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

Analog Devices (NASDAQ:ADI – Get Rating) issued an update on its third quarter 2023 earnings guidance on Friday morning. The company provided EPS guidance of $2.42-$2.62 for the period, compared to the consensus EPS 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.

Analog Devices Price Performance

NASDAQ:ADI traded up $3.85 during trading hours on Friday, reaching $176.24. The stock had a trading volume of 2,724,576 shares, compared to its average volume of 3,335,096. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.50 and a current ratio of 1.79. The stock has a market capitalization of $89.15 billion, a PE ratio of 24.42, a PEG ratio of 1.33 and a beta of 1.15. Analog Devices has a 52 week low of $133.48 and a 52 week high of $198.24. The company has a 50 day moving average price of $186.11 and a two-hundred day moving average price of $176.80.

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

Analog Devices Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Monday, June 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $3.44 annualized dividend and a yield of 1.95%. Analog Devices’s payout ratio is presently 48.73%.

Analysts Set New Price Targets

Several research firms recently weighed in on ADI. The Goldman Sachs Group increased their price target on Analog Devices from $186.00 to $210.00 and gave the company a buy rating in a report on Thursday, February 16th. Oppenheimer reduced their target price on Analog Devices from $230.00 to $215.00 in a research note on Thursday. Cowen increased their target price on Analog Devices from $200.00 to $225.00 and gave the stock an outperform rating in a research note on Thursday, February 16th. StockNews.com upgraded Analog Devices from a hold rating to a buy rating in a research note on Wednesday, May 17th. Finally, Raymond James increased their target price on Analog Devices from $200.00 to $225.00 and gave the stock an outperform rating in a research note on Thursday, February 16th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $208.17.

Insider Activity

In other news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of Analog Devices stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at $4,464,115.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director James Champy sold 1,495 shares of the company’s 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 of the company’s stock, valued at approximately $1,181,438.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s 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 directly owns 23,871 shares in the company, valued at approximately $4,464,115.71. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Large investors have recently modified their holdings of the business. Parkside Financial Bank & Trust raised its holdings in shares of Analog Devices by 38.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 897 shares of the semiconductor company’s stock valued at $148,000 after buying an additional 247 shares during the period. Harbour Investments Inc. increased its holdings in Analog Devices by 42.3% during the 4th quarter. Harbour Investments Inc. now owns 753 shares of the semiconductor company’s stock worth $124,000 after purchasing an additional 224 shares during the period. Milestone Investment Advisors LLC purchased a new stake in Analog Devices during the 1st quarter worth about $105,000. Fairfield Bush & CO. purchased a new stake in Analog Devices during the 1st quarter worth about $82,000. Finally, Atlas Capital Advisors LLC increased its holdings in Analog Devices by 23.5% during the 4th quarter. Atlas Capital Advisors LLC now owns 500 shares of the semiconductor company’s stock worth $82,000 after purchasing an additional 95 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Analog Devices

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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.