Analog Devices Inc. (NASDAQ:ADI) had its price target increased by stock analysts at Pacific Crest from $60.00 to $77.00 in a report released on Wednesday. The firm currently has an “overweight” rating on the stock. Pacific Crest’s price target indicates a potential upside of 22.47% from the company’s previous close.
A number of hedge funds and institutional investors recently made changes to their positions in ADI. NN Investment Partners Holdings N.V. bought a new position in shares of Analog Devices during the first quarter worth approximately $105,000. Meeder Asset Management Inc. bought a new position in shares of Analog Devices during the first quarter worth approximately $112,000. Peapack Gladstone Financial Corp bought a new position in shares of Analog Devices during the first quarter worth approximately $214,000. Virginia Retirement System bought a new position in shares of Analog Devices during the first quarter worth approximately $300,000. Finally, Creative Planning increased its position in shares of Analog Devices by 31.6% in the second quarter. Creative Planning now owns 6,953 shares of the company’s stock worth $394,000 after buying an additional 1,668 shares during the last quarter.
Other research analysts have also issued reports about the stock. B. Riley reissued a “buy” rating and set a $65.00 target price on shares of Analog Devices in a research note on Thursday, May 26th. Citigroup Inc. lowered shares of Analog Devices from a “buy” rating to a “neutral” rating and boosted their target price for the company from $60.00 to $68.00 in a research note on Wednesday. They noted that the move was a valuation call. Barclays PLC boosted their target price on shares of Analog Devices from $55.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday. Goldman Sachs Group Inc. raised shares of Analog Devices from a “sell” rating to a “neutral” rating and boosted their target price for the company from $50.00 to $60.00 in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Analog Devices from $58.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $68.59.
Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, May 18th. The company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.02. During the same period last year, the firm posted $0.73 earnings per share. The business earned $779 million during the quarter, compared to analyst estimates of $777.57 million. The company’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts expect that Analog Devices will post $2.76 EPS for the current year.
In related news, SVP Rick D. Hess sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $60.03, for a total transaction of $360,180.00. Following the transaction, the senior vice president now directly owns 36,495 shares of the company’s stock, valued at $2,190,794.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
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.
