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

Analog Devices, Inc. (NASDAQ:ADI)’s share price gapped up before the market opened 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

Several brokerages have issued reports on ADI. JPMorgan Chase & Co. increased their target price on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a report on Wednesday. Oppenheimer reiterated an “outperform” rating and set a $245.00 target price on shares of Analog Devices in a report on Thursday, August 22nd. Truist Financial lowered their price target on shares of Analog Devices from $233.00 to $227.00 and set a “hold” 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 research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Analog Devices presently has an average rating of “Moderate Buy” and an average price target of $249.33.

Analog Devices Stock Down 0.9 %

The stock has a market capitalization of $107.82 billion, a PE ratio of 65.22, a price-to-earnings-growth ratio of 3.15 and a beta of 1.08. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average is $224.64 and its 200 day moving average is $225.86.

Analog Devices Dividend Announcement

The firm also recently declared 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 is Monday, December 9th. Analog Devices’s dividend payout ratio is presently 110.51%.

Insiders Place Their Bets

In other Analog Devices news, EVP Gregory M. Bryant sold 20,000 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 59,093 shares of the company’s stock, valued at approximately $13,229,149.91. This trade represents a 25.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’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 transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,921,334.21. This represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,000 shares of company stock valued at $24,883,200. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Analog Devices

Institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in shares of Analog Devices during the 3rd quarter valued at approximately $28,000. New Millennium Group LLC purchased a new position in shares of Analog Devices during the 2nd quarter valued at approximately $29,000. Archer Investment Corp increased its holdings in shares of Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares in the last quarter. ORG Partners LLC increased its holdings in shares of Analog Devices by 675.0% during the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 135 shares in the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Analog Devices by 40.2% during the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 45 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other 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.