abrdn plc Sells 661,843 Shares of Analog Devices, Inc. (NASDAQ:ADI)

abrdn plc reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 44.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 833,846 shares of the semiconductor company’s stock after selling 661,843 shares during the quarter. abrdn plc’s holdings in Analog Devices were worth $165,568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. CTC Alternative Strategies Ltd. bought a new stake in Analog Devices in the fourth quarter worth $1,152,000. Sequoia Financial Advisors LLC raised its position in shares of Analog Devices by 107.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 12,667 shares of the semiconductor company’s stock worth $2,515,000 after purchasing an additional 6,564 shares during the last quarter. Prime Capital Investment Advisors LLC raised its position in shares of Analog Devices by 37.5% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 8,118 shares of the semiconductor company’s stock worth $1,612,000 after purchasing an additional 2,215 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Analog Devices by 4.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 100,451 shares of the semiconductor company’s stock worth $19,946,000 after purchasing an additional 4,516 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Analog Devices by 31.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 373,625 shares of the semiconductor company’s stock worth $74,187,000 after purchasing an additional 89,504 shares during the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $192.11, for a total value of $1,921,100.00. Following the transaction, the chief executive officer now directly owns 5,713 shares in the company, valued at $1,097,524.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $192.11, for a total value of $1,921,100.00. Following the sale, the chief executive officer now directly owns 5,713 shares of the company’s stock, valued at $1,097,524.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Champy sold 1,228 shares of Analog Devices stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the sale, the director now directly owns 6,371 shares in the company, valued at $1,259,164.44. The disclosure for this sale can be found here. Insiders have sold 24,707 shares of company stock worth $4,825,113 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Analog Devices Stock Performance

NASDAQ ADI traded down $4.22 on Friday, hitting $183.36. 4,081,783 shares of the company traded hands, compared to its average volume of 2,613,445. The company has a market capitalization of $90.93 billion, a price-to-earnings ratio of 32.80, a P/E/G ratio of 4.71 and a beta of 1.17. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 0.17. The business’s 50 day moving average price is $192.82 and its 200-day moving average price is $186.53. Analog Devices, Inc. has a 52-week low of $154.99 and a 52-week high of $204.20.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.71 by $0.02. Analog Devices had a return on equity of 12.76% and a net margin of 24.34%. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the previous year, the business earned $2.75 earnings per share. The business’s revenue was down 22.7% on a year-over-year basis. Equities analysts expect that Analog Devices, Inc. will post 5.86 earnings per share for the current year.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.01%. This is an increase from Analog Devices’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Monday, March 4th. Analog Devices’s payout ratio is presently 65.83%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADI. KeyCorp lifted their price target on Analog Devices from $220.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $215.00 price target on shares of Analog Devices in a research report on Thursday, February 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $205.00 price objective on shares of Analog Devices in a report on Monday, March 4th. Truist Financial reduced their price objective on Analog Devices from $226.00 to $222.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Finally, Sanford C. Bernstein downgraded Analog Devices from an “outperform” rating to a “market perform” rating and set a $200.00 price objective for the company. in a report on Thursday, January 4th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average price target of $208.17.

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.