Analog Devices (NASDAQ:ADI) Sees Large Volume Increase Following Strong Earnings

Analog Devices, Inc. (NASDAQ:ADI – Get Rating) shares saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 2,600,296 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 3,261,804 shares.The stock last traded at $166.61 and had previously closed at $173.20.

The semiconductor company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.75 by $0.08. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.21 billion. Analog Devices had a return on equity of 14.69% and a net margin of 27.27%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 EPS.

Analog Devices Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Monday, June 5th will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $3.44 dividend on an annualized basis and a yield of 2.00%. Analog Devices’s dividend payout ratio is currently 51.89%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial reduced their price objective on Analog Devices from $251.00 to $213.00 in a research report on Thursday. UBS Group lifted their target price on Analog Devices from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. Oppenheimer cut their target price on Analog Devices from $230.00 to $215.00 in a research note on Thursday. Morgan Stanley dropped their price objective on Analog Devices from $210.00 to $195.00 in a research note on Wednesday. Finally, BMO Capital Markets dropped their price objective on Analog Devices from $215.00 to $200.00 in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average price target of $208.17.

Insider Buying and Selling

In other Analog Devices news, Director James Champy sold 1,495 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total value of $277,232.80. Following the completion of the transaction, the director now owns 6,371 shares of the company’s stock, valued at approximately $1,181,438.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the sale, the chief financial officer now directly owns 23,871 shares in the company, valued at approximately $4,464,115.71. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Champy sold 1,495 shares of the stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total value of $277,232.80. Following the sale, the director now owns 6,371 shares in the company, valued at $1,181,438.24. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Analog Devices

A number of large investors have recently bought and sold shares of the business. Legato Capital Management LLC grew its position in Analog Devices by 0.4% during the 1st quarter. Legato Capital Management LLC now owns 31,795 shares of the semiconductor company’s stock worth $6,271,000 after acquiring an additional 124 shares during the last quarter. Old North State Trust LLC lifted its holdings in Analog Devices by 161.8% during the 1st quarter. Old North State Trust LLC now owns 1,791 shares of the semiconductor company’s stock worth $137,000 after buying an additional 1,107 shares in the last quarter. Toroso Investments LLC lifted its holdings in Analog Devices by 8.3% during the 1st quarter. Toroso Investments LLC now owns 16,868 shares of the semiconductor company’s stock worth $3,327,000 after buying an additional 1,287 shares in the last quarter. 3Chopt Investment Partners LLC acquired a new position in Analog Devices during the 1st quarter worth $300,000. Finally, Raleigh Capital Management Inc. lifted its holdings in Analog Devices by 6.7% during the 1st quarter. Raleigh Capital Management Inc. now owns 1,577 shares of the semiconductor company’s stock worth $311,000 after buying an additional 99 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analog Devices Stock Performance

The stock has a 50 day moving average price of $186.11 and a two-hundred day moving average price of $176.80. The company has a current ratio of 2.12, a quick ratio of 1.50 and a debt-to-equity ratio of 0.18. The company has a market cap of $87.20 billion, a price-to-earnings ratio of 26.00, a P/E/G ratio of 1.44 and a beta of 1.15.

About Analog Devices

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.