Analog Devices (ADI) Shares Gap Up to $79.03

Analog Devices, Inc. (NASDAQ:ADI) gapped up prior to trading on Monday . The stock had previously closed at $76.74, but opened at $79.03. Analog Devices shares last traded at $80.41, with a volume of 5058329 shares trading hands.

ADI has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on shares of Analog Devices from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 3rd. Zacks Investment Research upgraded shares of Analog Devices from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a research note on Thursday, August 23rd. Raymond James lifted their price objective on shares of Analog Devices from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, August 23rd. ValuEngine cut shares of Analog Devices from a “hold” rating to a “sell” rating in a research note on Monday, October 8th. Finally, Barclays restated an “overweight” rating and set a $108.00 price objective on shares of Analog Devices in a research note on Wednesday, October 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. Analog Devices currently has an average rating of “Hold” and an average target price of $103.70.

The firm has a market capitalization of $29.37 billion, a PE ratio of 13.51, a PEG ratio of 1.07 and a beta of 1.20. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.58 and a quick ratio of 1.16.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.07. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.51 billion. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. Analog Devices’s revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 earnings per share. As a group, research analysts predict that Analog Devices, Inc. will post 5.93 EPS for the current fiscal year.

Analog Devices declared that its board has initiated a share repurchase program on Tuesday, August 21st that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, SVP Joseph Hassett sold 12,000 shares of Analog Devices stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $100.40, for a total value of $1,204,800.00. Following the transaction, the senior vice president now owns 26,711 shares of the company’s stock, valued at approximately $2,681,784.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $92.81, for a total value of $928,100.00. Following the completion of the transaction, the chief executive officer now directly owns 27,376 shares in the company, valued at approximately $2,540,766.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,050 shares of company stock worth $8,422,958. 0.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ADI. Arizona State Retirement System grew its stake in Analog Devices by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 92,120 shares of the semiconductor company’s stock valued at $8,517,000 after acquiring an additional 1,003 shares in the last quarter. Round Table Services LLC grew its stake in Analog Devices by 38.3% during the 3rd quarter. Round Table Services LLC now owns 6,495 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 1,800 shares in the last quarter. GWM Advisors LLC grew its stake in Analog Devices by 21.2% during the 3rd quarter. GWM Advisors LLC now owns 12,969 shares of the semiconductor company’s stock valued at $1,199,000 after acquiring an additional 2,267 shares in the last quarter. Intact Investment Management Inc. grew its stake in Analog Devices by 16.7% during the 3rd quarter. Intact Investment Management Inc. now owns 4,900 shares of the semiconductor company’s stock valued at $453,000 after acquiring an additional 700 shares in the last quarter. Finally, North Star Asset Management Inc. grew its stake in Analog Devices by 31.4% during the 3rd quarter. North Star Asset Management Inc. now owns 58,967 shares of the semiconductor company’s stock valued at $5,452,000 after acquiring an additional 14,102 shares in the last quarter. 88.10% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Company Profile (NASDAQ:ADI)

Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.

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