Analog Devices (NASDAQ:ADI) Shares Down 0.4% – Here’s Why

Analog Devices, Inc. (NASDAQ:ADIGet Free Report) shares dropped 0.4% on Wednesday . The stock traded as low as $207.25 and last traded at $209.56. Approximately 538,618 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,207,692 shares. The stock had previously closed at $210.43.

Analysts Set New Price Targets

ADI has been the topic of several research analyst reports. Morgan Stanley boosted their target price on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial lowered shares of Analog Devices from a “buy” rating to a “hold” rating and dropped their price target for the company from $266.00 to $233.00 in a research report on Monday, September 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Bank of America dropped their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, Oppenheimer restated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a research report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $248.38.

Check Out Our Latest Report on Analog Devices

Analog Devices Stock Up 1.1 %

The stock has a market capitalization of $105.93 billion, a price-to-earnings ratio of 64.07, a price-to-earnings-growth ratio of 2.97 and a beta of 1.08. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average is $225.09 and its two-hundred day moving average is $225.33.

Analog Devices (NASDAQ:ADIGet Free Report) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.49 earnings per share. Equities analysts anticipate that Analog Devices, Inc. will post 6.34 EPS for the current year.

Insider Buying and Selling at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the completion of the sale, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. This trade represents a 16.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $234.31, for a total transaction of $233,138.45. Following the completion of the transaction, the director now directly owns 3,753 shares in the company, valued at $879,365.43. The trade was a 20.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,995 shares of company stock worth $25,116,338 in the last three months. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Analog Devices

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock worth $5,195,302,000 after purchasing an additional 106,664 shares during the period. Geode Capital Management LLC lifted its stake in Analog Devices by 1.3% during the third quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock worth $2,377,094,000 after purchasing an additional 135,838 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Analog Devices by 19.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,163,882 shares of the semiconductor company’s stock worth $1,614,735,000 after buying an additional 1,330,242 shares during the period. FMR LLC boosted its stake in shares of Analog Devices by 9.9% in the third quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after purchasing an additional 665,149 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Analog Devices by 17.3% in the third quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after purchasing an additional 700,862 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

About Analog Devices

(Get Free Report)

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.

Recommended Stories

Receive News & Ratings for Analog Devices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Analog Devices and related companies with MarketBeat.com's FREE daily email newsletter.