Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. lessened its stake in Analog Devices, Inc. (NASDAQ:ADI) by 23.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 269,400 shares of the semiconductor company’s stock after selling 80,384 shares during the quarter. Prudential Financial Inc.’s holdings in Analog Devices were worth $57,237,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in shares of Analog Devices in the fourth quarter worth $30,000. Hopwood Financial Services Inc. acquired a new stake in shares of Analog Devices in the fourth quarter valued at about $30,000. Cassady Schiller Wealth Management LLC raised its holdings in shares of Analog Devices by 63.2% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 55 shares during the period. Financial Life Planners acquired a new position in Analog Devices during the 4th quarter worth approximately $33,000. Finally, Kestra Investment Management LLC acquired a new stake in Analog Devices in the fourth quarter valued at approximately $41,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,000 shares of company stock worth $5,082,860. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADI shares. Piper Sandler cut their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Wells Fargo & Company boosted their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. increased their price target on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Barclays dropped their price objective on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Williams Trading set a $245.00 target price on Analog Devices in a research note on Friday, February 14th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Stock Up 3.9 %

Analog Devices stock opened at $212.34 on Tuesday. The firm has a market capitalization of $105.32 billion, a P/E ratio of 67.62, a P/E/G ratio of 2.85 and a beta of 1.07. The company has a 50-day simple moving average of $217.16 and a 200-day simple moving average of $219.78. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

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

Analog Devices declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 1.86%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is presently 126.11%.

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.