Zacks Investment Research lowered shares of Analog Devices Inc. (NASDAQ:ADI) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its third quarter earnings were above the Zacks Consensus Estimate. The company has agreed to acquire Linear business in a cash and stock deal worth $14.8 billion. The acquisition is expected to be accretive to non-GAAP earnings and cash flow. It also acquired the Cyber Security Solutions to enhance its capabilities in the field of secure radio communications. Though we remain concerned about weakness in the consumer market, ADI is solidly positioned in growth markets like industrial, auto and communication. Also its products continue to see very strong deployment in the emerging automotive market.”
Other analysts have also recently issued research reports about the company. Drexel Hamilton raised their target price on Analog Devices from $62.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, July 27th. Evercore ISI raised Analog Devices from a hold rating to a buy rating and set a $80.00 target price for the company in a research report on Wednesday, July 27th. B. Riley reaffirmed a buy rating and issued a $73.00 target price on shares of Analog Devices in a research report on Wednesday, July 27th. KeyCorp reaffirmed a buy rating on shares of Analog Devices in a research report on Wednesday, July 6th. Finally, Stifel Nicolaus raised their target price on Analog Devices from $68.00 to $78.00 and gave the stock a buy rating in a research report on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $70.64.
Shares of Analog Devices (NASDAQ:ADI) opened at 62.10 on Thursday. Analog Devices has a 1-year low of $47.24 and a 1-year high of $66.91. The stock has a 50 day moving average price of $62.85 and a 200-day moving average price of $59.84. The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 29.33 and a beta of 1.25.
Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, August 17th. The company reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. The business earned $870 million during the quarter, compared to analysts’ expectations of $847.43 million. Analog Devices had a return on equity of 19.40% and a net margin of 19.49%. Analog Devices’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 earnings per share. On average, equities research analysts expect that Analog Devices will post $2.92 earnings per share for the current fiscal year.
In related news, VP Eileen Wynne sold 2,504 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $64.25, for a total value of $160,882.00. Following the completion of the transaction, the vice president now owns 1,297 shares in the company, valued at approximately $83,332.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray Stata sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $64.06, for a total transaction of $3,203,000.00. Following the completion of the transaction, the director now owns 257,631 shares of the company’s stock, valued at approximately $16,503,841.86. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors boosted its position in Analog Devices by 187.5% in the second quarter. Capital International Investors now owns 3,793,500 shares of the company’s stock valued at $214,864,000 after buying an additional 2,473,800 shares during the period. JPMorgan Chase & Co. boosted its position in Analog Devices by 7.3% in the second quarter. JPMorgan Chase & Co. now owns 9,641,077 shares of the company’s stock valued at $546,071,000 after buying an additional 656,762 shares during the period. Tiverton Asset Management LLC boosted its position in Analog Devices by 1,410.4% in the second quarter. Tiverton Asset Management LLC now owns 680,032 shares of the company’s stock valued at $16,300,000 after buying an additional 635,009 shares during the period. First Pacific Advisors LLC boosted its position in Analog Devices by 12.7% in the second quarter. First Pacific Advisors LLC now owns 4,715,280 shares of the company’s stock valued at $267,073,000 after buying an additional 529,910 shares during the period. Finally, PGGM Investments bought a new position in Analog Devices during the second quarter valued at $29,028,000. Hedge funds and other institutional investors own 85.71% of the company’s stock.
About Analog Devices
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.