Totem Point Management LLC Sells 10,793 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Totem Point Management LLC reduced its position in Analog Devices, Inc. (NASDAQ:ADIGet Rating) by 15.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,323 shares of the semiconductor company’s stock after selling 10,793 shares during the period. Analog Devices comprises about 7.9% of Totem Point Management LLC’s holdings, making the stock its 3rd largest position. Totem Point Management LLC’s holdings in Analog Devices were worth $10,129,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. abrdn plc boosted its stake in Analog Devices by 20.1% during the 4th quarter. abrdn plc now owns 1,842,431 shares of the semiconductor company’s stock valued at $323,845,000 after purchasing an additional 308,557 shares during the period. Paradigm Financial Partners LLC bought a new stake in Analog Devices during the 4th quarter valued at approximately $476,000. Pinebridge Investments L.P. boosted its stake in Analog Devices by 5.5% during the 4th quarter. Pinebridge Investments L.P. now owns 18,460 shares of the semiconductor company’s stock valued at $3,245,000 after purchasing an additional 966 shares during the period. Confluence Wealth Services Inc. bought a new stake in Analog Devices during the 4th quarter valued at approximately $223,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI boosted its stake in Analog Devices by 0.7% during the 4th quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 83,598 shares of the semiconductor company’s stock valued at $14,694,000 after purchasing an additional 557 shares during the period. 85.22% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on ADI shares. Bank of America reduced their price objective on Analog Devices from $220.00 to $190.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Sanford C. Bernstein raised their price objective on Analog Devices to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 19th. The Goldman Sachs Group cut their target price on Analog Devices from $185.00 to $167.00 in a research report on Friday, July 15th. Deutsche Bank Aktiengesellschaft raised their target price on Analog Devices from $165.00 to $170.00 and gave the stock a “hold” rating in a research report on Thursday, August 18th. Finally, Robert W. Baird restated an “outperform” rating and set a $220.00 target price on shares of Analog Devices in a research report on Friday, August 19th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $196.61.

Analog Devices Stock Up 1.3 %

NASDAQ:ADI opened at $154.18 on Friday. Analog Devices, Inc. has a 12-month low of $138.50 and a 12-month high of $191.95. The company has a quick ratio of 1.43, a current ratio of 1.92 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $79.30 billion, a P/E ratio of 42.59, a P/E/G ratio of 1.31 and a beta of 1.16. The stock’s fifty day simple moving average is $161.47 and its 200-day simple moving average is $158.99.

Analog Devices (NASDAQ:ADIGet Rating) last posted its quarterly earnings results on Wednesday, August 17th. The semiconductor company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.09. The business had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.06 billion. Analog Devices had a return on equity of 11.92% and a net margin of 17.00%. The firm’s revenue was up 76.8% on a year-over-year basis. During the same period last year, the company earned $1.72 EPS. Equities research analysts expect that Analog Devices, Inc. will post 9.42 earnings per share for the current year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Tuesday, August 30th were issued a $0.76 dividend. The ex-dividend date was Monday, August 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.97%. Analog Devices’s dividend payout ratio (DPR) is 83.98%.

Insider Activity

In other news, Director Bruce R. Evans purchased 3,650 shares of the business’s stock in a transaction dated Friday, June 17th. The shares were bought at an average cost of $144.16 per share, for a total transaction of $526,184.00. Following the completion of the acquisition, the director now directly owns 104,008 shares in the company, valued at approximately $14,993,793.28. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Vivek Jain sold 14,000 shares of Analog Devices stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $165.63, for a total value of $2,318,820.00. Following the sale, the senior vice president now owns 18,271 shares of the company’s stock, valued at $3,026,225.73. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce R. Evans bought 3,650 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was bought at an average cost of $144.16 per share, for a total transaction of $526,184.00. Following the transaction, the director now owns 104,008 shares of the company’s stock, valued at approximately $14,993,793.28. The disclosure for this purchase can be found here. Insiders have sold a total of 51,700 shares of company stock worth $8,827,200 over the last three months. Corporate insiders own 0.91% of the company’s stock.

Analog Devices Profile

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Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies. 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 high-end consumer markets; and power ICs include performance, integration, and software design simulation tools for accurate power supply designs.

Further Reading

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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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