Wells Fargo & Company Initiates Coverage on Analog Devices (NASDAQ:ADI)

Wells Fargo & Company initiated coverage on shares of Analog Devices (NASDAQ:ADI) in a research note published on Friday morning, MarketBeat reports. The firm issued an equal weight rating and a $220.00 target price on the semiconductor company’s stock.

Other equities analysts have also recently issued reports about the stock. Truist Financial cut shares of Analog Devices from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $266.00 to $233.00 in a research report on Monday, September 23rd. Cantor Fitzgerald reissued a “neutral” rating and set a $250.00 target price on shares of Analog Devices in a research note on Tuesday, October 8th. Bank of America decreased their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reissued an “outperform” rating and set a $245.00 target price on shares of Analog Devices in a research note on Thursday, August 22nd. Finally, Morgan Stanley lifted their target price on shares of Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $252.05.

Analog Devices Trading Up 4.2 %

NASDAQ ADI opened at $223.58 on Friday. Analog Devices has a twelve month low of $179.63 and a twelve month high of $244.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. The stock has a market cap of $111.01 billion, a price-to-earnings ratio of 67.14, a PEG ratio of 3.02 and a beta of 1.08. The firm’s 50 day moving average price is $224.88 and its two-hundred day moving average price is $225.84.

Insider Activity at Analog Devices

In related news, EVP Gregory M. Bryant sold 30,000 shares of Analog Devices stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total value of $6,723,000.00. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward H. Frank sold 995 shares of Analog Devices stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total transaction of $233,138.45. Following the completion of the transaction, the director now owns 3,753 shares in the company, valued at $879,365.43. This trade represents a 20.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,995 shares of company stock valued at $25,116,338. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp increased its holdings in shares of Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock worth $5,195,302,000 after purchasing an additional 106,664 shares during the period. Geode Capital Management LLC increased 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 purchasing an additional 135,838 shares during the period. FMR LLC increased its holdings in shares of Analog Devices by 9.9% during the 3rd quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock worth $1,700,640,000 after purchasing an additional 665,149 shares during the period. Van ECK Associates Corp increased its holdings in shares of Analog Devices by 17.3% during the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock worth $1,078,617,000 after purchasing an additional 700,862 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Analog Devices by 21.4% during the 2nd quarter. American Century Companies Inc. now owns 4,351,585 shares of the semiconductor company’s stock worth $993,293,000 after purchasing an additional 767,534 shares during the period. Institutional investors own 86.81% of the company’s stock.

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.