Analog Devices (NASDAQ:ADI) Trading Down 0.4% – Here’s What Happened

Shares of Analog Devices, Inc. (NASDAQ:ADI) dropped 0.4% on Friday . The stock traded as low as $211.54 and last traded at $213.18. Approximately 218,863 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 3,202,750 shares. The stock had previously closed at $213.96.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADI. JPMorgan Chase & Co. raised their target price on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Wells Fargo & Company initiated coverage on shares of Analog Devices in a research note on Friday. They set an “equal weight” rating and a $220.00 target price for the company. Bank of America lowered their price target on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, Morgan Stanley upped their price objective on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $252.05.

Analog Devices Stock Up 0.3 %

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 capitalization of $106.54 billion, a price-to-earnings ratio of 64.44, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. The firm’s 50-day simple moving average is $224.87 and its two-hundred day simple moving average is $225.56.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. Analog Devices’s quarterly revenue was down 24.8% on a year-over-year basis. During the same period last year, the business posted $2.49 EPS. Sell-side analysts predict that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Insider Activity

In related news, EVP Gregory M. Bryant sold 30,000 shares of the company’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 sale, the executive vice president now owns 109,093 shares of the company’s stock, valued at approximately $24,447,741.30. This represents a 21.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $233,138.45. Following the transaction, the director now directly owns 3,753 shares of the company’s stock, valued at $879,365.43. The trade was a 20.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,995 shares of company stock worth $25,116,338 over the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

Institutional Trading of Analog Devices

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADI. Swedbank AB acquired a new stake in shares of Analog Devices during the 1st quarter worth about $537,171,000. Raymond James & Associates lifted its stake in shares of Analog Devices by 153.6% during the third quarter. Raymond James & Associates now owns 2,348,104 shares of the semiconductor company’s stock valued at $540,463,000 after buying an additional 1,422,054 shares during the period. International Assets Investment Management LLC boosted its position in Analog Devices by 23,792.4% during the third 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Analog Devices by 807.5% in 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 raised its holdings in Analog Devices by 336.4% in 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 during the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

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.