On October 5, 2023, it was reported that Boston Common Asset Management LLC decreased its position in Analog Devices, Inc. (NASDAQ: ADI) by 5.2% during the second quarter, according to its recent Form 13F filing with the Securities and Exchange Commission. The institutional investor sold 1,494 shares of the semiconductor company’s stock, leaving them with a total of 27,012 shares. At the end of the quarter, Boston Common Asset Management’s holdings in Analog Devices were valued at $5,262,000.
Several analysts have recently issued reports on Analog Devices. Raymond James lowered their price target on the stock from $225.00 to $200.00 and gave it an “outperform” rating. Morgan Stanley also decreased their price target from $195.00 to $185.00 and assigned an “equal weight” rating. Robert W. Baird lowered their price target to $210.00 and maintained an “outperform” rating. Oppenheimer reaffirmed an “outperform” rating with a price target of $215.00, while The Goldman Sachs Group decreased their price target from $204.00 to $188.00 and gave it a “buy” rating.
Currently, eight equities research analysts rate Analog Devices as a hold, while sixteen rate it as a buy. As per Bloomberg data, analysts have given Analog Devices a consensus rating of “Moderate Buy” and set a consensus target price of $203.79.
Analog Devices began trading on Thursday at an opening price of $173.79 per share. The company has a debt-to-equity ratio of 0.18 and possesses a quick ratio of 1.10 along with a current ratio of 1.71. Over the past year, Analog Devices has seen its stock trade between a low of $133.48 and a high of $200.10. Currently, the stock has a 50-day moving average price of $180.94 and a 200-day moving average price of $184.87. With a market capitalization of $86.60 billion, Analog Devices has a PE ratio of 23.61, a price-to-earnings-growth ratio of 1.75, and a beta of 1.16.
Overall, Boston Common Asset Management’s reduction in its position in Analog Devices reflects their decision to sell shares during the second quarter. This action aligns with the opinions provided by several analysts, who have adjusted their price targets and ratings for the company based on various factors. As Analog Devices continues to navigate through the market, investors will be monitoring its performance closely to assess potential opportunities within this semiconductor company.
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Recent Developments and Financial Indicators of Analog Devices (ADI): Hedge Fund Activity, Insider Sales, Analyst Ratings, and Earnings Report
October 5, 2023 – In recent months, various hedge funds and institutional investors have made significant moves concerning their stakes in Analog Devices (ADI), a semiconductor company. Silicon Valley Capital Partners acquired a new stake during the 1st quarter, worth approximately $27,000. Magellan Asset Management Ltd also purchased a new stake during the same period for about $30,000. In the 2nd quarter, Duncker Streett & Co. Inc. increased its position in Analog Devices by 66.3%, which now amounts to owning 153 shares worth $30,000 after acquiring an additional 61 shares. Fortis Capital Advisors LLC bought a new stake in Analog Devices during the 1st quarter valued at around $31,000. Lastly, Quarry LP significantly boosted its stake in Analog Devices by 267.4% during the same period, now owning 169 shares worth $33,000 after purchasing an additional 123 shares. Hedge funds and other institutional investors currently possess approximately 85.55% of the company’s stock.
A recent development includes CEO Vincent Roche selling off a substantial amount of Analog Devices’ stock on August 1st. Roche sold 10,000 shares at an average price of $197.64 each resulting in a total transaction of $1,976,400. After this sale, he retained ownership of around 70,713 shares valued at roughly $13,975,717.32.
It is important to note that insiders have collectively sold off company stocks amounting to $5,661,500 within the past three months alone. This represents approximately 0.46% of the overall stock held by insiders.
Several analysts have weighed in on Analog Devices recently as well. Raymond James lowered their price target for ADI from $225 to $200 while maintaining an “outperform” rating on the stock.[^2] Similarly, Morgan Stanley decreased their price target to $185 from $195 and assigned an “equal weight” rating.[^2] Robert W. Baird also lowered their price target, from $235 to $210 while maintaining an “outperform” rating.[^2] On the other hand, Oppenheimer reissued its “outperform” rating with a price target of $215[^2]. The Goldman Sachs Group shifted their price target from $204 to $188 and maintained a “buy” rating for the stock[^2]. In total, out of the 24 analysts surveyed, eight have issued a hold rating while 16 recommend buying Analog Devices shares. According to Bloomberg data, current consensus ratings classify ADI as a “Moderate Buy,” with an average target price of $203.79.
Analog Devices recently released its quarterly earnings report on August 23rd and recorded diluted earnings per share (EPS) of $2.49, falling short of the projected estimate by ($0.03). The company’s return on equity stood at 15.20%, while its net margin was recorded at 29.23%[^3]. Analog Devices generated a revenue amounting to $3.08 billion in this quarter; however, it slightly missed analysts’ expectations of reaching $3.10 billion[^3]. Despite experiencing a slight decrease in revenue at 1.1% compared to the previous year’s corresponding quarter, Analog Devices remains positive about future growth prospects.
Furthermore, Analog Devices announced a quarterly dividend payment which was distributed on September 14th [^4]. Shareholders who were listed as such by September 5th received a dividend payout of $0.86 per share[^4]. The ex-dividend date for participants not eligible for this payout fell on September 1st [^4].
With all these recent events and financial indicators, investors continue to monitor Analog Devices (ADI) closely as they anticipate the company’s next financial reports and future announcements.
