Analog Devices (NASDAQ:ADI) Shares Gap Down After Analyst Downgrade

Analog Devices, Inc. (NASDAQ:ADI – Get Rating) shares gapped down before the market opened on Wednesday after BMO Capital Markets lowered their price target on the stock from $215.00 to $200.00. The stock had previously closed at $187.92, but opened at $171.50. Analog Devices shares last traded at $173.96, with a volume of 2,481,238 shares.

ADI has been the topic of several other research reports. Cowen boosted their price target on shares of Analog Devices from $200.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, February 16th. Wells Fargo & Company lowered their price target on shares of Analog Devices from $190.00 to $185.00 in a research report on Thursday. KeyCorp lowered their price target on shares of Analog Devices from $230.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday. Citigroup lowered their price target on shares of Analog Devices from $225.00 to $200.00 in a research report on Thursday. Finally, StockNews.com raised shares of Analog Devices from a “hold” rating to a “buy” rating in a research report on Wednesday, May 17th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.17.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, Director James Champy sold 1,495 shares of the stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total value of $277,232.80. Following the transaction, the director now directly owns 6,371 shares in the company, valued at $1,181,438.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the sale, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at $4,464,115.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Champy sold 1,495 shares of the stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total value of $277,232.80. Following the completion of the sale, the director now directly owns 6,371 shares of the company’s stock, valued at $1,181,438.24. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Analog Devices

Hedge funds have recently modified their holdings of the stock. Kistler Tiffany Companies LLC acquired a new stake in shares of Analog Devices during the fourth quarter worth $25,000. Silicon Valley Capital Partners purchased a new position in Analog Devices in the first quarter worth $27,000. My Personal CFO LLC purchased a new position in Analog Devices in the fourth quarter worth $29,000. Magellan Asset Management Ltd purchased a new position in Analog Devices in the first quarter worth $30,000. Finally, Fortis Capital Advisors LLC purchased a new position in Analog Devices in the first quarter worth $31,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analog Devices Price Performance

The company has a 50-day simple moving average of $186.11 and a 200-day simple moving average of $176.80. The stock has a market cap of $87.20 billion, a PE ratio of 26.00, a PEG ratio of 1.44 and a beta of 1.15. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.12 and a quick ratio of 1.50.

Analog Devices (NASDAQ:ADI – Get Rating) last released its quarterly earnings data on Wednesday, May 24th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.08. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Analog Devices had a return on equity of 14.69% and a net margin of 27.27%. Analog Devices’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.40 earnings per share. Sell-side analysts anticipate that Analog Devices, Inc. will post 10.65 EPS for the current fiscal year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Monday, June 5th will be given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, June 2nd. Analog Devices’s dividend payout ratio is currently 51.89%.

Analog Devices Company Profile

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.