Analog Devices (NASDAQ:ADI) Shares Down 0.9% on Analyst Downgrade

Analog Devices, Inc. (NASDAQ:ADI)’s share price was down 0.9% on Thursday after Truist Financial lowered their price target on the stock from $233.00 to $227.00. Truist Financial currently has a hold rating on the stock. Analog Devices traded as low as $213.90 and last traded at $217.17. Approximately 2,943,466 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 3,243,709 shares. The stock had previously closed at $219.05.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company assumed coverage on shares of Analog Devices in a research report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 target price on the stock. Bank of America lowered their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley decreased their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Wednesday. Finally, TD Cowen reduced their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $249.33.

Insider Buying and Selling

In related news, EVP Gregory M. Bryant sold 30,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total value of $6,723,000.00. Following the transaction, the executive vice president now owns 109,093 shares in the company, valued at approximately $24,447,741.30. This represents a 21.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total value of $2,289,300.00. Following the completion of the transaction, the chief executive officer now owns 45,326 shares in the company, valued at $10,376,481.18. This represents a 18.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,000 shares of company stock worth $24,883,200. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in Analog Devices during the third quarter valued at approximately $28,000. New Millennium Group LLC bought a new stake in shares of Analog Devices in the second quarter valued at approximately $29,000. Archer Investment Corp boosted its position in shares of Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares during the period. ORG Partners LLC boosted its position in shares of Analog Devices by 675.0% in the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 135 shares during the period. Finally, CVA Family Office LLC boosted its position in shares of Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 45 shares during the period. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Stock Down 0.9 %

The company has a market capitalization of $107.82 billion, a P/E ratio of 66.01, a PEG ratio of 3.15 and a beta of 1.08. The firm has a 50-day moving average price of $224.32 and a two-hundred day moving average price of $225.80. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19.

Analog Devices Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Monday, December 9th will be given a $0.92 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.69%. Analog Devices’s dividend payout ratio (DPR) is currently 111.85%.

Analog Devices Company Profile

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.