Stock in microchip maker Analog Devices was up, a little, after the company reported fiscal fourth-quarter numbers that looked just good enough.

Current results were encouraging and so was the outlook for 2022.

Analog Devices (ticker: ADI) shares were up about 0.5% in premarket trading to about $186.50. S&P 500 and Dow Jones Industrial Average futures traded flat.

Analog Devices reported adjusted per share earnings of $1.73 from $2.3 billion in sales. Wall Street was looking for $1.70 a share from $2.3 billion in sales. For the quarter just reported—Analog's fiscal fourth quarter—management had guided to $1.69 a share.

"Our industrial and automotive markets reached all-time highs and our consumer business returned to solid growth in fiscal 2021," said CEO Vincent Roche in the company's news release. "As we enter fiscal 2022, our backlog and bookings remain robust, and we continue to invest in capacity, setting us up for continued growth in the years ahead."

It looks like a solid report. What's more, earnings guidance looks fine. For the first fiscal quarter of 2022, Analog Devices expects about $1.78 in per share earnings from $2.6 billion in sales. Wall Street is projecting $1.70 a share and $2.4 billion in sales.

The stock might not be reacting more favorably, in early trading, because investors wanted a little more.

Oppenheimer analyst Rick Schafer wrote in a preview report this past week that he expected the company to beat consensus earnings estimates. One reason for his bullishness: the contribution of Maxim Integrated Products. Analog and Maxim closed their merger, announced in July 2020 , back in August . This is the first quarter with some of Maxim's results added in.

Schafer rates shares at a Buy. His price target is $210 a share. Overall, about 79% of analysts covering Analog stock rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target for Analog shares is about $195, up about 5% from recent levels. That target price, of course, might move after the company's new financial guidance.

Management hosts a conference call at 10 a.m. Eastern time to discuss results. Analysts and investors will want to hear about the merger and merger synergies coming in upcoming quarters. They will also want an update about the global semiconductor shortage which has impacted industries ranging from cars to appliances in 2021.