Peapack Gladstone Financial Corp Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Peapack Gladstone Financial Corp decreased its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,937 shares of the semiconductor company’s stock after selling 267 shares during the period. Peapack Gladstone Financial Corp’s holdings in Analog Devices were worth $12,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Analog Devices during the fourth quarter worth approximately $1,755,958,000. Raymond James Financial Inc. acquired a new stake in shares of Analog Devices in the fourth quarter valued at about $833,386,000. Proficio Capital Partners LLC lifted its stake in shares of Analog Devices by 22,005.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after buying an additional 3,059,349 shares in the last quarter. Franklin Resources Inc. boosted its position in Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after acquiring an additional 1,189,940 shares during the last quarter. Finally, Madison Investment Advisors LLC acquired a new stake in Analog Devices in the 4th quarter valued at about $111,470,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADI. Truist Financial boosted their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Williams Trading set a $245.00 target price on Analog Devices in a report on Friday, February 14th. Morgan Stanley lifted their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Finally, Benchmark boosted their target price on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and an average price target of $255.41.

Analog Devices Stock Down 9.0 %

Shares of ADI opened at $164.60 on Monday. The company’s 50-day simple moving average is $213.22 and its 200-day simple moving average is $218.28. 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, Inc. has a 1 year low of $159.66 and a 1 year high of $247.10. The stock has a market capitalization of $81.64 billion, a PE ratio of 52.42, a P/E/G ratio of 2.85 and a beta of 1.06.

Analog Devices (NASDAQ:ADI) last issued 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. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the company posted $1.73 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 2.41%. Analog Devices’s dividend payout ratio is 126.11%.

Analog Devices announced that its board has authorized a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Analog Devices

In other news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the sale, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. The trade was a 22.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the firm’s stock in a transaction 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 owns 49,916 shares in the company, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,684 shares of company stock valued at $5,591,600 in the last quarter. Corporate 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.