Canoe Financial LP Lowers Stake in Analog Devices, Inc. $ADI

Canoe Financial LP lessened its stake in Analog Devices, Inc. (NASDAQ:ADI) by 21.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 644,365 shares of the semiconductor company’s stock after selling 171,217 shares during the period. Analog Devices comprises approximately 2.3% of Canoe Financial LP’s portfolio, making the stock its 15th largest position. Canoe Financial LP owned 0.13% of Analog Devices worth $158,320,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Analog Devices in the second quarter valued at $1,803,377,000. Marshall Wace LLP grew its position in Analog Devices by 948.2% in the 2nd quarter. Marshall Wace LLP now owns 1,085,990 shares of the semiconductor company’s stock valued at $258,487,000 after acquiring an additional 982,385 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Analog Devices by 47.4% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,745,985 shares of the semiconductor company’s stock valued at $653,599,000 after acquiring an additional 882,909 shares in the last quarter. Amundi lifted its position in shares of Analog Devices by 29.2% during the first quarter. Amundi now owns 3,892,848 shares of the semiconductor company’s stock worth $785,071,000 after purchasing an additional 880,636 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Analog Devices by 1.5% during the second quarter. Vanguard Group Inc. now owns 50,227,231 shares of the semiconductor company’s stock worth $11,955,086,000 after purchasing an additional 761,861 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADI has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 target price on shares of Analog Devices in a research note on Tuesday, December 16th. Wells Fargo & Company upped their price objective on Analog Devices from $250.00 to $265.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. Stifel Nicolaus set a $280.00 price objective on Analog Devices in a research note on Friday, November 21st. Truist Financial boosted their target price on Analog Devices from $258.00 to $291.00 and gave the stock a “hold” rating in a research note on Friday, December 19th. Finally, Benchmark restated a “buy” rating and set a $285.00 price target on shares of Analog Devices in a report on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and an average target price of $287.22.

Insider Buying and Selling

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $279.39, for a total transaction of $873,093.75. Following the sale, the director owned 136,321 shares of the company’s stock, valued at approximately $38,086,724.19. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $243.71, for a total transaction of $2,437,100.00. Following the sale, the chief executive officer owned 140,118 shares of the company’s stock, valued at $34,148,157.78. This represents a 6.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 40,419 shares of company stock valued at $10,249,017 over the last three months. 0.33% of the stock is currently owned by insiders.

Analog Devices Stock Performance

Shares of ADI stock opened at $277.98 on Friday. The company has a market cap of $136.11 billion, a P/E ratio of 60.96, a PEG ratio of 1.53 and a beta of 1.04. The firm has a fifty day moving average price of $253.35 and a 200 day moving average price of $243.84. The company has a current ratio of 2.19, a quick ratio of 1.68 and a debt-to-equity ratio of 0.24. Analog Devices, Inc. has a 12 month low of $158.65 and a 12 month high of $284.23.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.04. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.02 billion. Analog Devices had a return on equity of 11.23% and a net margin of 20.58%.Analog Devices’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.67 EPS. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, December 8th. Analog Devices’s dividend payout ratio is 86.84%.

About Analog Devices

Analog Devices, Inc (NASDAQ: ADI) is a multinational semiconductor company that designs, manufactures and markets a broad portfolio of analog, mixed-signal and digital signal processing integrated circuits. Founded in 1965 by Ray Stata and Matthew Lorber, the company has grown into a leading supplier of components that convert, condition and process real-world signals for electronic systems. Analog Devices is headquartered in Massachusetts and serves customers around the world across multiple end markets.

The company’s product lineup includes data converters (ADCs and DACs), amplifiers, power management ICs, radio-frequency (RF) and microwave components, sensors and MEMS devices, signal chain and isolation products, timing and clocking solutions, and embedded processors and software for system-level design.