Sierra Summit Advisors LLC Makes New Investment in Analog Devices, Inc. $ADI

Sierra Summit Advisors LLC acquired a new position in Analog Devices, Inc. (NASDAQ:ADI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,199 shares of the semiconductor company’s stock, valued at approximately $1,237,000.

Several other hedge funds have also recently added to or reduced their stakes in ADI. Activest Wealth Management lifted its holdings in shares of Analog Devices by 6,350.0% during the first 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 bought a new position in Analog Devices during the second quarter worth $26,000. N.E.W. Advisory Services LLC acquired a new position in Analog Devices during the 1st quarter valued at $33,000. Saudi Central Bank bought a new stake in Analog Devices in the 1st quarter valued at $39,000. Finally, Nova Wealth Management Inc. bought a new stake in Analog Devices in the 1st quarter valued at $42,000. Institutional investors own 86.81% of the company’s stock.

Insider Activity

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $234.95, for a total transaction of $2,349,500.00. Following the sale, the chief executive officer directly owned 163,640 shares of the company’s stock, valued at approximately $38,447,218. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward H. Frank sold 1,000 shares of Analog Devices stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $242.74, for a total transaction of $242,740.00. Following the completion of the transaction, the director owned 5,118 shares of the company’s stock, valued at $1,242,343.32. This trade represents a 16.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,750 shares of company stock worth $14,684,296 in the last quarter. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

ADI has been the subject of a number of research analyst reports. BNP Paribas Exane assumed coverage on shares of Analog Devices in a research report on Tuesday, November 4th. They set an “outperform” rating and a $300.00 price objective for the company. Stifel Nicolaus set a $280.00 price target on Analog Devices in a report on Friday. Piper Sandler raised their price objective on Analog Devices from $215.00 to $245.00 and gave the stock a “neutral” rating in a research report on Thursday, August 21st. Evercore ISI boosted their price objective on Analog Devices from $280.00 to $303.00 and gave the company an “outperform” rating in a research report on Thursday, August 21st. Finally, JPMorgan Chase & Co. upped their target price on Analog Devices from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average price target of $278.42.

Analog Devices Price Performance

Analog Devices stock opened at $232.32 on Friday. The business has a 50 day simple moving average of $238.78 and a 200 day simple moving average of $234.80. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.32 and a quick ratio of 1.79. The company has a market capitalization of $114.29 billion, a PE ratio of 59.27, a price-to-earnings-growth ratio of 1.98 and a beta of 1.09. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $258.13.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 20th. The semiconductor company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.10. Analog Devices had a return on equity of 10.32% and a net margin of 18.85%.The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, sell-side analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

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.