Analog Devices (NASDAQ:ADI) Shares Gap Up – Here’s Why

Analog Devices, Inc. (NASDAQ:ADI) shares gapped up prior to trading on Tuesday . The stock had previously closed at $223.58, but opened at $232.15. Analog Devices shares last traded at $229.43, with a volume of 753,685 shares.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADI. Truist Financial dropped their price objective on shares of Analog Devices from $233.00 to $227.00 and set a “hold” rating on the stock in a report on Wednesday. Oppenheimer reissued an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Wednesday. Morgan Stanley lowered their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Bank of America lowered their price target on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Analog Devices presently has a consensus rating of “Moderate Buy” and a consensus price target of $249.33.

Analog Devices Price Performance

The firm’s 50-day moving average is $224.64 and its two-hundred day moving average is $225.86. The company has a market cap of $107.82 billion, a P/E ratio of 65.22, a PEG ratio of 3.15 and a beta of 1.08. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 9th will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Monday, December 9th. Analog Devices’s dividend payout ratio (DPR) is 110.51%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, EVP Gregory M. Bryant sold 30,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the transaction, the executive vice president now owns 109,093 shares in the company, valued at $24,447,741.30. The trade was a 21.57 % decrease in their ownership of the stock. The transaction 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 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 transaction, the chief executive officer now 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. Insiders have sold 110,000 shares of company stock worth $24,883,200 over the last quarter. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ADI. B. Riley Wealth Advisors Inc. grew its holdings in shares of Analog Devices by 19.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 11,619 shares of the semiconductor company’s stock worth $2,298,000 after purchasing an additional 1,893 shares during the last quarter. Hancock Whitney Corp grew its holdings in shares of Analog Devices by 7.8% in the first quarter. Hancock Whitney Corp now owns 1,257 shares of the semiconductor company’s stock worth $249,000 after purchasing an additional 91 shares during the last quarter. New Covenant Trust Company N.A. bought a new position in shares of Analog Devices in the first quarter worth about $40,000. Atria Investments Inc grew its holdings in shares of Analog Devices by 0.4% in the first quarter. Atria Investments Inc now owns 36,143 shares of the semiconductor company’s stock worth $7,149,000 after purchasing an additional 149 shares during the last quarter. Finally, PGGM Investments bought a new position in shares of Analog Devices in the first quarter worth about $166,000. 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.