Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC trimmed its position in Analog Devices, Inc. (NASDAQ:ADI) by 2.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 92,246 shares of the semiconductor company’s stock after selling 2,239 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Analog Devices were worth $21,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. New Millennium Group LLC acquired a new stake in Analog Devices during the 2nd quarter worth about $29,000. Riverview Trust Co acquired a new stake in Analog Devices during the 1st quarter worth about $30,000. ORG Partners LLC grew its position in Analog Devices by 675.0% during the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 135 shares during the period. CVA Family Office LLC grew its position in Analog Devices by 40.2% during the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 45 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new stake in Analog Devices during the 2nd quarter worth about $37,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial cut their price target on Analog Devices from $275.00 to $266.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a research report on Tuesday, July 16th. Bank of America cut their price target on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. JPMorgan Chase & Co. increased their price target on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $251.45.

Analog Devices Stock Down 2.9 %

Shares of ADI opened at $226.78 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. Analog Devices, Inc. has a one year low of $154.99 and a one year high of $244.14. The stock has a market capitalization of $112.53 billion, a price-to-earnings ratio of 52.99, a PEG ratio of 3.74 and a beta of 1.07. The stock has a 50 day moving average price of $223.80 and a 200 day moving average price of $216.26.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.49 earnings per share. Equities research analysts forecast that Analog Devices, Inc. will post 6.33 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.62%. The ex-dividend date was Tuesday, September 3rd. Analog Devices’s payout ratio is currently 85.98%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $226.70, for a total value of $2,267,000.00. Following the completion of the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at approximately $11,570,541.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $226.70, for a total value of $2,267,000.00. Following the completion of the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at approximately $11,570,541.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Edward H. Frank sold 500 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $227.24, for a total value of $113,620.00. Following the transaction, the director now owns 4,748 shares of the company’s stock, valued at $1,078,935.52. The disclosure for this sale can be found here. Insiders sold a total of 31,495 shares of company stock worth $7,181,458 in the last three months. 0.31% of the stock is owned by corporate insiders.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.