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

Analog Devices, Inc. (NASDAQ:ADI) shares fell 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.

Several other equities analysts also recently weighed in on the company. Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and decreased their target price for the company from $266.00 to $233.00 in a research report on Monday, September 23rd. Bank of America dropped their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $250.00 target price on shares of Analog Devices in a research report on Tuesday, October 8th. Oppenheimer restated an “outperform” rating and set a $245.00 price target on shares of Analog Devices in a research report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $251.55.

Insider Activity at Analog Devices

In other news, Director Edward H. Frank sold 995 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was 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. This trade represents a 20.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $228.69, for a total value of $2,286,900.00. Following the completion of the sale, the chief executive officer now owns 51,039 shares in the company, valued at $11,672,108.91. This represents a 16.38 % decrease in their position. The disclosure for this sale can be found here. In the last ninety 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 Trading of Analog Devices

A number of large investors have recently modified their holdings of ADI. Tidal Investments LLC grew its stake in 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 purchasing an additional 2,188 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Analog Devices by 13.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 113,055 shares of the semiconductor company’s stock valued at $26,022,000 after buying an additional 13,788 shares during the period. Sfmg LLC grew its position in shares of Analog Devices by 64.9% during the third quarter. Sfmg LLC now owns 2,252 shares of the semiconductor company’s stock worth $518,000 after buying an additional 886 shares in the last quarter. World Investment Advisors LLC increased its stake in shares of Analog Devices by 4,581.5% during the third quarter. World Investment Advisors LLC now owns 42,180 shares of the semiconductor company’s stock worth $9,709,000 after buying an additional 41,279 shares during the period. Finally, Pine Valley Investments Ltd Liability Co raised its holdings in Analog Devices by 0.9% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 7,680 shares of the semiconductor company’s stock valued at $1,768,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Down 2.0 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. The company has a market cap of $106.54 billion, a PE ratio of 64.44, a P/E/G ratio of 3.15 and a beta of 1.08. The business’s 50 day moving average is $224.75 and its 200-day moving average is $225.92.

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.