Piper Sandler Issues Pessimistic Forecast for Analog Devices (NASDAQ:ADI) Stock Price

Analog Devices (NASDAQ:ADI) had its price target lowered by equities researchers at Piper Sandler from $235.00 to $220.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Piper Sandler’s price target points to a potential upside of 2.01% from the stock’s current price.

Several other equities research analysts have also issued reports on ADI. Cantor Fitzgerald reissued a “neutral” rating and issued a $250.00 target price on shares of Analog Devices in a report on Tuesday, October 8th. Truist Financial cut shares of Analog Devices from a “buy” rating to a “hold” rating and lowered their target price for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. JPMorgan Chase & Co. increased their price target on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Morgan Stanley dropped their price objective on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and set a $245.00 target price on shares of Analog Devices in a research note on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.62.

Analog Devices Stock Performance

NASDAQ ADI traded down $3.39 on Wednesday, hitting $215.66. 671,207 shares of the company traded hands, compared to its average volume of 3,234,810. The business’s 50 day moving average price is $224.75 and its 200-day moving average price is $225.92. Analog Devices has a 52-week low of $179.63 and a 52-week high of $244.14. 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 capitalization of $107.07 billion, a price-to-earnings ratio of 64.76, a P/E/G ratio of 3.15 and a beta of 1.08.

Insiders Place Their Bets

In other news, EVP Gregory M. Bryant sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $4,477,400.00. Following the completion of the sale, the executive vice president now owns 59,093 shares of the company’s stock, valued at approximately $13,229,149.91. This represents a 25.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward H. Frank sold 995 shares of Analog Devices stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $234.31, for a total transaction of $233,138.45. Following the transaction, the director now directly owns 3,753 shares in the company, valued at approximately $879,365.43. The trade was a 20.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,995 shares of company stock worth $25,116,338 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in Analog Devices during the 3rd quarter worth about $28,000. New Millennium Group LLC acquired a new stake in Analog Devices during the 2nd quarter worth about $29,000. Archer Investment Corp grew its position in Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 73 shares during the period. ORG Partners LLC lifted its holdings in shares of Analog Devices by 675.0% in the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 135 shares during the period. Finally, CVA Family Office LLC boosted its stake in shares of Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after buying an additional 45 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.