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Analog Devices Inc. (NASDAQ: ADI) Could Fell By How Much?

The trading price of Analog Devices Inc. (NASDAQ:ADI) closed lower on Tuesday, May 23, closing at $187.92, -1.77% lower than its previous close.

Traders who pay close attention to intraday price movement should know that it fluctuated between $187.40 and $190.355. The company’s P/E ratio in the trailing 12-month period was 28.37, while its 5Y monthly beta was 1.15. In examining the 52-week price action we see that the stock hit a 52-week high of $198.24 and a 52-week low of $133.48. Over the past month, the stock has gained 0.51% in value.

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Analog Devices Inc., whose market valuation is $95.92 billion at the time of this writing, is expected to release its quarterly earnings report May 24, 2023. The dividend yield on the company stock is 1.83%, while its Forward Dividend ratio is 3.44. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $2.75 per share this quarter, however they have predicted annual earnings per share of $10.75 for 2023 and $10.94 for 2024. It means analysts are expecting annual earnings per share growth of 12.30% this year and 1.80% next year.

Analysts have forecast the company to bring in revenue of $3.21 billion for the current quarter, with the likely lows of $3.2 billion and highs of $3.24 billion. The average estimate suggests sales will likely up by 7.90% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $12.74 billion. The company’s revenue is forecast to grow by 6.00% over what it did in 2023.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Analog Devices Inc. 1 upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest ADI has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.

Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned ADI a recommendation rating is 30. Out of them, 9 rate it a Hold, while 18 recommend Buy, whereas 3 assign an Overweight rating. 0 analyst(s) have tagged Analog Devices Inc. (ADI) as Underweight, while 0 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.

If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 4.30, which symbolizes a positive outlook. A quick review shows that ADI’s price is currently 2.45% off the SMA20 and 0.78% off the SMA50. The RSI metric on the 14-day chart is currently showing 53.82, and weekly volatility stands at 2.10%. When measured over the past 30 days, the indicator reaches 2.10%. Analog Devices Inc. (NASDAQ:ADI)’s beta value is currently sitting at 1.13, while the Average True Range indicator is currently displaying 4.01. With analysts defining $175.00-$251.00 as the low and high price targets, we arrive at a consensus price target of $220.10 for the trailing 12-month period. The current price is about 6.88% off the estimated low and -33.57% off the forecast high, based on this estimate. Investors will be thrilled if ADI’s share price rises to $225.00, which is the median consensus price. At that level, ADI’s share price would be -19.73% below current price.

To see how Analog Devices Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: ADI stock’s performance was -1.77% in the latest trading, and 15.69% in the past year, while Broadcom Inc. (AVGO) has traded 1.20% on the day and positioned 26.38% higher than it was a year ago. Another comparable company Texas Instruments Incorporated (TXN) saw its stock close -0.66% lower in the most recent trading session but was down -0.04% in a year. Furthermore, KLA Corporation (KLAC) showed a decrease of -1.45% on the day while its price kept inclining at 23.61% over the past year. Analog Devices Inc. has a P/E ratio of 28.37, compared to Broadcom Inc.’s 23.08 and Texas Instruments Incorporated’s 19.05. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.

An evaluation of the daily trading volume of Analog Devices Inc. (NASDAQ:ADI) indicates that the 3-month average is 3.00 million. However, this figure has increased over the past 10 days to an average of 2.75 million.

Currently, records show that 507.12 million of the company’s shares remain outstanding. The insiders hold 0.37% of outstanding shares, whereas institutions hold 89.30%. The stats also highlight that short interest as of Apr 27, 2023, stood at 5.28 million shares, resulting in a short ratio of 1.84 at that time. From this, we can conclude that short interest is 1.04% of the company’s total outstanding shares. It is noteworthy that short shares in April were up slightly from the previous month’s figure, which was 5.18 million. However, since the stock’s price has seen 14.56% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.

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