Canoe Financial LP Sells 6,644 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Canoe Financial LP decreased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 599,291 shares of the semiconductor company’s stock after selling 6,644 shares during the period. Analog Devices accounts for approximately 1.8% of Canoe Financial LP’s holdings, making the stock its 18th biggest holding. Canoe Financial LP owned about 0.12% of Analog Devices worth $127,325,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADI. Brooklyn Investment Group raised its position in shares of Analog Devices by 2.1% during the fourth quarter. Brooklyn Investment Group now owns 4,488 shares of the semiconductor company’s stock worth $953,000 after acquiring an additional 92 shares during the last quarter. Sax Wealth Advisors LLC acquired a new stake in Analog Devices in the fourth quarter worth about $1,395,000. Somerset Trust Co raised its holdings in Analog Devices by 1.5% during the 4th quarter. Somerset Trust Co now owns 26,224 shares of the semiconductor company’s stock worth $5,572,000 after purchasing an additional 378 shares during the last quarter. Merit Financial Group LLC lifted its position in Analog Devices by 40.2% during the 4th quarter. Merit Financial Group LLC now owns 5,776 shares of the semiconductor company’s stock valued at $1,227,000 after purchasing an additional 1,656 shares during the period. Finally, Relyea Zuckerberg Hanson LLC boosted its stake in shares of Analog Devices by 4.3% in the 4th quarter. Relyea Zuckerberg Hanson LLC now owns 1,406 shares of the semiconductor company’s stock valued at $299,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADI shares. Cantor Fitzgerald restated a “neutral” rating and issued a $250.00 price objective on shares of Analog Devices in a report on Tuesday, October 8th. Piper Sandler cut their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley decreased their price objective on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Barclays cut their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, TD Cowen decreased their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $247.57.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gregory M. Bryant sold 20,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $223.87, for a total transaction of $4,477,400.00. Following the transaction, the executive vice president now owns 59,093 shares in the company, valued at approximately $13,229,149.91. The trade was a 25.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $11,029,300 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

Analog Devices Stock Performance

ADI opened at $219.16 on Friday. The company has a market capitalization of $108.74 billion, a price-to-earnings ratio of 66.61, a P/E/G ratio of 2.43 and a beta of 1.05. The business’s 50-day moving average price is $215.78 and its two-hundred day moving average price is $222.60. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35.

Analog Devices (NASDAQ:ADI) last released its 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 for the quarter, compared to analysts’ expectations of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.01 EPS. Equities analysts expect that Analog Devices, Inc. will post 7.09 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Monday, December 9th were paid 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 1.68%. Analog Devices’s payout ratio is currently 111.85%.

Analog Devices Profile

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.