Analog Devices (NASDAQ:ADI) Shares Gap Up – Should You Buy?

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 traded.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADI shares. Wells Fargo & Company assumed coverage on shares of Analog Devices in a report on Friday. They issued an “equal weight” rating and a $220.00 target price on the stock. Bank of America lowered their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Morgan Stanley boosted their target price on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Thursday, August 22nd. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and a consensus target price of $252.05.

Analog Devices Stock Up 3.0 %

The company has a market cap of $114.29 billion, a PE ratio of 67.14, a P/E/G ratio of 3.02 and a beta of 1.08. The firm has a 50-day simple moving average of $224.88 and a two-hundred day simple moving average of $225.84. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction 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 owns 21,983 shares of the company’s stock, valued at $4,921,334.21. This represents a 31.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gregory M. Bryant sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total value of $6,723,000.00. Following the sale, the executive vice president now owns 109,093 shares in the company, valued at $24,447,741.30. This trade represents a 21.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,995 shares of company stock valued at $25,116,338 over the last quarter. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Large investors have recently added to or reduced their stakes in the business. Swedbank AB acquired a new position in shares of Analog Devices in the 1st quarter valued at $537,171,000. Raymond James & Associates raised its position in shares of Analog Devices by 153.6% in the 3rd quarter. Raymond James & Associates now owns 2,348,104 shares of the semiconductor company’s stock worth $540,463,000 after buying an additional 1,422,054 shares during the period. International Assets Investment Management LLC raised its position in shares of Analog Devices by 23,792.4% in the 3rd quarter. International Assets Investment Management LLC now owns 887,603 shares of the semiconductor company’s stock worth $2,043,000,000 after buying an additional 883,888 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Analog Devices by 807.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock valued at $220,891,000 after acquiring an additional 853,931 shares during the last quarter. Finally, Holocene Advisors LP grew its position in Analog Devices by 336.4% during the third quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after acquiring an additional 823,709 shares during the period. 86.81% of the stock is currently 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.