Wells Fargo & Company Begins Coverage on Analog Devices (NASDAQ:ADI)

Stock analysts at Wells Fargo & Company began coverage on shares of Analog Devices (NASDAQ:ADI - Get Free Report) in a report released on Friday, MarketBeat.com reports. The firm set an "equal weight" rating and a $220.00 price target on the semiconductor company's stock. Wells Fargo & Company's price objective points to a potential upside of 2.97% from the stock's previous close.

A number of other research firms have also weighed in on ADI. Bank of America dropped their price objective on Analog Devices from $260.00 to $255.00 and set a "buy" rating for the company in a research note on Thursday, August 22nd. JPMorgan Chase & Co. raised 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. Truist Financial lowered Analog Devices from a "buy" rating to a "hold" rating and dropped their price target for the stock from $266.00 to $233.00 in a research note on Monday, September 23rd. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $250.00 price target on shares of Analog Devices in a research note on Tuesday, October 8th. Finally, Morgan Stanley raised their price target on Analog Devices from $250.00 to $257.00 and gave the stock an "overweight" rating in a research note on Thursday, August 22nd. Seven analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $248.38.

Analog Devices Stock Performance

Shares of NASDAQ ADI traded down $0.31 during mid-day trading on Friday, reaching $213.65. 1,160,363 shares of the company were exchanged, compared to its average volume of 3,206,897. The company's 50-day simple moving average is $225.09 and its 200-day simple moving average is $225.33. 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 stock has a market capitalization of $106.08 billion, a P/E ratio of 64.02, a P/E/G ratio of 2.97 and a beta of 1.08. Analog Devices has a twelve month low of $179.63 and a twelve month high of $244.14.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings data 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. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the previous year, the business posted $2.49 EPS. Analog Devices's revenue for the quarter was down 24.8% compared to the same quarter last year. As a group, research analysts predict that Analog Devices will post 6.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were 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 owns 51,039 shares of the company's stock, valued at approximately $11,672,108.91. This trade represents a 16.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gregory M. Bryant sold 20,000 shares of the firm's stock in a transaction 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 sale, the executive vice president now directly owns 59,093 shares of the company's stock, valued at approximately $13,229,149.91. The trade was a 25.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,995 shares of company stock worth $25,116,338. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Anchor Investment Management LLC grew its position in Analog Devices by 33.2% in the third quarter. Anchor Investment Management LLC now owns 2,485 shares of the semiconductor company's stock worth $572,000 after acquiring an additional 619 shares in the last quarter. SkyView Investment Advisors LLC increased its position in Analog Devices by 4.1% in the 3rd quarter. SkyView Investment Advisors LLC now owns 3,261 shares of the semiconductor company's stock valued at $751,000 after acquiring an additional 128 shares in the last quarter. Invst LLC boosted its stake in shares of Analog Devices by 7.7% in the 3rd quarter. Invst LLC now owns 974 shares of the semiconductor company's stock valued at $224,000 after purchasing an additional 70 shares during the last quarter. TCW Group Inc. boosted its stake in shares of Analog Devices by 10.7% in the 3rd quarter. TCW Group Inc. now owns 15,436 shares of the semiconductor company's stock valued at $3,553,000 after purchasing an additional 1,491 shares during the last quarter. Finally, Soltis Investment Advisors LLC bought a new position in Analog Devices during the 3rd quarter worth approximately $1,275,000. 86.81% of the stock is currently owned by 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.