ICICI Prudential Asset Management Co Ltd Buys 1,030 Shares of Analog Devices, Inc. (NASDAQ:ADI)

ICICI Prudential Asset Management Co Ltd increased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 18.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,481 shares of the semiconductor company’s stock after purchasing an additional 1,030 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Analog Devices were worth $1,492,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Baader Bank Aktiengesellschaft boosted its holdings in Analog Devices by 3.9% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock valued at $259,000 after acquiring an additional 43 shares during the period. Grove Bank & Trust boosted its holdings in Analog Devices by 3.1% during the 3rd quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock valued at $333,000 after acquiring an additional 43 shares during the period. CVA Family Office LLC boosted its holdings in Analog Devices by 40.2% during the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 45 shares during the period. Legacy Financial Advisors Inc. boosted its holdings in Analog Devices by 1.4% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock valued at $795,000 after acquiring an additional 48 shares during the period. Finally, Quotient Wealth Partners LLC boosted its holdings in Analog Devices by 2.5% during the 3rd quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock valued at $455,000 after acquiring an additional 48 shares during the period. Institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of ADI stock traded down $4.37 during mid-day trading on Wednesday, reaching $215.18. The stock had a trading volume of 614,136 shares, compared to its average volume of 3,197,128. The business’s fifty day moving average is $226.34 and its 200-day moving average is $225.11. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The firm has a market cap of $106.83 billion, a price-to-earnings ratio of 65.93, a PEG ratio of 3.09 and a beta of 1.08. Analog Devices, Inc. has a 1-year low of $175.00 and a 1-year high of $244.14.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The company’s revenue was down 24.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.49 earnings per share. On average, research analysts forecast that Analog Devices, Inc. will post 6.34 earnings per share for the current year.

Analog Devices Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Tuesday, September 3rd. Analog Devices’s dividend payout ratio is currently 110.51%.

Insider Activity at Analog Devices

In related news, Director Edward H. Frank sold 500 shares of Analog Devices stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the transaction, the director now directly owns 4,748 shares in the company, valued at approximately $1,078,935.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total value of $2,286,900.00. Following the sale, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $227.24, for a total value of $113,620.00. Following the completion of the sale, the director now directly owns 4,748 shares in the company, valued at approximately $1,078,935.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,495 shares of company stock worth $25,229,958. 0.31% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald restated a “neutral” rating and set a $250.00 price objective on shares of Analog Devices in a report on Tuesday, October 8th. JPMorgan Chase & Co. upped their target price on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Truist Financial cut Analog Devices from a “buy” rating to a “hold” rating and lowered their target price for the stock from $266.00 to $233.00 in a report on Monday, September 23rd. Oppenheimer reiterated an “outperform” rating and issued a $245.00 target price on shares of Analog Devices in a report on Thursday, August 22nd. Finally, Bank of America lowered their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and an average price target of $249.80.

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.