Analog Devices Inc. (NASDAQ:ADI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its third quarter earnings were above the Zacks Consensus Estimate. The company has agreed to acquire Linear  business in a cash and stock deal worth $14.8 billion. The acquisition is expected to be accretive to non-GAAP earnings and cash flow.  It also acquired the Cyber Security Solutions to enhance its capabilities in the field of secure radio communications. Though we remain concerned about weakness in the consumer market, ADI is solidly positioned in growth markets like industrial, auto and communication. Also its products continue to see very strong deployment in the emerging automotive market.”

Several other analysts also recently weighed in on ADI. B. Riley reiterated a “buy” rating and issued a $73.00 target price on shares of Analog Devices in a report on Wednesday, July 27th. Evercore ISI upgraded shares of Analog Devices from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a research note on Wednesday, July 27th. Citigroup Inc. downgraded shares of Analog Devices from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $68.00 in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Morgan Stanley upgraded shares of Analog Devices from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $78.00 in a research note on Wednesday, July 27th. Finally, Royal Bank Of Canada boosted their price target on shares of Analog Devices from $63.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $70.83.

Shares of Analog Devices (NASDAQ:ADI) opened at 64.85 on Wednesday. Analog Devices has a one year low of $47.24 and a one year high of $66.91. The stock’s 50 day moving average price is $63.36 and its 200 day moving average price is $60.46. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of 30.63 and a beta of 1.18.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Analog Devices had a net margin of 19.49% and a return on equity of 19.40%. The firm earned $870 million during the quarter, compared to the consensus estimate of $847.43 million. During the same quarter last year, the firm earned $0.77 EPS. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts forecast that Analog Devices will post $2.92 earnings per share for the current year.

In related news, Director Ray Stata sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $64.06, for a total transaction of $3,203,000.00. Following the sale, the director now owns 257,631 shares in the company, valued at $16,503,841.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Rick D. Hess sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $62.63, for a total transaction of $375,780.00. Following the sale, the senior vice president now owns 30,495 shares in the company, valued at approximately $1,909,901.85. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in ADI. DekaBank Deutsche Girozentrale raised its stake in shares of Analog Devices by 16.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 15,057 shares of the company’s stock worth $970,000 after buying an additional 2,103 shares during the period. Norinchukin Bank The raised its stake in shares of Analog Devices by 2.1% in the third quarter. Norinchukin Bank The now owns 16,462 shares of the company’s stock worth $1,061,000 after buying an additional 341 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Analog Devices by 58.1% in the third quarter. Ameriprise Financial Inc. now owns 2,141,684 shares of the company’s stock worth $138,021,000 after buying an additional 786,774 shares during the period. Stevens Capital Management LP raised its stake in shares of Analog Devices by 1,564.1% in the third quarter. Stevens Capital Management LP now owns 297,604 shares of the company’s stock worth $19,181,000 after buying an additional 279,720 shares during the period. Finally, BlackRock Group LTD raised its stake in shares of Analog Devices by 3.1% in the third quarter. BlackRock Group LTD now owns 2,807,575 shares of the company’s stock worth $180,948,000 after buying an additional 85,569 shares during the period. Hedge funds and other institutional investors own 85.99% of the company’s stock.

Analog Devices Company Profile

Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.