Analog Devices (NASDAQ:ADI) Shares Up 0.3% - Here's Why

Shares of Analog Devices, Inc. (NASDAQ:ADI - Get Free Report) shot up 0.3% on Thursday . The stock traded as high as $213.26 and last traded at $211.74. 344,502 shares traded hands during trading, a decline of 89% from the average session volume of 3,206,236 shares. The stock had previously closed at $211.01.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADI. JPMorgan Chase & Co. boosted 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. Oppenheimer reiterated an "outperform" rating and set a $245.00 price target on shares of Analog Devices in a research note on Thursday, August 22nd. Bank of America dropped their price target 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. Needham & Company LLC reiterated a "hold" rating on shares of Analog Devices in a research note on Thursday, August 22nd. Finally, Truist Financial downgraded Analog Devices from a "buy" rating to a "hold" rating and dropped their price target for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, Analog Devices has an average rating of "Moderate Buy" and a consensus price target of $249.80.

Analog Devices Trading Up 1.3 %

The stock has a market capitalization of $106.15 billion, a price-to-earnings ratio of 63.59, a P/E/G ratio of 2.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. The firm has a fifty day moving average of $225.25 and a 200-day moving average of $225.41.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its earnings results 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 company 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%. The company's revenue was down 24.8% on a year-over-year basis. During the same period last year, the firm earned $2.49 earnings per share. As a group, equities analysts predict that Analog Devices, Inc. will post 6.34 earnings per share for the current fiscal year.

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 transaction of $4,477,400.00. Following the transaction, the executive vice president now directly owns 59,093 shares in the company, valued at approximately $13,229,149.91. This represents a 25.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vincent Roche sold 10,000 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $223.87, for a total transaction of $2,238,700.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company's stock, valued at approximately $4,921,334.21. This trade represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,495 shares of company stock valued at $25,229,958 over the last quarter. Insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Baader Bank Aktiengesellschaft increased its position in shares of Analog Devices by 3.9% in the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company's stock worth $259,000 after purchasing an additional 43 shares during the period. Grove Bank & Trust boosted its stake in Analog Devices by 3.1% in the third quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company's stock valued at $333,000 after buying an additional 43 shares in the last quarter. CVA Family Office LLC boosted its stake in Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company's stock valued at $36,000 after buying an additional 45 shares in the last quarter. Legacy Financial Advisors Inc. boosted its stake in Analog Devices by 1.4% in the second quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company's stock valued at $795,000 after buying an additional 48 shares in the last quarter. Finally, Quotient Wealth Partners LLC boosted its stake in Analog Devices by 2.5% in the third quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company's stock valued at $455,000 after buying an additional 48 shares in the last quarter. Institutional investors own 86.81% of the company's stock.

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.

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