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

Analog Devices, Inc. (NASDAQ:ADI) shares dropped 2% during trading on Wednesday 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 $214.59. Approximately 539,565 shares changed hands during trading, a decline of 83% from the average daily volume of 3,233,549 shares. The stock had previously closed at $219.05.

Several other equities analysts have also weighed in on the company. Piper Sandler cut their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday. Oppenheimer reissued an “outperform” rating and set a $245.00 price objective on shares of Analog Devices in a research note on Thursday, August 22nd. JPMorgan Chase & Co. upped their target price on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. TD Cowen reduced their price target on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average price target of $249.33.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the company’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 sale, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,672,108.91. This represents a 16.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Gregory M. Bryant sold 20,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $4,477,400.00. Following the transaction, the executive vice president now directly owns 59,093 shares of the company’s stock, valued at $13,229,149.91. This trade represents a 25.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $24,883,200 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Analog Devices

A number of institutional investors have recently added to or reduced their stakes in ADI. Franklin Resources Inc. increased its position in Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after buying an additional 1,189,940 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Analog Devices by 9.9% during the 3rd quarter. Tidal Investments LLC now owns 24,314 shares of the semiconductor company’s stock worth $5,596,000 after acquiring an additional 2,188 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in shares of Analog Devices by 13.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 113,055 shares of the semiconductor company’s stock worth $26,022,000 after acquiring an additional 13,788 shares during the last quarter. Sfmg LLC raised its stake in Analog Devices by 64.9% in the 3rd quarter. Sfmg LLC now owns 2,252 shares of the semiconductor company’s stock valued at $518,000 after acquiring an additional 886 shares during the period. Finally, World Investment Advisors LLC lifted its holdings in Analog Devices by 4,581.5% during the 3rd quarter. World Investment Advisors LLC now owns 42,180 shares of the semiconductor company’s stock valued at $9,709,000 after purchasing an additional 41,279 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Stock Performance

The stock has a market capitalization of $107.82 billion, a price-to-earnings ratio of 65.22, a P/E/G ratio of 3.15 and a beta of 1.08. The company’s fifty day simple moving average is $224.64 and its 200 day simple moving average is $225.86. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 9th will be issued a $0.92 dividend. The ex-dividend date is Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.69%. Analog Devices’s dividend payout ratio is currently 110.51%.

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.