Analog Devices (ADI) Founder Ray Stata Maintains 700 Million Shares Despite Selling 2,485 Shares

Ray Stata, co-founder and insider of Analog Devices (ADI), sold 2,485 shares of common stock in the open market over two days on July 7–8, yet he still holds hundreds of thousands of shares both directly and indirectly.[2] The sales, executed at prices ranging from approximately $371.48 to $388.73 per share, generated roughly $940,000 in cash and were carried out under a pre-established SEC Rule 10b5-1 trading plan, suggesting a planned distribution sale rather than a change in control.[2]

Following these transactions, Stata’s direct holdings decreased to 115,927 shares, and an additional 652,221 shares held by Mrs. Stata were reported as indirect holdings.[2] Based on an assumed price of $388.7318 per share, as presented in the filing, Stata’s direct stake is valued at approximately $45.05 million, and his indirect stake at about $253.78 million, indicating that despite the sales, his economic interest in the company remains significant.[2]

During the same period, Chairman and CEO Vincent Roche exercised 10,000 non-qualified stock options on July 1 at an exercise price of $108.08 per share to acquire 10,000 common shares, and then sold all of them the same day at $389.75 per share, netting approximately $3.8975 million.[1] That transaction was also executed under a Rule 10b5-1 pre-established trading plan. Roche subsequently reported holding 137,537.875 shares of common stock directly, and indirectly holding 23,515 and 50,000 shares through Grantor Retained Annuity Trusts established in 2024 and 2026, respectively.[1]

The key figures are compared below.

Category	Details	Quantity/Amount	Notes
Ray Stata Shares Sold[2]	Common stock sold (July 7–8)	2,485 shares	21 separate trades
Ray Stata Sale Price[2]	Price range per share	$371.4775–$388.7318	Open-market sale
Ray Stata Sale Proceeds[2]	Total proceeds	Approximately $942,000	Estimated
Stata Direct Holdings[2]	Direct holdings after sale	115,927 shares	As of July 8
Stata Indirect Holdings[2]	Shares held in Mrs. Stata’s name	652,221 shares	Indirect holdings
Stata Direct Equity Value[2]	Based on assumed price of $388.7318	$45,049,974.11	Filing calculation
Stata Indirect Equity Value[2]	Based on same assumed price	$253,776,363.03	Filing calculation
Vincent Roche Option Exercise[1]	Shares exercised / Exercise price	10,000 shares / $108.08	Non-qualified stock options
Vincent Roche Exercise Cost[1]	Total cost of exercising options	$1,080,800.00
Vincent Roche Sale[1]	Common shares sold / Sale price	10,000 shares / $389.75	Open-market sale
Vincent Roche Sale Proceeds[1]	Total sale proceeds	$3,897,500.00
Roche Direct Holdings[1]	Direct holdings after transactions	137,537.875 shares
Roche Indirect Holdings (Trust)[1]	Holdings in 2024/2026 GRATs	23,515 shares / 50,000 shares	Indirect holdings
Roche Option Expiration[1]	Expiration date of exercised options	March 13, 2029	Fully vested options

Stata’s transactions were conducted under a Rule 10b5-1 plan adopted on March 6, 2026, indicating that the sales were part of a predetermined schedule rather than based on short-term stock outlooks. Similarly, Vincent Roche exercised options and monetized part of his holdings under the same rule-based trading plan, while still maintaining substantial equity in the company, as confirmed in this disclosure.[1][2]