Ardevora Asset Management LLP lifted its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 11.9% during the 3rd quarter, Holdings Channel reports. The firm owned 303,416 shares of the semiconductor company’s stock after purchasing an additional 32,269 shares during the quarter. Ardevora Asset Management LLP’s holdings in Analog Devices were worth $28,054,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its holdings in Analog Devices by 0.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 17,047,903 shares of the semiconductor company’s stock valued at $1,576,249,000 after acquiring an additional 118,861 shares during the last quarter. FMR LLC lifted its holdings in Analog Devices by 3.9% in the second quarter. FMR LLC now owns 9,175,704 shares of the semiconductor company’s stock valued at $880,133,000 after acquiring an additional 348,581 shares during the last quarter. Morgan Stanley lifted its holdings in Analog Devices by 19.9% in the second quarter. Morgan Stanley now owns 7,076,283 shares of the semiconductor company’s stock valued at $678,754,000 after acquiring an additional 1,172,933 shares during the last quarter. Northern Trust Corp lifted its holdings in Analog Devices by 4.8% in the second quarter. Northern Trust Corp now owns 5,592,349 shares of the semiconductor company’s stock valued at $536,419,000 after acquiring an additional 257,689 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt lifted its holdings in Analog Devices by 9.9% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,219,510 shares of the semiconductor company’s stock valued at $212,895,000 after acquiring an additional 200,000 shares during the last quarter. Institutional investors and hedge funds own 88.10% of the company’s stock.
In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $92.81, for a total transaction of $928,100.00. Following the sale, the chief executive officer now owns 27,376 shares of the company’s stock, valued at $2,540,766.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joseph Hassett sold 12,000 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $100.40, for a total value of $1,204,800.00. Following the sale, the senior vice president now directly owns 26,711 shares in the company, valued at approximately $2,681,784.40. The disclosure for this sale can be found here. In the last three months, insiders sold 76,050 shares of company stock worth $7,468,658. 0.70% of the stock is owned by corporate insiders.
Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.07. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.51 billion. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.26 earnings per share. Analysts predict that Analog Devices, Inc. will post 5.93 earnings per share for the current fiscal year.
Analog Devices announced that its board has authorized a share repurchase program on Tuesday, August 21st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 5.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
A number of research analysts recently commented on ADI shares. Zacks Investment Research cut Analog Devices from a “buy” rating to a “hold” rating in a report on Friday, August 24th. B. Riley decreased their price objective on Analog Devices from $120.00 to $117.00 and set a “buy” rating on the stock in a report on Thursday, August 23rd. Stifel Nicolaus upped their price objective on Analog Devices from $108.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 23rd. BidaskClub cut Analog Devices from a “hold” rating to a “sell” rating in a report on Friday, August 17th. Finally, Raymond James cut Analog Devices from an “outperform” rating to a “market perform” rating and set a $110.00 price objective on the stock. in a report on Tuesday, September 25th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $103.70.
About Analog Devices
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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