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

Analog Devices, Inc. (NASDAQ:ADI)’s share price fell 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. 2,943,466 shares changed hands during trading, a decline of 9% from the average session volume of 3,243,709 shares. The stock had previously closed at $219.05.

ADI has been the topic of a number of other research reports. Morgan Stanley cut their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Bank of America cut their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $250.00 target price on shares of Analog Devices in a research note on Tuesday, October 8th. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $249.33.

Insider Activity

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

Institutional Trading of Analog Devices

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. lifted its position in shares of Analog Devices by 19.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 11,619 shares of the semiconductor company’s stock valued at $2,298,000 after acquiring an additional 1,893 shares in the last quarter. Hancock Whitney Corp lifted its position in shares of Analog Devices by 7.8% in the 1st quarter. Hancock Whitney Corp now owns 1,257 shares of the semiconductor company’s stock valued at $249,000 after acquiring an additional 91 shares in the last quarter. New Covenant Trust Company N.A. purchased a new stake in shares of Analog Devices in the 1st quarter valued at approximately $40,000. Atria Investments Inc lifted its position in Analog Devices by 0.4% in the 1st quarter. Atria Investments Inc now owns 36,143 shares of the semiconductor company’s stock worth $7,149,000 after buying an additional 149 shares in the last quarter. Finally, PGGM Investments purchased a new stake in Analog Devices in the 1st quarter worth approximately $166,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Analog Devices Trading Down 0.9 %

The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The company has a market cap of $107.82 billion, a PE ratio of 65.22, a P/E/G ratio of 3.15 and a beta of 1.08. The business’s 50-day simple moving average is $224.64 and its 200-day simple moving average is $225.86.

Analog Devices Dividend Announcement

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

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.