Analog Devices (NASDAQ:ADI) Issues Q3 2024 Earnings Guidance

Analog Devices (NASDAQ:ADI) updated its third quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.400-1.600 for the period, compared to the consensus EPS estimate of 1.350. The company issued revenue guidance of $2.2 billion-$2.4 billion, compared to the consensus revenue estimate of $2.2 billion. Analog Devices also updated its Q3 guidance to $1.40-$1.60 EPS.

Analog Devices Price Performance

Analog Devices stock opened at $229.50 on Wednesday. Analog Devices has a 52 week low of $154.99 and a 52 week high of $229.50. The business has a 50-day simple moving average of $198.29 and a 200 day simple moving average of $192.41. 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 stock has a market cap of $113.81 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 5.47 and a beta of 1.14.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Truist Financial dropped their price target on Analog Devices from $226.00 to $222.00 and set a buy rating for the company in a research note on Thursday, February 22nd. The Goldman Sachs Group lifted their price target on Analog Devices from $191.00 to $205.00 and gave the stock a buy rating in a research note on Thursday, February 22nd. Oppenheimer lifted their price target on Analog Devices from $215.00 to $245.00 and gave the stock an outperform rating in a research note on Thursday, May 16th. Cantor Fitzgerald lifted their price target on Analog Devices from $205.00 to $240.00 and gave the stock a neutral rating in a research note on Wednesday, May 15th. Finally, Evercore ISI began coverage on Analog Devices in a research note on Tuesday, April 16th. They issued an outperform rating and a $254.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $214.50.

Insiders Place Their Bets

In other Analog Devices news, Director James Champy sold 1,228 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $197.40, for a total transaction of $1,974,000.00. Following the completion of the transaction, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $10,075,098.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Champy sold 1,228 shares of the firm’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 value of $242,701.92. Following the transaction, the director now directly owns 6,371 shares of the company’s stock, valued at approximately $1,259,164.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,707 shares of company stock worth $4,874,613. Company insiders own 0.31% of the company’s stock.

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.