Analog Devices (NASDAQ:ADI) Updates Q3 2024 Earnings Guidance

Analog Devices (NASDAQ:ADI) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.400-1.600 for the period, compared to the consensus earnings per share estimate of 1.350. The company issued revenue guidance of $2.2 billion-$2.4 billion, compared to the consensus revenue estimate of $2.2 billion. Analog Devices also updated its Q3 guidance to $1.40-$1.60 EPS.

Analog Devices Price Performance

Shares of Analog Devices stock opened at $229.50 on Wednesday. The firm has a fifty day simple moving average of $198.29 and a 200-day simple moving average of $192.41. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 0.17. Analog Devices has a 1-year low of $154.99 and a 1-year high of $229.50. The stock has a market capitalization of $113.81 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 5.47 and a beta of 1.14.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.14. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the firm earned $2.83 EPS. The company’s revenue was down 33.8% on a year-over-year basis. On average, sell-side analysts expect that Analog Devices will post 5.85 earnings per share for the current year.

Wall Street Analyst Weigh In

ADI has been the topic of a number of research analyst reports. Truist Financial decreased their price objective on shares of Analog Devices from $226.00 to $222.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Stifel Nicolaus upped their target price on shares of Analog Devices from $220.00 to $240.00 and gave the company a buy rating in a research report on Monday. Barclays upped their target price on shares of Analog Devices from $185.00 to $210.00 and gave the company an equal weight rating in a research report on Monday. Jefferies Financial Group assumed coverage on shares of Analog Devices in a research report on Monday, May 13th. They set a buy rating and a $250.00 target price on the stock. Finally, KeyCorp upped their target price on shares of Analog Devices from $220.00 to $230.00 and gave the company an overweight rating in a research report on Thursday, February 22nd. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $214.50.

Insiders Place Their Bets

In other news, Director James Champy sold 1,228 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $197.64, for a total transaction of $242,701.92. Following the completion of the transaction, the director now directly owns 6,371 shares of the company’s stock, valued at approximately $1,259,164.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director James Champy sold 1,228 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the transaction, the director now directly owns 6,371 shares of the company’s stock, valued at $1,259,164.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $197.06, for a total transaction of $1,970,600.00. Following the completion of the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at $10,057,745.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,707 shares of company stock worth $4,874,613. Company insiders own 0.31% of the company’s stock.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.