Analog Devices (ADI) Shares Gap Down to $85.25

Analog Devices, Inc. (NASDAQ:ADI) shares gapped down prior to trading on Thursday . The stock had previously closed at $87.50, but opened at $85.25. Analog Devices shares last traded at $83.17, with a volume of 4923183 shares.

Several research analysts recently issued reports on the stock. SunTrust Banks reissued a “buy” rating and issued a $118.00 price target on shares of Analog Devices in a research report on Thursday, August 30th. Loop Capital assumed coverage on shares of Analog Devices in a research report on Thursday, June 21st. They issued a “buy” rating and a $117.00 price target for the company. Nomura assumed coverage on shares of Analog Devices in a research report on Wednesday, July 18th. They issued a “neutral” rating and a $100.00 price target for the company. BidaskClub raised shares of Analog Devices from a “sell” rating to a “hold” rating in a research report on Saturday, August 25th. Finally, Zacks Investment Research lowered shares of Analog Devices from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $104.17.

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.16 and a current ratio of 1.58. The company has a market capitalization of $34.36 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.27 and a beta of 1.20.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.07. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Analog Devices had a net margin of 22.94% and a return on equity of 20.89%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 earnings per share. As a group, equities analysts predict that Analog Devices, Inc. will post 5.89 EPS for the current fiscal year.

Analog Devices announced that its board has approved a stock buyback plan on Tuesday, August 21st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, SVP Peter Real sold 4,595 shares of the stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $95.68, for a total transaction of $439,649.60. Following the sale, the senior vice president now directly owns 18,195 shares of the company’s stock, valued at $1,740,897.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $95.43, for a total transaction of $954,300.00. Following the sale, the chief executive officer now directly owns 19,699 shares in the company, valued at $1,879,875.57. The disclosure for this sale can be found here. Insiders have sold 90,645 shares of company stock worth $8,862,608 over the last three months. 0.70% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Naples Global Advisors LLC grew its stake in shares of Analog Devices by 1.6% during the second quarter. Naples Global Advisors LLC now owns 33,888 shares of the semiconductor company’s stock valued at $3,251,000 after purchasing an additional 548 shares during the last quarter. Peoples Financial Services CORP. boosted its stake in Analog Devices by 4.9% in the second quarter. Peoples Financial Services CORP. now owns 11,798 shares of the semiconductor company’s stock valued at $1,132,000 after acquiring an additional 554 shares during the last quarter. BerganKDV Wealth Management LLC boosted its stake in Analog Devices by 6.0% in the second quarter. BerganKDV Wealth Management LLC now owns 10,467 shares of the semiconductor company’s stock valued at $1,004,000 after acquiring an additional 597 shares during the last quarter. Washington Trust Bank boosted its stake in Analog Devices by 127.7% in the second quarter. Washington Trust Bank now owns 1,070 shares of the semiconductor company’s stock valued at $103,000 after acquiring an additional 600 shares during the last quarter. Finally, Sumitomo Life Insurance Co. boosted its stake in Analog Devices by 4.1% in the second quarter. Sumitomo Life Insurance Co. now owns 15,542 shares of the semiconductor company’s stock valued at $1,491,000 after acquiring an additional 607 shares during the last quarter. 88.06% of the stock is currently owned by institutional investors and hedge funds.

About Analog Devices (NASDAQ:ADI)

Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.

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