Truist Financial Cuts Analog Devices (NASDAQ:ADI) Price Target to $227.00

Analog Devices (NASDAQ:ADI) had its price target decreased by Truist Financial from $233.00 to $227.00 in a research note released on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the semiconductor company’s stock.

ADI has been the subject of a number of other reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Piper Sandler lowered their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley reduced their price target on Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company began coverage on shares of Analog Devices in a research report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target for the company. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $249.33.

Analog Devices Stock Up 0.4 %

ADI opened at $218.05 on Wednesday. The firm has a market cap of $108.22 billion, a P/E ratio of 66.28, a PEG ratio of 3.35 and a beta of 1.08. The business’s fifty day simple moving average is $224.14 and its 200 day simple moving average is $225.86. Analog Devices has a 52 week low of $179.63 and a 52 week high of $244.14. The company has a quick ratio of 1.24, a current ratio of 1.84 and a debt-to-equity ratio of 0.19.

Analog Devices Announces Dividend

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

Insiders Place Their Bets

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

Institutional Trading of Analog Devices

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates lifted its holdings in shares of Analog Devices by 153.6% in the third quarter. Raymond James & Associates now owns 2,348,104 shares of the semiconductor company’s stock valued at $540,463,000 after purchasing an additional 1,422,054 shares in the last quarter. Franklin Resources Inc. raised 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 valued at $2,169,689,000 after buying an additional 1,189,940 shares during the period. International Assets Investment Management LLC lifted its stake in Analog Devices by 23,792.4% in the 3rd quarter. International Assets Investment Management LLC now owns 887,603 shares of the semiconductor company’s stock worth $2,043,000,000 after acquiring an additional 883,888 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Analog Devices by 807.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock worth $220,891,000 after acquiring an additional 853,931 shares during the period. Finally, Holocene Advisors LP grew its stake in Analog Devices by 336.4% during the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after acquiring an additional 823,709 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

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.