NEW YORK, Dec. 28, 2025, 4:35 p.m. ET — Market closed
Analog Devices, Inc. (NASDAQ:ADI) heads into the final week of the year with U.S. stock markets shut for the weekend and trading set to resume Monday morning. The stock’s last session was Friday, when ADI finished at $276.84, down about 0.3% on the day, leaving shares within striking distance of their recent 52-week high ($284.23). [1]
With the exchange closed right now, the near-term setup for ADI is less about after-hours price action and more about what investors will be watching when liquidity returns: a burst of late-December institutional filing headlines, the latest analyst target framework for 2026, and a holiday-shortened macro calendar that can move rates-sensitive tech and semis even when “company news” is quiet. [2]
What’s new on ADI in the last 24–48 hours
The most visible ADI-specific headlines over the past two days have not been product announcements or earnings updates. Instead, they’ve been dominated by (1) a rating change from a research service and (2) multiple “tape” stories tied to Form 13F filings—backward-looking snapshots of institutional holdings that can still influence sentiment at year-end.
1) Rating change: Wall Street Zen shifts to “Hold”
MarketBeat reported that Wall Street Zen downgraded Analog Devices from “Buy” to “Hold.” [3]
2) A cluster of institutional-position headlines tied to 13F filings
Several MarketBeat items published over the past 24–48 hours highlighted Q3-era position changes reported in funds’ 13F filings. Examples include:
- Paradiem LLC increased its stake (MarketBeat cites a 16.4% increase during Q3). [4]
- PineStone Asset Management reduced its stake modestly (MarketBeat cites a 2.1% reduction during Q3). [5]
- Deprince Race & Zollo Inc. cut its stake (MarketBeat cites a 20.0% reduction during Q3). [6]
- Beacon Investment Advisory Services trimmed its position (MarketBeat cites a 3.2% reduction during Q3). [7]
Important context for Monday: 13F-based stories can create headline noise because they often reflect positions as of quarter-end and may not represent current holdings. Still, in thin holiday trading, any narrative about “institutional flows” can affect short-term positioning.
Wall Street’s current framing: price targets and the 2026 thesis
Even with a weekend-close market, investors are still digesting the Street’s evolving 2026 narrative for semiconductors—especially as attention broadens from AI compute into the “picks-and-shovels” of electrification, industrial automation, connectivity, and data-center power.
A few widely-circulated target updates and outlook notes in recent weeks have reinforced that ADI remains a “quality analog” name in that broader thesis:
- JPMorgan: Analyst Harlan Sur raised JPMorgan’s price target on ADI to $320 from $310 and kept an Overweight rating, citing secular tailwinds amplifying the cyclical recovery and positioning for fiscal 2026 upside. [8]
- UBS: Analyst Timothy Arcuri lifted UBS’s price target to $320 (from $280) and kept a Buy rating. [9]
- BofA: BofA raised its price target to $320 from $290, keeping a Buy rating, and described 2026 as a midpoint in a multi-year infrastructure upgrade cycle driven by AI workloads (while acknowledging potential choppiness tied to scrutiny of AI returns and hyperscaler cash flows). [10]
At Friday’s close around $277, a $320 target implies roughly mid-teens percentage upside, while the more clustered consensus targets in the high-$280s imply low-single-digit upside—a sign that valuation and execution expectations are already elevated. [11]
Sector backdrop: why “analog” is back in the conversation for 2026
Analog chipmakers like ADI tend to be judged through a cycle lens—inventory digestion, industrial demand, auto builds, and communications spending can all swing results. Over the past week, Citi analyst Christopher Danely argued that the analog segment could see a meaningful upturn in 2026, citing low inventories, constrained supply growth, and depressed margins; he also listed ADI among analog names he rates buy. [12]
That matters for ADI because the stock’s recent strength has pushed it near 52-week highs, and the market will want confirmation that 2026 estimates can still move higher from here—especially if broader tech becomes more sensitive to rates and macro surprises. [13]
Fundamentals check: the last official guidance still anchors the story
The last major company update remains Analog Devices’ fiscal Q4 and full-year 2025 report (released Nov. 25), where ADI posted:
- Q4 revenue: $3.08 billion
- FY2025 revenue: $11.0 billion (up 17% vs. FY2024)
- FY2025 operating cash flow: $4.8 billion; free cash flow: $4.3 billion
- Capital returns: ADI said it returned 96% of free cash flow to shareholders in FY2025 through repurchases and dividends [14]
Management’s commentary is also still central to the current tape: CEO Vincent Roche pointed to a strong year and a growing design pipeline, while CFO Richard Puccio said bookings were healthy with industrial growth and notable communications strength—while also warning that macro uncertainty could influence the shape of fiscal 2026. [15]
For fiscal Q1 2026, ADI guided to:
- Revenue: $3.1B ± $100M
- Adjusted EPS: $2.29 ± $0.10 (reported EPS guided at $1.60 ± $0.10) [16]
Reuters also highlighted ADI’s upbeat quarter and guidance relative to estimates, while noting investors’ attention on industrial-demand momentum and the broader analog recovery path. [17]
Insider and governance watch: what filings say
Investors scanning filings ahead of Monday will also notice insider activity earlier this month. A Form 4 shows CEO Vincent Roche reported a Dec. 12 transaction that included an option exercise and a sale of 10,000 shares at a reported price of $282.42, with the filing noting the sale was pursuant to a 10b5-1 plan adopted in May 2025. [18]
This doesn’t automatically signal bullishness or bearishness—10b5-1 sales are often pre-scheduled—but in a stock near highs, such details tend to get more attention.
Valuation and key levels investors are likely to watch Monday
At current levels, ADI is no longer “cheap” on a trailing basis. Yahoo Finance’s key statistics show a trailing P/E around the low-60s and a meaningfully lower forward P/E (mid/high-20s), reflecting expectations for earnings normalization and growth through the cycle. [19]
From a price-level standpoint:
- 52-week high: $284.23
- 52-week low: $158.65 [20]
In practical terms, Monday’s early trade often turns into a question of whether ADI can reclaim the upper-$280s on relatively light volume—or whether year-end positioning leads to profit-taking back toward commonly watched moving averages (MarketBeat has recently cited ADI’s 50-day and 200-day moving averages in the mid-$200s). [21]
What investors should know before the next session opens
Because the market is closed now, the next actionable window is Monday’s premarket and the 9:30 a.m. ET opening bell. Nasdaq notes typical extended-hours sessions run 4:00 a.m. to 9:30 a.m. ET (premarket) and 4:00 p.m. to 8:00 p.m. ET (after-hours), though broker access and liquidity can vary. [22]
Here are the main “watch items” heading into Monday:
1) Holiday-week macro catalysts (can move semis via rates)
Investopedia’s week-ahead preview flags Pending Home Sales (Monday), S&P Case-Shiller (Tuesday), weekly jobless claims (Wednesday), and FOMC minutes (Tuesday) as notable events, with markets heading into the New Year holiday. [23]
2) Trading calendar and liquidity
Stocks are closed New Year’s Day (Thursday, Jan. 1, 2026), and the period between Christmas and New Year often sees thinner liquidity—conditions that can exaggerate moves in large-cap tech and semiconductors. [24]
3) Distinguish signal from noise in “fund flow” headlines
If more ADI 13F stories appear Monday, remember they’re often historical quarter-end snapshots. They can still affect positioning, but they are not real-time reads on what major funds hold today. [25]
4) Company communications cadence
Analog Devices’ newsroom shows its most recent official updates were earlier in December and late November, and the company has also posted a notice about being closed for the holiday period through early January (for corporate operations/support response timing). That can mean fewer incremental corporate updates hitting the tape before the first full week of January. [26]
Bottom line
As the market reopens Monday, Analog Devices stock is entering the session with momentum near yearly highs, a valuation that demands continued execution, and a news flow currently dominated by institutional filing headlines rather than fresh operating developments. The next directional push is likely to come from a mix of (1) how investors interpret the analog-cycle setup for 2026, (2) the market’s response to holiday-week macro data and Fed signals, and (3) whether ADI can hold above the high-$270s and make another run at the $280s amid typically thinner year-end liquidity. [27]
References
1. www.wallstreetzen.com, 2. www.investopedia.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.tipranks.com, 9. www.tipranks.com, 10. www.tipranks.com, 11. www.marketbeat.com, 12. www.investors.com, 13. www.wallstreetzen.com, 14. www.analog.com, 15. www.analog.com, 16. www.analog.com, 17. www.reuters.com, 18. www.sec.gov, 19. finance.yahoo.com, 20. www.wallstreetzen.com, 21. www.marketbeat.com, 22. www.nasdaq.com, 23. www.investopedia.com, 24. www.investopedia.com, 25. www.marketbeat.com, 26. www.analog.com, 27. www.analog.com
