Assenagon Asset Management S.A. Raises Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Assenagon Asset Management S.A. grew its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 432.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 136,570 shares of the semiconductor company’s stock after purchasing an additional 110,904 shares during the period. Assenagon Asset Management S.A.’s holdings in Analog Devices were worth $29,016,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in shares of Analog Devices during the 3rd quarter worth approximately $28,000. Archer Investment Corp boosted its position in shares of Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in Analog Devices in the third quarter worth $43,000. Reston Wealth Management LLC bought a new position in Analog Devices in the third quarter worth $48,000. Finally, Northwest Investment Counselors LLC purchased a new position in Analog Devices during the third quarter valued at $80,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of ADI opened at $215.02 on Friday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $244.14. The business has a fifty day moving average of $216.03 and a 200 day moving average of $222.66. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. The firm has a market capitalization of $106.71 billion, a P/E ratio of 65.36, a PEG ratio of 2.43 and a beta of 1.05.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.64 by $0.03. The firm had revenue of $2.44 billion during 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%. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.01 EPS. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Monday, December 9th were given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, December 9th. Analog Devices’s payout ratio is 111.85%.

Analyst Upgrades and Downgrades

ADI has been the subject of several research reports. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. Morgan Stanley lowered their target price on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a report on Wednesday, November 27th. Cantor Fitzgerald restated a “neutral” rating and issued a $250.00 price target on shares of Analog Devices in a research note on Tuesday, October 8th. Piper Sandler lowered their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Finally, Truist Financial boosted their target price on Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and a consensus price target of $249.48.

Insider Transactions at Analog Devices

In related news, EVP Gregory M. Bryant sold 20,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $4,477,400.00. Following the completion of the sale, the executive vice president now directly owns 59,093 shares of the company’s stock, valued at approximately $13,229,149.91. This represents a 25.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total transaction of $2,238,700.00. Following the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,921,334.21. This represents a 31.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $11,029,300 in the last three months. Corporate insiders own 0.31% of the company’s stock.

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.