Analog Devices (NASDAQ:ADI) Updates Q3 2023 Earnings Guidance

Analog Devices (NASDAQ:ADI – Get Rating) updated its third quarter 2023 earnings guidance on Friday. The company provided earnings per share guidance of $2.42-$2.62 for the period, compared to the consensus earnings per share estimate of $2.65. The company issued revenue guidance of $3.00 billion-$3.20 billion, compared to the consensus revenue estimate of $3.16 billion.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADI. StockNews.com upgraded Analog Devices from a hold rating to a buy rating in a report on Wednesday, May 17th. Credit Suisse Group raised their price target on Analog Devices from $185.00 to $225.00 and gave the company a buy rating in a research note on Thursday, February 16th. UBS Group raised their price target on Analog Devices from $195.00 to $225.00 and gave the company a buy rating in a research note on Thursday, February 16th. Wells Fargo & Company decreased their price target on Analog Devices from $190.00 to $185.00 in a research note on Thursday. Finally, BMO Capital Markets decreased their price target on Analog Devices from $215.00 to $200.00 in a research note on Thursday. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices currently has a consensus rating of Moderate Buy and a consensus target price of $208.17.

Analog Devices Stock Performance

NASDAQ:ADI opened at $172.39 on Friday. The stock has a market cap of $87.20 billion, a P/E ratio of 24.42, a PEG ratio of 1.33 and a beta of 1.15. The stock has a 50 day simple moving average of $186.11 and a 200 day simple moving average of $176.80. The company has a current ratio of 1.79, a quick ratio of 1.50 and a debt-to-equity ratio of 0.18. Analog Devices has a 1-year low of $133.48 and a 1-year high of $198.24.

Analog Devices (NASDAQ:ADI – Get Rating) last released its quarterly earnings results on Wednesday, May 24th. The semiconductor company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.75 by $0.08. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Analog Devices had a return on equity of 15.27% and a net margin of 28.16%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $2.40 EPS. Research analysts anticipate that Analog Devices will post 10.65 earnings per share for the current year.

Analog Devices Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Monday, June 5th will be issued a $0.86 dividend. The ex-dividend date is Friday, June 2nd. This represents a $3.44 annualized dividend and a yield of 2.00%. Analog Devices’s dividend payout ratio is presently 48.73%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of Analog Devices stock in a transaction on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the transaction, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at approximately $4,464,115.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director James Champy sold 1,495 shares of Analog Devices stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total value of $277,232.80. Following the transaction, the director now owns 6,371 shares in the company, valued at approximately $1,181,438.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Prashanth Mahendra-Rajah sold 26,250 shares of Analog Devices stock in a transaction on Monday, March 20th. The shares were sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the transaction, the chief financial officer now owns 23,871 shares in the company, valued at approximately $4,464,115.71. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Hedge funds and other institutional investors have recently modified their holdings of the business. Fortis Capital Advisors LLC bought a new stake in Analog Devices during the 1st quarter worth $31,000. Quarry LP grew its position in shares of Analog Devices by 267.4% in the 1st quarter. Quarry LP now owns 169 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 123 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Analog Devices in the 1st quarter valued at about $39,000. Worth Asset Management LLC bought a new stake in shares of Analog Devices in the 1st quarter valued at about $33,000. Finally, Live Oak Investment Partners bought a new stake in shares of Analog Devices in the 4th quarter valued at about $48,000. Institutional investors own 85.34% of the company’s stock.

About Analog Devices

(Get Rating)

Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.