Analog Devices Inc. (NASDAQ: ADI) shares rose on Wednesday Nov 23 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.
Meanwhile, in early trading, the Dow Jones Industrial Average DJIA, -0.03% fell 3.5 points to 19,019, essentially unchanged on the day. The S&P 500 SPX, -0.26% fell 7 points, or 0.3%, to 2,196, while the Nasdaq Composite Index COMP, -0.48% shed 34 points to 5,353, a loss of 0.6%.
Analog Devices Inc. (NASDAQ: ADI) had its price target increased by equities researchers at Robert W. Baird from $0.00 to $77.00. Robert W. Baird currently has a rating of on the stock. A number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $75.90, higher than the opening price of $73.67, a difference of 10.28 percent. Analog Devices Inc. stock has a 52-week high of $73.87.
Shares of Analog Devices Inc. (NASDAQ: ADI) opened at $73.67 on Tuesday and has traded in a range between, $72.61 and $73.87, and last traded at $73.83, which is a spike of $0.94 or 1.29% compared to the previous closing price.
Analog Devices Inc. (NASDAQ: ADI) currently has a market cap of 22.70B.
Analog Devices Inc. (NASDAQ: ADI) Average Daily Trading Volume
860,399 shares traded hands yesterday, below normal, out of a total float 305,982,000. Trading volume is likely to increase in the next few days as momentum traders often use increases in trading volume to determine large volume aggregation or circulation by institutional investors.
While an increase in trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts that investigate thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.
Analog Devices Inc. (NASDAQ: ADI) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Analog Devices Inc. (NASDAQ: ADI) have ranged from $47.24 – 73.87, and the stock now has a 50-day MA of $64.27 and 200-day MA of $61.13. Today’s last price is 0.05%% lower than the 52 week high of $73.87.
Earnings growth is a critical factor to consider when buying stocks and investors watch for companies that have increased their earnings at least 25% or more for 3 consecutive years.
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