Analog Devices (NASDAQ:ADI) Shares Gap Up on Earnings Beat

Analog Devices, Inc. (NASDAQ:ADIGet Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $216.64, but opened at $227.79. Analog Devices shares last traded at $230.22, with a volume of 774,586 shares.

The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.14. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. Analog Devices’s revenue for the quarter was down 33.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.83 earnings per share.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Analog Devices from $191.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Stifel Nicolaus upped their target price on shares of Analog Devices from $220.00 to $240.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley reaffirmed an “overweight” rating and set a $212.00 price target on shares of Analog Devices in a research report on Thursday, April 11th. Evercore ISI initiated coverage on Analog Devices in a research note on Tuesday, April 16th. They set an “outperform” rating and a $254.00 price objective on the stock. Finally, KeyCorp increased their target price on Analog Devices from $220.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, February 22nd. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Analog Devices has a consensus rating of “Moderate Buy” and an average target price of $214.50.

Get Our Latest Stock Report on ADI

Insider Transactions at Analog Devices

In other Analog Devices news, Director James Champy sold 1,228 shares of the business’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 sale, the director now directly owns 6,371 shares of the company’s stock, valued at approximately $1,259,164.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director James Champy sold 1,228 shares of the business’s stock in a transaction that occurred 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 directly owns 6,371 shares of the company’s stock, valued at $1,259,164.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vivek Jain sold 3,479 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $197.56, for a total transaction of $687,311.24. Following the completion of the sale, the executive vice president now owns 5,745 shares of the company’s stock, valued at approximately $1,134,982.20. The disclosure for this sale can be found here. Insiders have sold a total of 24,707 shares of company stock valued at $4,874,613 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of Analog Devices

A number of institutional investors have recently added to or reduced their stakes in the business. Dai ichi Life Insurance Company Ltd lifted its holdings in Analog Devices by 15.3% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 18,370 shares of the semiconductor company’s stock worth $3,216,000 after purchasing an additional 2,438 shares during the last quarter. MGO One Seven LLC grew its stake in Analog Devices by 14.6% in the 3rd quarter. MGO One Seven LLC now owns 2,865 shares of the semiconductor company’s stock valued at $502,000 after buying an additional 366 shares during the last quarter. SP Asset Management LLC raised its holdings in Analog Devices by 1.0% in the 3rd quarter. SP Asset Management LLC now owns 73,974 shares of the semiconductor company’s stock worth $12,952,000 after acquiring an additional 709 shares during the period. STF Management LP lifted its position in Analog Devices by 154.3% during the 3rd quarter. STF Management LP now owns 8,073 shares of the semiconductor company’s stock worth $1,414,000 after acquiring an additional 4,898 shares during the last quarter. Finally, Syon Capital LLC bought a new stake in Analog Devices during the third quarter valued at about $498,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Trading Up 6.6 %

The company has a quick ratio of 0.98, a current ratio of 1.51 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $198.29 and a 200-day moving average price of $192.41. The company has a market capitalization of $114.55 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 5.47 and a beta of 1.14.

Analog Devices Company Profile

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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.

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