price on the stock. Finally, Stifel Nicolaus increased their target price on shares of Analog Devices from $108.00 to $110.00 and gave the stock a buy rating in a research report on Thursday, August 23rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $106.77.
NASDAQ:ADI traded up $0.50 on Friday, hitting $84.17. 3,573,665 shares of the company’s stock were exchanged, compared to its average volume of 2,777,109. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.58 and a quick ratio of 1.16. Analog Devices has a 52 week low of $80.95 and a 52 week high of $103.59. The stock has a market capitalization of $34.36 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.
Analog Devices announced that its board has authorized a stock buyback program on Tuesday, August 21st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 5.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Analog Devices news, SVP Margaret K. Seif sold 2,700 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $97.19, for a total value of $262,413.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray Stata sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $100.30, for a total transaction of $2,006,000.00. Following the completion of the sale, the director now owns 171,936 shares of the company’s stock, valued at $17,245,180.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,645 shares of company stock valued at $8,862,608. 0.70% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of ADI. JPMorgan Chase & Co. lifted its position in shares of Analog Devices by 17.7% during the first quarter. JPMorgan Chase & Co. now owns 22,229,063 shares of the semiconductor company’s stock valued at $2,025,734,000 after purchasing an additional 3,344,969 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Analog Devices by 23.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,929,042 shares of the semiconductor company’s stock valued at $1,623,835,000 after purchasing an additional 3,199,255 shares in the last quarter. Morgan Stanley lifted its position in shares of Analog Devices by 19.9% during the second quarter. Morgan Stanley now owns 7,076,283 shares of the semiconductor company’s stock valued at $678,754,000 after purchasing an additional 1,172,933 shares in the last quarter. FIL Ltd lifted its position in shares of Analog Devices by 9,511.9% during the first quarter. FIL Ltd now owns 1,173,424 shares of the semiconductor company’s stock valued at $106,934,000 after purchasing an additional 1,161,216 shares in the last quarter. Finally, Millennium Management LLC raised its position in Analog Devices by 2,304.5% in the first quarter. Millennium Management LLC now owns 1,055,409 shares of the semiconductor company’s stock worth $96,179,000 after acquiring an additional 1,011,516 shares during the period. Hedge funds and other institutional investors own 88.06% of the company’s stock.
About Analog Devices
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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