Analog Devices (NASDAQ:ADI) Hits New 1-Year High – Here’s Why

Analog Devices, Inc. (NASDAQ:ADI) reached a new 52-week high during trading on Wednesday . The stock traded as high as $333.76 and last traded at $329.3450, with a volume of 282939 shares traded. The stock had previously closed at $325.16.

Wall Street Analysts Forecast Growth

ADI has been the topic of several analyst reports. Cfra reiterated a “buy” rating and set a $280.00 price target on shares of Analog Devices in a report on Tuesday, November 25th. Truist Financial lifted their price target on shares of Analog Devices from $258.00 to $291.00 and gave the company a “hold” rating in a research report on Friday, December 19th. Piper Sandler set a $290.00 price objective on shares of Analog Devices in a report on Tuesday, November 25th. Wells Fargo & Company set a $340.00 target price on shares of Analog Devices and gave the company an “overweight” rating in a report on Thursday, January 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $350.00 target price on shares of Analog Devices in a research report on Tuesday, December 16th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Analog Devices presently has an average rating of “Moderate Buy” and a consensus price target of $314.22.

Analog Devices Trading Up 2.8%

The firm has a market cap of $163.26 billion, a PE ratio of 73.10, a P/E/G ratio of 1.75 and a beta of 1.03. The company’s fifty day moving average price is $292.61 and its two-hundred day moving average price is $258.77. The company has a quick ratio of 1.68, a current ratio of 2.19 and a debt-to-equity ratio of 0.24.

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

Analog Devices Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Monday, December 8th were paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, December 8th. Analog Devices’s dividend payout ratio (DPR) is presently 86.84%.

Insider Buying and Selling

In related news, Director Ray Stata sold 3,125 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $317.30, for a total value of $991,562.50. Following the completion of the transaction, the director owned 123,821 shares in the company, valued at $39,288,403.30. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Katsufumi Nakamura sold 500 shares of Analog Devices stock in a transaction 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 transaction, the senior vice president directly owned 12,710 shares of the company’s stock, valued at approximately $3,831,556.60. The trade was a 3.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 53,544 shares of company stock valued at $15,320,417. Company insiders own 0.36% of the company’s stock.

Institutional Trading of Analog Devices

Hedge funds have recently modified their holdings of the company. 1620 Investment Advisors Inc. raised its holdings in Analog Devices by 5.0% during the fourth quarter. 1620 Investment Advisors Inc. now owns 671 shares of the semiconductor company’s stock worth $182,000 after acquiring an additional 32 shares in the last quarter. Covestor Ltd raised its stake in Analog Devices by 14.1% during the fourth quarter. Covestor Ltd now owns 275 shares of the semiconductor company’s stock worth $75,000 after buying an additional 34 shares during the last quarter. JFS Wealth Advisors LLC lifted its holdings in shares of Analog Devices by 9.9% in the 4th quarter. JFS Wealth Advisors LLC now owns 390 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 35 shares in the last quarter. Albion Financial Group UT boosted its position in shares of Analog Devices by 41.4% during the fourth quarter. Albion Financial Group UT now owns 123 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 36 shares during the last quarter. Finally, Prestige Wealth Management Group LLC lifted its stake in Analog Devices by 2.6% in the fourth quarter. Prestige Wealth Management Group LLC now owns 1,435 shares of the semiconductor company’s stock valued at $389,000 after purchasing an additional 36 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

About Analog Devices

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.