Analog Devices (NASDAQ:ADI) Trading Up 3.1% – Here’s What Happened

Analog Devices, Inc. (NASDAQ:ADI)’s stock price was up 3.1% on Monday . The company traded as high as $221.58 and last traded at $221.29. Approximately 1,260,396 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 3,205,092 shares. The stock had previously closed at $214.59.

Analysts Set New Price Targets

Several brokerages have issued reports on ADI. Wells Fargo & Company initiated coverage on shares of Analog Devices in a research note on Friday. They issued an “equal weight” rating and a $220.00 price objective on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Bank of America lowered their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. JPMorgan Chase & Co. increased their target price on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $245.00 price target on shares of Analog Devices in a report on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $252.05.

Analog Devices Price Performance

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 firm has a market capitalization of $111.01 billion, a PE ratio of 66.45, a P/E/G ratio of 3.02 and a beta of 1.08. The company has a 50-day moving average price of $224.87 and a 200-day moving average price of $225.70.

Insiders Place Their Bets

In other news, Director Edward H. Frank sold 995 shares of the stock in a transaction dated 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 $879,365.43. This represents a 20.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 $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. Insiders have sold 110,995 shares of company stock valued at $25,116,338 in the last ninety days. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Large investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Analog Devices by 0.5% in the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock valued at $5,195,302,000 after acquiring an additional 106,664 shares during the period. Geode Capital Management LLC raised its position in Analog Devices by 1.3% in the third quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock valued at $2,377,094,000 after purchasing an additional 135,838 shares during the period. FMR LLC lifted its stake in shares of Analog Devices by 9.9% during the third quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock worth $1,700,640,000 after purchasing an additional 665,149 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Analog Devices by 17.3% in the third quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock worth $1,078,617,000 after buying an additional 700,862 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Analog Devices by 21.4% in the second quarter. American Century Companies Inc. now owns 4,351,585 shares of the semiconductor company’s stock valued at $993,293,000 after buying an additional 767,534 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

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.