Prudential Financial Inc. Buys 59,332 Shares of Analog Devices, Inc. $ADI

Prudential Financial Inc. boosted its position in Analog Devices, Inc. (NASDAQ:ADI) by 6.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 960,060 shares of the semiconductor company’s stock after purchasing an additional 59,332 shares during the quarter. Prudential Financial Inc. owned approximately 0.19% of Analog Devices worth $228,513,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Cantor Fitzgerald boosted their target price on Analog Devices from $270.00 to $300.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 30th. Truist Financial raised their price target on Analog Devices from $219.00 to $249.00 and gave the stock a “hold” rating in a report on Thursday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a report on Thursday, August 21st. Stifel Nicolaus set a $280.00 price objective on shares of Analog Devices in a research report on Friday. Finally, BNP Paribas initiated coverage on shares of Analog Devices in a research note on Tuesday, November 4th. They issued an “outperform” rating and a $300.00 target price for the company. Two investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $278.42.

Analog Devices Trading Up 3.2%

Shares of NASDAQ:ADI opened at $232.32 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.32 and a debt-to-equity ratio of 0.24. Analog Devices, Inc. has a 52-week low of $158.65 and a 52-week high of $258.13. The stock has a market cap of $114.29 billion, a price-to-earnings ratio of 59.27, a PEG ratio of 1.98 and a beta of 1.09. The business has a 50-day moving average price of $238.78 and a 200-day moving average price of $234.80.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 20th. The semiconductor company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.10. Analog Devices had a net margin of 18.85% and a return on equity of 10.32%. The company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $1.58 EPS. Analog Devices’s quarterly revenue was up 24.6% on a year-over-year basis. Equities analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Insider Buying and Selling at Analog Devices

In other news, Director Edward H. Frank sold 1,000 shares of the stock in a transaction on Monday, October 6th. The shares were sold at an average price of $242.74, for a total value of $242,740.00. Following the sale, the director owned 5,118 shares in the company, valued at $1,242,343.32. This represents a 16.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Martin Cotter sold 12,500 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $246.25, for a total transaction of $3,078,125.00. Following the transaction, the senior vice president directly owned 63,048 shares of the company’s stock, valued at approximately $15,525,570. This trade represents a 16.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 59,750 shares of company stock valued at $14,684,296 over the last quarter. Insiders own 0.33% of the company’s stock.

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.