Analog Devices falls 3.9% as investors digest earnings and $1.5B Empower acquisition

Analog Devices (ADI) is down 3.9% today. Here is some analysis on what might have caused this price movement.

Analysis: ADI reported strong fiscal Q2 results and issued upbeat Q3 guidance, but the stock still moved lower in what looks like a “sell-the-news” reaction after a big run-up into earnings. Investors also appear to be weighing the company’s newly announced $1.5 billion all-cash acquisition of Empower Semiconductor, which could raise near-term concerns about integration risk and capital allocation even if it strengthens ADI’s AI power-delivery portfolio.

Details:

ADI reported fiscal Q2 (ended May 2, 2026) revenue of about $3.62 billion and adjusted diluted EPS of $3.09, alongside meaningful year-over-year margin expansion.

For fiscal Q3, ADI guided to revenue of about $3.9 billion (plus/minus $100 million) and adjusted EPS of about $3.30 (plus/minus $0.15).

Earlier, ADI announced a definitive agreement to acquire Empower Semiconductor for $1.5 billion in cash, targeting higher-density, more efficient power delivery for AI compute systems; the deal is expected to close in the second half of 2026, subject to customary conditions.

ADI also declared a quarterly cash dividend of $1.10 per share, payable June 16, 2026 to shareholders of record as of June 2, 2026.

Sources:

Analog Devices Investor Relations, PR Newswire, SEC (EDGAR)

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ADI Insider Trading Activity

$ADI insiders have traded $ADI stock on the open market 69 times in the past 6 months. Of those trades, 0 have been purchases and 69 have been sales.

Here’s a breakdown of recent trading of $ADI stock by insiders over the last 6 months:

VINCENT ROCHE (Chair & CEO) has made 0 purchases and 5 sales selling 50,000 shares for an estimated $16,235,400.
RAY STATA has made 0 purchases and 58 sales selling 26,226 shares for an estimated $7,988,787.
MICHAEL SONDEL (CAO (principal acct. officer)) has made 0 purchases and 2 sales selling 12,367 shares for an estimated $3,787,160.
VIVEK JAIN (EVP, Global Operations) sold 5,913 shares for an estimated $1,572,134
MARTIN COTTER (SVP, Vertical Business Units) sold 5,000 shares for an estimated $1,355,950
KATSUFUMI NAKAMURA (SVP, Chief Customer Officer) has made 0 purchases and 2 sales selling 1,000 shares for an estimated $295,315.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$ADI Hedge Fund Activity

We have seen 1,010 institutional investors add shares of $ADI stock to their portfolio, and 958 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

MORGAN STANLEY removed 2,191,130 shares (-21.0%) from their portfolio in Q1 2026, for an estimated $697,086,098
FIRST EAGLE INVESTMENT MANAGEMENT, LLC removed 2,025,781 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $644,481,967
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 1,946,255 shares (+41.3%) to their portfolio in Q1 2026, for an estimated $619,181,565
FMR LLC added 1,801,734 shares (+36.6%) to their portfolio in Q1 2026, for an estimated $573,203,654
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 1,677,682 shares (-21.3%) from their portfolio in Q1 2026, for an estimated $533,737,751
GENERATION INVESTMENT MANAGEMENT LLP removed 1,316,607 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $357,063,818
FARALLON CAPITAL MANAGEMENT LLC removed 1,299,500 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $352,424,400

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$ADI Congressional Stock Trading

Members of Congress have traded $ADI stock 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $ADI stock by members of Congress over the last 6 months:

REPRESENTATIVE RICHARD MCCORMICK has traded it 2 times. They made 0 purchases and 2 sales worth up to $30,000 on 03/19.
SENATOR SHELLEY MOORE CAPITO sold up to $15,000 on 02/10.
REPRESENTATIVE JULIE JOHNSON sold up to $15,000 on 12/18.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$ADI Analyst Ratings

Wall Street analysts have issued reports on $ADI in the last several months. We have seen 5 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

B of A Securities issued a "Buy" rating on 01/21/2026
Wells Fargo issued a "Overweight" rating on 01/15/2026
Benchmark issued a "Buy" rating on 11/26/2025
Evercore ISI Group issued a "Outperform" rating on 11/26/2025
Baird issued a "Outperform" rating on 11/26/2025

To track analyst ratings and price targets for $ADI, check out Quiver Quantitative's $ADI forecast page.

$ADI Price Targets

Multiple analysts have issued price targets for $ADI recently. We have seen 20 analysts offer price targets for $ADI in the last 6 months, with a median target of $400.0.

Here are some recent targets:

Tore Svanberg from Stifel set a target price of $450.0 on 05/18/2026
Matthew Prisco from Cantor Fitzgerald set a target price of $510.0 on 05/13/2026
Joe Quatrochi from Wells Fargo set a target price of $470.0 on 05/13/2026
Rick Schafer from Oppenheimer set a target price of $450.0 on 05/12/2026
Vivek Arya from B of A Securities set a target price of $425.0 on 04/13/2026
Christopher Rolland from Susquehanna set a target price of $400.0 on 02/19/2026
N. Quinn Bolton from Needham set a target price of $400.0 on 02/19/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.