Zurich Insurance Group Ltd FI Sells 113,699 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Zurich Insurance Group Ltd FI trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 43.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 150,958 shares of the semiconductor company’s stock after selling 113,699 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Analog Devices were worth $32,073,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Broderick Brian C lifted its stake in shares of Analog Devices by 2.6% in the fourth quarter. Broderick Brian C now owns 79,221 shares of the semiconductor company’s stock valued at $16,831,000 after buying an additional 2,017 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Analog Devices in the fourth quarter valued at $10,212,000. Curbstone Financial Management Corp bought a new position in shares of Analog Devices in the fourth quarter valued at $460,000. Synergy Asset Management LLC lifted its position in shares of Analog Devices by 11.1% during the fourth quarter. Synergy Asset Management LLC now owns 25,569 shares of the semiconductor company’s stock valued at $5,404,000 after purchasing an additional 2,554 shares in the last quarter. Finally, RFG Advisory LLC lifted its position in shares of Analog Devices by 3.9% during the fourth quarter. RFG Advisory LLC now owns 2,072 shares of the semiconductor company’s stock valued at $440,000 after purchasing an additional 77 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

Analog Devices Stock Performance

NASDAQ ADI opened at $224.54 on Tuesday. The company’s 50 day moving average is $196.94 and its 200-day moving average is $210.32. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The firm has a market cap of $111.37 billion, a P/E ratio of 71.51, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its board has approved a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the transaction, the executive vice president now owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. The trade was a 22.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray Stata sold 3,125 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total transaction of $563,156.25. Following the transaction, the director now directly owns 186,321 shares of the company’s stock, valued at approximately $33,576,907.41. This represents a 1.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,934 shares of company stock valued at $8,735,156 over the last quarter. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Morgan Stanley set a $214.00 price target on shares of Analog Devices in a research report on Monday, April 21st. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Williams Trading set a $245.00 price target on shares of Analog Devices in a research report on Friday, February 14th. Wells Fargo & Company raised their price target on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Finally, Cantor Fitzgerald raised their price target on shares of Analog Devices from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $251.20.

About Analog Devices

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.