Analog Devices (NASDAQ:ADI) Stock Price Up 0.2% – Time to Buy?

Shares of Analog Devices, Inc. (NASDAQ:ADI) shot up 0.2% during mid-day trading on Tuesday . The company traded as high as $233.55 and last traded at $224.01. 2,172,232 shares were traded during mid-day trading, a decline of 33% from the average session volume of 3,225,480 shares. The stock had previously closed at $223.58.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADI shares. TD Cowen reduced their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday. Bank of America reduced 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. Morgan Stanley dropped their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Wednesday. Finally, Truist Financial dropped their price target on shares of Analog Devices from $233.00 to $227.00 and set a “hold” rating for the company in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $249.33.

Analog Devices Stock Down 0.9 %

The firm has a market cap of $107.82 billion, a PE ratio of 65.22, a price-to-earnings-growth ratio of 3.15 and a beta of 1.08. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $224.64 and a two-hundred day moving average price of $225.86.

Analog Devices Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 9th will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Monday, December 9th. Analog Devices’s dividend payout ratio is currently 110.51%.

Insider Activity

In other Analog Devices news, EVP Gregory M. Bryant sold 30,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total value of $6,867,900.00. Following the sale, the executive vice president now directly owns 79,093 shares in the company, valued at $18,106,760.49. This trade represents a 27.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total value of $2,286,900.00. Following the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. This represents a 16.38 % 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 currently owned by company insiders.

Hedge Funds Weigh In On Analog Devices

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADI. Charles Schwab Investment Management Inc. grew its holdings in shares of Analog Devices by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock worth $623,399,000 after purchasing an additional 39,186 shares during the last quarter. Swiss National Bank boosted its position in shares of Analog Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock valued at $339,012,000 after purchasing an additional 4,600 shares during the period. Harvest Fund Management Co. Ltd grew its stake in Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after buying an additional 7,386 shares during the last quarter. Summit Global Investments acquired a new position in Analog Devices during the third quarter worth approximately $867,000. Finally, Versor Investments LP purchased a new stake in Analog Devices in the third quarter valued at approximately $952,000. 86.81% of the stock is owned by institutional investors and hedge funds.

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.