In the latest trading session, Analog Devices (ADI) closed at $175.01, marking a -0.71% move from the previous day. This move was narrower than the S&P 500's daily loss of 2.36%. Meanwhile, the Dow lost 2.48%, and the Nasdaq, a tech-heavy index, lost 2.55%.

Shares of the semiconductor maker witnessed a loss of 13.76% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 8.4% and the S&P 500's loss of 5.6%.

Analysts and investors alike will be keeping a close eye on the performance of Analog Devices in its upcoming earnings disclosure. The company's upcoming EPS is projected at $1.69, signifying a 20.71% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.5 billion, reflecting a 15.9% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $7.11 per share and a revenue of $10.27 billion, indicating changes of +11.44% and +8.97%, respectively, from the former year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Analog Devices. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Analog Devices is currently a Zacks Rank #3 (Hold).

Investors should also note Analog Devices's current valuation metrics, including its Forward P/E ratio of 24.78. This indicates a discount in contrast to its industry's Forward P/E of 24.93.

Also, we should mention that ADI has a PEG ratio of 2.06. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. ADI's industry had an average PEG ratio of 1.7 as of yesterday's close.

The Semiconductor - Analog and Mixed industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 88, this industry ranks in the top 36% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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Analog Devices, Inc. (ADI) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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