Primecap Management Co. CA Cuts Stock Holdings in Analog Devices, Inc. $ADI

Primecap Management Co. CA reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,446,280 shares of the semiconductor company’s stock after selling 31,365 shares during the quarter. Primecap Management Co. CA owned 0.69% of Analog Devices worth $820,284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ADI. Activest Wealth Management grew its position in Analog Devices by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 127 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Analog Devices during the second quarter valued at approximately $26,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Analog Devices during the first quarter valued at approximately $33,000. Saudi Central Bank bought a new position in shares of Analog Devices in the first quarter worth approximately $39,000. Finally, Nova Wealth Management Inc. purchased a new position in shares of Analog Devices in the first quarter worth $42,000. Institutional investors own 86.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on ADI. BNP Paribas initiated coverage on shares of Analog Devices in a research report on Tuesday, November 4th. They set an “outperform” rating and a $300.00 price target for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Analog Devices in a report on Thursday, November 13th. Zacks Research downgraded Analog Devices from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Truist Financial upped their price target on Analog Devices from $219.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, August 21st. Finally, KeyCorp lifted their price objective on Analog Devices from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $277.89.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $234.95, for a total value of $2,349,500.00. Following the sale, the chief executive officer owned 163,640 shares in the company, valued at $38,447,218. This represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Katsufumi Nakamura sold 2,490 shares of the business’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $248.03, for a total value of $617,594.70. Following the completion of the sale, the senior vice president directly owned 13,549 shares in the company, valued at $3,360,558.47. This trade represents a 15.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 62,240 shares of company stock valued at $15,301,891. Insiders own 0.33% of the company’s stock.

Analog Devices Price Performance

Shares of ADI stock opened at $230.13 on Wednesday. The business’s fifty day moving average is $239.80 and its 200 day moving average is $234.36. The company has a quick ratio of 1.79, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. The stock has a market cap of $113.21 billion, a price-to-earnings ratio of 58.71, a PEG ratio of 1.98 and a beta of 1.10. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $258.13.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 20th. The semiconductor company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.10. Analog Devices had a net margin of 18.85% and a return on equity of 10.32%. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the previous year, the business posted $1.58 EPS. The company’s quarterly revenue was up 24.6% on a year-over-year basis. Research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices 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.