PineStone Asset Management Inc. Sells 6,568 Shares of Analog Devices, Inc. (NASDAQ:ADI)

PineStone Asset Management Inc. reduced its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 691,238 shares of the semiconductor company’s stock after selling 6,568 shares during the quarter. Analog Devices comprises 1.4% of PineStone Asset Management Inc.’s portfolio, making the stock its 23rd biggest holding. PineStone Asset Management Inc. owned approximately 0.14% of Analog Devices worth $146,860,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ADI. Creative Planning grew its holdings in shares of Analog Devices by 4.7% in the 3rd quarter. Creative Planning now owns 116,826 shares of the semiconductor company’s stock worth $26,890,000 after purchasing an additional 5,269 shares during the last quarter. Swedbank AB grew its stake in Analog Devices by 6.7% in the third quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after acquiring an additional 180,870 shares during the period. SPC Financial Inc. bought a new stake in shares of Analog Devices during the third quarter worth $544,000. Cornerstone Wealth Management LLC boosted its position in shares of Analog Devices by 17.9% during the third quarter. Cornerstone Wealth Management LLC now owns 2,590 shares of the semiconductor company’s stock worth $596,000 after buying an additional 393 shares during the period. Finally, Good Life Advisors LLC increased its stake in Analog Devices by 19.3% in the 3rd quarter. Good Life Advisors LLC now owns 2,775 shares of the semiconductor company’s stock valued at $639,000 after buying an additional 449 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ADI. Morgan Stanley decreased their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Barclays decreased their price target on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Piper Sandler cut their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. TD Cowen reduced their price target on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company began coverage on Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $248.52.

Analog Devices Stock Performance

ADI opened at $214.61 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $244.14. The company has a market cap of $106.47 billion, a price-to-earnings ratio of 65.23, a PEG ratio of 2.38 and a beta of 1.04. The firm’s fifty day simple moving average is $214.11 and its two-hundred day simple moving average is $219.80.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.03. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. Analog Devices’s quarterly revenue was down 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.01 earnings per share. Equities analysts anticipate that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Monday, December 9th were issued a $0.92 dividend. The ex-dividend date of this dividend was Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.71%. Analog Devices’s dividend payout ratio (DPR) is presently 111.85%.

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This trade represents a 31.27 % 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. 0.33% of the stock is owned by insiders.

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.