Analog Devices (NASDAQ:ADI) Trading Down 2% on Analyst Downgrade

Analog Devices, Inc. (NASDAQ:ADI) shares traded down 2% during trading on Wednesday after TD Cowen lowered their price target on the stock from $270.00 to $260.00. TD Cowen currently has a buy rating on the stock. Analog Devices traded as low as $213.90 and last traded at $214.59. 539,565 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 3,233,549 shares. The stock had previously closed at $219.05.

ADI has been the topic of several other reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $250.00 price target on shares of Analog Devices in a research note on Tuesday, October 8th. Wells Fargo & Company assumed coverage on shares of Analog Devices in a research note on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target on the stock. Truist Financial downgraded shares of Analog Devices from a “buy” rating to a “hold” rating and decreased their price objective for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. Oppenheimer reiterated an “outperform” rating and set a $245.00 target price on shares of Analog Devices in a research report on Thursday, August 22nd. Finally, Bank of America reduced their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $251.55.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the sale, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. The trade was a 16.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward H. Frank sold 995 shares of the 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 of the company’s stock, valued at approximately $879,365.43. This trade represents a 20.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,995 shares of company stock worth $25,116,338. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp increased its holdings in Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock valued at $5,195,302,000 after acquiring an additional 106,664 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Analog Devices by 1.3% in the third quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock valued at $2,377,094,000 after purchasing an additional 135,838 shares during the last quarter. FMR LLC increased its stake in shares of Analog Devices by 9.9% during the 3rd quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock worth $1,700,640,000 after purchasing an additional 665,149 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Analog Devices by 17.3% during the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock worth $1,078,617,000 after purchasing an additional 700,862 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Analog Devices by 21.4% in the 2nd quarter. American Century Companies Inc. now owns 4,351,585 shares of the semiconductor company’s stock valued at $993,293,000 after buying an additional 767,534 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. The business has a fifty day simple moving average of $224.75 and a 200 day simple moving average of $225.92. The stock has a market cap of $106.54 billion, a price-to-earnings ratio of 64.44, a PEG ratio of 3.15 and a beta of 1.08.

About Analog Devices

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.