3,484 Shares in Analog Devices, Inc. (NASDAQ:ADI) Purchased by Canopy Partners LLC

Canopy Partners LLC acquired a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,484 shares of the semiconductor company’s stock, valued at approximately $740,000.

Several other hedge funds have also added to or reduced their stakes in ADI. Broderick Brian C raised its position 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 purchasing an additional 2,017 shares during the period. Curbstone Financial Management Corp bought a new position in shares of Analog Devices in the fourth quarter worth $460,000. Czech National Bank grew its position in shares of Analog Devices by 6.5% in the fourth quarter. Czech National Bank now owns 107,650 shares of the semiconductor company’s stock valued at $22,871,000 after purchasing an additional 6,566 shares in the last quarter. Synergy Asset Management LLC lifted its holdings in Analog Devices by 11.1% during the 4th quarter. Synergy Asset Management LLC now owns 25,569 shares of the semiconductor company’s stock worth $5,404,000 after purchasing an additional 2,554 shares in the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in Analog Devices in the 3rd quarter worth about $20,194,000. Institutional investors own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In other news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the sale, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at $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 SEC, which is available at this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the sale, the chief financial officer now owns 49,916 shares of the company’s stock, valued at $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,684 shares of company stock valued at $5,591,600 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADI shares. Williams Trading set a $245.00 price target on shares of Analog Devices in a report on Friday, February 14th. Barclays decreased their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. JPMorgan Chase & Co. lifted their price target on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley boosted their price objective on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Truist Financial lifted their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $255.41.

Analog Devices Price Performance

Shares of NASDAQ ADI opened at $164.60 on Monday. Analog Devices, Inc. has a fifty-two week low of $159.66 and a fifty-two week high of $247.10. The company has a market cap of $81.64 billion, a PE ratio of 52.42, a P/E/G ratio of 2.85 and a beta of 1.06. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The business has a 50-day simple moving average of $213.22 and a two-hundred day simple moving average of $218.28.

Analog Devices (NASDAQ:ADI) last released its 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 return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm earned $1.73 EPS. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, equities analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

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

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were given a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.41%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is 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.