Analog Devices, Inc. (ADI) Stake Decreased by Welch & Forbes LLC
Welch & Forbes LLC cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,857 shares of the semiconductor company’s stock after selling 708 shares during the period. Welch & Forbes LLC’s holdings in Analog Devices were worth $2,853,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. First American Bank acquired a new stake in shares of Analog Devices during the third quarter valued at about $851,000. Nisa Investment Advisors LLC lifted its position in shares of Analog Devices by 3.6% during the third quarter. Nisa Investment Advisors LLC now owns 155,234 shares of the semiconductor company’s stock worth $14,353,000 after purchasing an additional 5,410 shares during the last quarter. McCollum Christoferson Group LLC lifted its position in shares of Analog Devices by 1.4% during the third quarter. McCollum Christoferson Group LLC now owns 45,542 shares of the semiconductor company’s stock worth $4,211,000 after purchasing an additional 645 shares during the last quarter. First Hawaiian Bank bought a new position in shares of Analog Devices during the third quarter worth about $1,240,000. Finally, Deprince Race & Zollo Inc. lifted its position in shares of Analog Devices by 80.1% during the third quarter. Deprince Race & Zollo Inc. now owns 284,606 shares of the semiconductor company’s stock worth $26,315,000 after purchasing an additional 126,536 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.
Several equities analysts have recently commented on ADI shares. Loop Capital started coverage on shares of Analog Devices in a research report on Thursday, June 21st. They set a “buy” rating and a $117.00 price target on the stock. BidaskClub cut shares of Analog Devices from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 30th. Zacks Investment Research raised shares of Analog Devices from a “hold” rating to a “buy” rating and set a $109.00 price target on the stock in a research report on Tuesday, July 17th. Nomura started coverage on shares of Analog Devices in a research report on Wednesday, July 18th. They set a “neutral” rating and a $100.00 price target on the stock. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $107.00 price target on shares of Analog Devices in a research report on Monday, August 20th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $104.17.
Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.07. Analog Devices had a net margin of 22.94% and a return on equity of 20.89%. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the company posted $1.26 earnings per share. Analog Devices’s revenue was up 9.7% on a year-over-year basis. As a group, analysts anticipate that Analog Devices, Inc. will post 5.89 EPS for the current fiscal year.
Analog Devices announced that its board has authorized a share buyback plan on Tuesday, August 21st that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 5.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other news, SVP Margaret K. Seif sold 2,700 shares of Analog Devices stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $92.81, for a total transaction of $250,587.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $92.81, for a total value of $928,100.00. Following the sale, the chief executive officer now directly owns 27,376 shares in the company, valued at approximately $2,540,766.56. The disclosure for this sale can be found here. Insiders sold 90,645 shares of company stock worth $8,862,608 in the last three months. 1.10% of the stock is currently owned by corporate insiders.
About Analog Devices
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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