Morgan Stanley Cuts Analog Devices (NASDAQ:ADI) Price Target to $248.00

Analog Devices (NASDAQ:ADI) had its target price reduced by investment analysts at Morgan Stanley from $252.00 to $248.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price target would suggest a potential upside of 14.20% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. Wells Fargo & Company initiated coverage on Analog Devices in a report on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research note on Wednesday. Truist Financial lowered shares of Analog Devices from a “buy” rating to a “hold” rating and cut their price target for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. TD Cowen lowered their price objective on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and set a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.33.

Analog Devices Stock Performance

Shares of ADI opened at $217.17 on Wednesday. Analog Devices has a 12 month low of $179.63 and a 12 month high of $244.14. The stock has a fifty day moving average price of $224.32 and a 200-day moving average price of $225.80. 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 firm has a market cap of $107.82 billion, a PE ratio of 66.01, a P/E/G ratio of 3.15 and a beta of 1.08.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the company’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 completion of 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Gregory M. Bryant sold 30,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total transaction of $6,867,900.00. Following the completion of the sale, the executive vice president now directly owns 79,093 shares of the company’s stock, valued at approximately $18,106,760.49. The trade was a 27.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $24,883,200 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Analog Devices

Several institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in Analog Devices during the 3rd quarter worth $28,000. New Millennium Group LLC purchased a new stake in Analog Devices during the 2nd quarter valued at about $29,000. Archer Investment Corp raised its holdings in Analog Devices by 101.4% in the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares during the last quarter. ORG Partners LLC lifted its stake in Analog Devices by 675.0% in the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 135 shares in the last quarter. Finally, CVA Family Office LLC boosted 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 worth $36,000 after purchasing an additional 45 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.