Analog Devices (NASDAQ:ADI) Shares Down 0.9% – Here’s Why

Analog Devices, Inc. (NASDAQ:ADI) was down 0.9% during mid-day trading on Friday . The company traded as low as $213.90 and last traded at $217.17. Approximately 2,943,466 shares changed hands during trading, a decline of 18% from the average daily volume of 3,575,303 shares. The stock had previously closed at $219.05.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ADI. Bank of America dropped their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Truist Financial cut their price target on shares of Analog Devices from $233.00 to $227.00 and set a “hold” rating for the company in a report on Wednesday. Morgan Stanley lowered their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Wednesday. Finally, TD Cowen decreased 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. Seven analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.33.

Analog Devices Stock Performance

The company has a current ratio of 1.84, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average price is $224.32 and its 200 day moving average price is $225.80. The firm has a market capitalization of $108.22 billion, a PE ratio of 66.01, a PEG ratio of 3.35 and a beta of 1.08.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $3.68 annualized dividend and a dividend yield of 1.69%. Analog Devices’s dividend payout ratio is 111.85%.

Insider Buying and Selling

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

Institutional Trading of Analog Devices

Institutional investors and hedge funds have recently modified their holdings of the company. Hancock Whitney Corp boosted its holdings in Analog Devices by 7.8% during the first 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 during the period. Atria Investments Inc boosted its position in shares of Analog Devices by 0.4% in the first quarter. Atria Investments Inc now owns 36,143 shares of the semiconductor company’s stock valued at $7,149,000 after acquiring an additional 149 shares during the period. PGGM Investments acquired a new stake in shares of Analog Devices in the first quarter worth $166,000. Cetera Investment Advisers increased its position in Analog Devices by 588.7% during the first quarter. Cetera Investment Advisers now owns 94,201 shares of the semiconductor company’s stock worth $18,632,000 after acquiring an additional 80,522 shares during the period. Finally, Cetera Advisors LLC raised its stake in Analog Devices by 59.5% during the 1st quarter. Cetera Advisors LLC now owns 12,998 shares of the semiconductor company’s stock valued at $2,571,000 after purchasing an additional 4,850 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.