Analog Devices (NASDAQ:ADI) Stock Price Falls 2% After Analyst Downgrade

On Wednesday afternoon, the stock price of Analog Devices, Inc. (NASDAQ:ADI) dropped by 2%. This decline followed a decision by Truist Financial to adjust their price target for the stock from $233.00 down to $227.00. Currently, Truist Financial has a hold rating on Analog Devices.

During the trading session, Analog Devices' stock reached a low of $213.90 before ending the day at $214.59. Approximately 539,565 shares were traded, which is significantly lower than the average trading volume of 3,233,549 shares, marking an 83% decrease. The previous closing price for the stock was $219.05.

Recent Analyst Opinions

In addition to Truist, several other analysts have also recently evaluated Analog Devices. Oppenheimer maintained an “outperform” rating, setting a price target of $245.00. Meanwhile, Piper Sandler reduced their price target from $235.00 to $220.00 with a “neutral” rating. JPMorgan Chase & Co. increased their price goal for Analog Devices from $260.00 to $280.00, offering an “overweight” rating. Needham & Company LLC reiterated a “hold” rating, while TD Cowen lowered their price target from $270.00 to $260.00, maintaining a “buy” rating.

As it stands, seven research analysts have issued hold ratings, while sixteen have given buy ratings for Analog Devices. According to MarketBeat.com, the stock boasts an average rating of “Moderate Buy” along with an average price target of $249.33.

Insider Transactions

In relevant news, the CEO of Analog Devices, Vincent Roche, sold 10,000 shares on September 3rd at an average price of $228.69, totaling $2,286,900.00. Post-sale, Roche owns 51,039 shares valued at around $11,672,108.91, marking a 16.38% decline in his holdings. This sale was disclosed in a document filed with the SEC.

Additionally, Gregory M. Bryant, Executive Vice President, sold 30,000 shares on October 1st at an average price of $228.93, amounting to $6,867,900.00. Following this transaction, he owns 79,093 shares valued at approximately $18,106,760.49, reflecting a 27.50% reduction in his ownership. Over the past quarter, insiders collectively sold 110,000 shares amounting to $24,883,200, and currently, insiders hold about 0.31% of the stock.

Institutional Holdings

Recently, various institutional investors have adjusted their positions in Analog Devices. Capital Performance Advisors LLP acquired a new stake valued at about $28,000 in the third quarter. Similarly, New Millennium Group LLC initiated a new position in the second quarter worth approximately $29,000. Archer Investment Corp increased their holdings by 101.4% in the third quarter, now owning 145 shares valued at $33,000 after adding 73 shares.

ORG Partners LLC has expanded its position by 675.0% in the second quarter and now holds 155 shares worth $35,000. Meanwhile, CVA Family Office LLC raised its stake by 40.2% during the same period, owning 157 shares with a value of $36,000. Institutional investors now control 86.81% of Analog Devices' total stock.

Price and Dividend Information

Analog Devices currently has a market capitalization of $107.82 billion, with a price-to-earnings (P/E) ratio of 66.01 and a price-to-earnings growth (PEG) ratio of 3.15. The company has a beta of 1.08, a debt-to-equity ratio of 0.19, a quick ratio of 1.24, and a current ratio of 1.69. The fifty-day moving average for the stock stands at $224.32, while the two-hundred-day moving average is $225.80.

Furthermore, Analog Devices has announced a quarterly dividend to be disbursed on December 20th. Shareholders recorded as of December 9th will receive a dividend of $0.92 per share, which translates to an annual dividend of $3.68, representing a yield of 1.69%. The current dividend payout ratio is at 111.85%.

Company Overview

Analog Devices, Inc. specializes in designing, manufacturing, testing, and marketing integrated circuits, software, and subsystems. The company’s offerings include data converters, power management products, and performance integrated circuits, catering to various applications in automotive, communications, industrial, and consumer markets.

ADI, Stock, Truist