Analog Devices (NASDAQ:ADI) Given New $260.00 Price Target at Morgan Stanley

Analog Devices (NASDAQ:ADI) had its price objective hoisted by Morgan Stanley from $221.00 to $260.00 in a report released on Thursday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the semiconductor company’s stock.

ADI has been the subject of several other reports. Needham & Company LLC reiterated a hold rating on shares of Analog Devices in a report on Thursday. Barclays increased 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 note on Monday. TD Cowen increased their target price on shares of Analog Devices from $210.00 to $270.00 and gave the company a buy rating in a research note on Thursday. Jefferies Financial Group began coverage on shares of Analog Devices in a research note on Monday, May 13th. They set a buy rating and a $250.00 target price for the company. Finally, Truist Financial increased their target price on shares of Analog Devices from $222.00 to $275.00 and gave the company a buy rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $237.75.

Analog Devices Trading Down 2.3 %

Analog Devices stock opened at $234.56 on Thursday. The firm has a 50 day simple moving average of $199.92 and a 200-day simple moving average of $193.03. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.51 and a quick ratio of 0.98. The stock has a market capitalization of $116.32 billion, a PE ratio of 41.96, a price-to-earnings-growth ratio of 5.44 and a beta of 1.14. Analog Devices has a 12-month low of $154.99 and a 12-month high of $241.88.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.14. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. The business’s revenue was down 33.8% on a year-over-year basis. During the same period last year, the firm posted $2.83 earnings per share. As a group, equities research analysts expect that Analog Devices will post 5.85 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.92 per share. The ex-dividend date is Tuesday, June 4th. This represents a $3.68 annualized dividend and a dividend yield of 1.57%. Analog Devices’s dividend payout ratio (DPR) is 65.83%.

Insider Transactions at Analog Devices

In other news, Director James Champy sold 1,228 shares of the stock in a transaction 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 transaction, the director now owns 6,371 shares in the company, valued at approximately $1,259,164.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $197.40, for a total value of $1,974,000.00. Following the transaction, the chief executive officer now directly owns 51,039 shares in the company, valued at approximately $10,075,098.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $242,701.92. Following the completion of the transaction, the director now owns 6,371 shares in the company, valued at $1,259,164.44. The disclosure for this sale can be found here. Insiders have sold a total of 24,707 shares of company stock worth $4,874,613 in the last 90 days. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in Analog Devices in the 4th quarter valued at $1,225,227,000. Swedbank AB bought a new stake in Analog Devices in the 1st quarter valued at $537,171,000. Massachusetts Financial Services Co. MA boosted its holdings in Analog Devices by 22.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,868,437 shares of the semiconductor company’s stock valued at $2,428,225,000 after purchasing an additional 2,497,696 shares during the period. Vanguard Group Inc. boosted its holdings in Analog Devices by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 47,716,169 shares of the semiconductor company’s stock valued at $9,437,781,000 after purchasing an additional 2,160,668 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Analog Devices by 17,535,360.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,753,546 shares of the semiconductor company’s stock valued at $346,834,000 after purchasing an additional 1,753,536 shares during the period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.