Shares of Analog Devices Inc. jumped Wednesday after the chip maker's quarterly results and forecast topped Wall Street estimates.

In a client note, Caris & Co. analyst Craig Ellis said the only "blemish" was higher-than-expected operating expenses, which climbed 8 percent to $220 million.

He kept a "Buy" rating on the stock, saying it could head higher than his price target of $35.

ADI shares rose $1.14, or 4.1 percent, to $28.74 in afternoon trading. The stock has ranged from $19.73 to $32.19 over the past year.

The company said after the market closed Tuesday that it earned 55 cents per share in its fiscal second quarter ended May 1, well ahead of analysts' average estimate of 50 cents per share, according to a Thomson Reuters survey.

Revenue jumped 41 percent to $668.2 million, compared with the Wall Street consensus estimate of $664.1 million.

For the quarter ending in June, ADI said it expects earnings of 59 cents to 61 cents per share on $695 million to $715 million in revenue. Analysts project income of 52 cents per share on revenue of $658.3 million.