Analog Devices (NASDAQ:ADI) Given New $260.00 Price Target at TD Cowen

Analog Devices (NASDAQ:ADI) had its target price lowered by equities researchers at TD Cowen from $270.00 to $260.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s target price would suggest a potential upside of 19.72% from the company’s current price.

Several other research firms have also commented on ADI. JPMorgan Chase & Co. increased their price objective on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Morgan Stanley increased their price target on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Wednesday. Truist Financial lowered Analog Devices from a “buy” rating to a “hold” rating and decreased their target price for the company from $266.00 to $233.00 in a research report on Monday, September 23rd. Finally, Bank of America reduced their price target on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.33.

Analog Devices Stock Performance

Shares of ADI stock opened at $217.17 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. The firm has a 50-day moving average of $224.32 and a 200-day moving average of $225.80. Analog Devices has a one year low of $179.63 and a one year high of $244.14. The company has a market cap of $107.82 billion, a P/E ratio of 66.01, a P/E/G ratio of 3.15 and a beta of 1.08.

Insider Activity

In related news, EVP Gregory M. Bryant sold 30,000 shares of Analog Devices stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the completion of the sale, the executive vice president now owns 109,093 shares of the company’s stock, valued at approximately $24,447,741.30. This trade represents a 21.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total value of $2,289,300.00. Following the transaction, the chief executive officer now owns 45,326 shares of the company’s stock, valued at approximately $10,376,481.18. The trade was a 18.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $24,883,200 over the last ninety days. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its stake in Analog Devices by 0.5% in the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock worth $5,195,302,000 after buying an additional 106,664 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Analog Devices by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock worth $2,377,094,000 after acquiring an additional 135,838 shares during the last quarter. Franklin Resources Inc. grew its position in Analog Devices by 14.9% in the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after acquiring an additional 1,189,940 shares in the last quarter. FMR LLC increased its stake in Analog Devices by 9.9% in the third quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after acquiring an additional 665,149 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Analog Devices by 17.3% during the third quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after purchasing an additional 700,862 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Company Profile

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.