Sheets Smith Wealth Management bought a new stake in Analog Devices, Inc. (NASDAQ:ADI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,754 shares of the semiconductor company’s stock, valued at approximately $292,000.
Several other hedge funds have also modified their holdings of ADI. Vanguard Group Inc. boosted its stake in shares of Analog Devices by 24.3% in the first quarter. Vanguard Group Inc. now owns 28,205,340 shares of the semiconductor company’s stock valued at $2,311,428,000 after buying an additional 5,506,925 shares during the period. BlackRock Inc. boosted its stake in shares of Analog Devices by 3,292.7% in the first quarter. BlackRock Inc. now owns 23,045,295 shares of the semiconductor company’s stock valued at $1,888,562,000 after buying an additional 22,366,040 shares during the period. Wellington Management Group LLP boosted its stake in shares of Analog Devices by 14.4% in the first quarter. Wellington Management Group LLP now owns 18,479,225 shares of the semiconductor company’s stock valued at $1,514,372,000 after buying an additional 2,319,193 shares during the period. State Street Corp boosted its stake in shares of Analog Devices by 20.0% in the first quarter. State Street Corp now owns 14,958,586 shares of the semiconductor company’s stock valued at $1,225,852,000 after buying an additional 2,493,568 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Analog Devices by 8.4% in the first quarter. Wells Fargo & Company MN now owns 7,957,053 shares of the semiconductor company’s stock valued at $652,081,000 after buying an additional 614,150 shares during the period. 87.76% of the stock is owned by institutional investors and hedge funds.
Analog Devices, Inc. (NASDAQ ADI) opened at 77.98 on Thursday. The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 29.87 and a beta of 1.30. Analog Devices, Inc. has a 1-year low of $59.01 and a 1-year high of $90.49. The stock has a 50 day moving average price of $79.29 and a 200-day moving average price of $79.67.
Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, May 31st. The semiconductor company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.18. Analog Devices had a net margin of 20.88% and a return on equity of 19.39%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was up 41.2% on a year-over-year basis. Equities analysts predict that Analog Devices, Inc. will post $4.37 earnings per share for the current year.
ADI has been the subject of several recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating on shares of Analog Devices in a research report on Monday, July 10th. BidaskClub cut Analog Devices from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Raymond James Financial, Inc. assumed coverage on Analog Devices in a research report on Friday, June 16th. They set a “market perform” rating for the company. Royal Bank Of Canada reissued a “buy” rating and set a $92.00 price objective on shares of Analog Devices in a research report on Friday, August 4th. Finally, Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $90.00 price objective (up previously from $87.00) on shares of Analog Devices in a research report on Thursday, June 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $89.92.
In related news, SVP Margaret K. Seif sold 3,000 shares of Analog Devices stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $81.54, for a total value of $244,620.00. Following the transaction, the senior vice president now directly owns 20,404 shares of the company’s stock, valued at $1,663,742.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Evans acquired 14,000 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was purchased at an average cost of $78.28 per share, for a total transaction of $1,095,920.00. Following the completion of the purchase, the director now directly owns 67,540 shares of the company’s stock, valued at $5,287,031.20. The disclosure for this purchase can be found here. Insiders have sold 61,086 shares of company stock worth $5,202,514 over the last ninety days. Insiders own 1.10% of the company’s stock.
About Analog Devices
Analog Devices, Inc (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products.
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