Analog Devices Inc. (ADI) Receives “Outperform” Rating from RBC Capital Markets

Analog Devices Inc. (NASDAQ:ADI)‘s stock had its “outperform” rating reissued by RBC Capital Markets in a research note issued on Wednesday. They presently have a $75.00 price target on the stock, up from their prior price target of $63.00. RBC Capital Markets’ target price points to a potential upside of 19.29% from the company’s previous close.

Several other analysts have also issued reports on ADI. B. Riley restated a “buy” rating and issued a $73.00 price objective on shares of Analog Devices in a report on Wednesday. Deutsche Bank AG boosted their price objective on shares of Analog Devices from $55.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday. MKM Partners boosted their price objective on shares of Analog Devices from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. Morgan Stanley upgraded shares of Analog Devices from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $56.00 to $78.00 in a report on Wednesday. Finally, Zacks Investment Research lowered shares of Analog Devices from a “hold” rating to a “sell” rating in a report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $67.48.

In other news, SVP Rick D. Hess sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $60.03, for a total transaction of $360,180.00. Following the completion of the sale, the senior vice president now owns 36,495 shares in the company, valued at $2,190,794.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Other large investors recently added to or reduced their stakes in the company. Capital World Investors boosted its stake in Analog Devices by 0.8% in the fourth quarter. Capital World Investors now owns 26,225,143 shares of the company’s stock valued at $1,450,775,000 after buying an additional 203,769 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Analog Devices by 4.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,315,195 shares of the company’s stock valued at $791,916,000 after buying an additional 560,730 shares during the period. State Street Corp boosted its stake in Analog Devices by 0.5% in the first quarter. State Street Corp now owns 12,491,451 shares of the company’s stock valued at $739,377,000 after buying an additional 60,097 shares during the period. JPMorgan Chase & Co. boosted its stake in Analog Devices by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 8,984,315 shares of the company’s stock valued at $531,782,000 after buying an additional 197,978 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Analog Devices by 216.9% in the first quarter. Franklin Resources Inc. now owns 8,263,450 shares of the company’s stock valued at $489,113,000 after buying an additional 5,655,478 shares during the period.

Shares of Analog Devices (NASDAQ:ADI) traded up 0.863% during midday trading on Wednesday, hitting $63.415. 13,925,084 shares of the stock traded hands. Analog Devices has a 12-month low of $47.24 and a 12-month high of $66.91. The company’s 50 day moving average price is $57.71 and its 200-day moving average price is $55.95. The stock has a market cap of $19.49 billion and a price-to-earnings ratio of 30.784.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, May 18th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. The firm had revenue of $779 million for the quarter, compared to analyst estimates of $777.57 million. The company’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.73 EPS. On average, equities research analysts expect that Analog Devices will post $2.76 EPS for the current year.

Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.