Analog Devices (NASDAQ:ADI) Shares Up 1.2% - Here's Why

Analog Devices, Inc. (NASDAQ:ADI - Get Free Report) shot up 1.2% on Wednesday . The stock traded as high as $217.58 and last traded at $216.48. 325,312 shares were traded during mid-day trading, a decline of 90% from the average session volume of 3,213,586 shares. The stock had previously closed at $213.82.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Bank of America reduced their price target on shares of Analog Devices from $260.00 to $255.00 and set a "buy" rating for the company in a report on Thursday, August 22nd. JPMorgan Chase & Co. boosted their target price on shares of Analog Devices from $260.00 to $280.00 and gave the company an "overweight" rating in a research note on Thursday, August 22nd. Cantor Fitzgerald restated a "neutral" rating and issued a $250.00 price target on shares of Analog Devices in a research note on Tuesday, October 8th. Wells Fargo & Company initiated coverage on Analog Devices in a research report on Friday, November 22nd. They issued an "equal weight" rating and a $220.00 target price on the stock. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Analog Devices in a research report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $249.33.

Analog Devices Stock Down 2.8 %

The stock has a market cap of $103.12 billion, a price-to-earnings ratio of 63.15, a P/E/G ratio of 2.47 and a beta of 1.05. The business has a fifty day moving average of $221.65 and a 200 day moving average of $225.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business's revenue was down 10.1% compared to the same quarter last year. During the same period last year, the company earned $2.01 earnings per share. On average, equities analysts predict that Analog Devices, Inc. will post 7.15 earnings per share for the current year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Monday, December 9th will be paid a dividend of $0.92 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.77%. Analog Devices's payout ratio is 111.85%.

Insider Transactions at Analog Devices

In related 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 completion of the transaction, the executive vice president now directly owns 79,093 shares of the company's stock, valued at $18,106,760.49. This trade represents a 27.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $228.93, for a total transaction of $2,289,300.00. Following the completion of the sale, the chief executive officer now directly owns 45,326 shares in the company, valued at $10,376,481.18. This trade represents a 18.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,000 shares of company stock worth $24,754,600. Insiders own 0.31% of the company's stock.

Hedge Funds Weigh In On Analog Devices

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Grove Bank & Trust grew its stake in Analog Devices by 3.1% during the third quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company's stock worth $333,000 after buying an additional 43 shares during the last quarter. Legacy Financial Advisors Inc. boosted its holdings in shares of Analog Devices by 1.4% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company's stock worth $795,000 after acquiring an additional 48 shares in the last quarter. Quotient Wealth Partners LLC grew its position in Analog Devices by 2.5% during the 3rd quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company's stock worth $455,000 after acquiring an additional 48 shares during the last quarter. Bank of Hawaii increased its holdings in Analog Devices by 4.8% during the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company's stock valued at $240,000 after purchasing an additional 48 shares in the last quarter. Finally, SouthState Corp raised its position in Analog Devices by 28.6% in the 2nd quarter. SouthState Corp now owns 225 shares of the semiconductor company's stock valued at $51,000 after purchasing an additional 50 shares during 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.