Jennison Associates LLC Lowers Stake in Analog Devices, Inc. (NASDAQ:ADI)

Jennison Associates LLC lessened its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 26.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,497,078 shares of the semiconductor company’s stock after selling 888,914 shares during the quarter. Jennison Associates LLC’s holdings in Analog Devices were worth $530,529,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in shares of Analog Devices during the third quarter valued at approximately $28,000. Archer Investment Corp lifted its position in Analog Devices by 101.4% in the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in Analog Devices during the 3rd quarter valued at $43,000. Reston Wealth Management LLC bought a new stake in shares of Analog Devices in the 3rd quarter worth $48,000. Finally, Crews Bank & Trust purchased a new position in shares of Analog Devices in the fourth quarter worth $50,000. Institutional investors own 86.81% of the company’s stock.

Wall Street Analyst Weigh In

ADI has been the topic of several recent analyst reports. Truist Financial increased their price objective on Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research report on Friday, January 10th. Wells Fargo & Company began coverage on shares of Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target on the stock. Morgan Stanley decreased their price objective 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. Barclays dropped their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler decreased their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $248.70.

Insiders Place Their Bets

In related 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 transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by corporate insiders.

Analog Devices Stock Performance

Shares of NASDAQ ADI opened at $211.89 on Monday. The stock has a market cap of $105.12 billion, a PE ratio of 64.40, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14. The firm has a fifty day moving average price of $216.43 and a 200-day moving average price of $221.17. 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 issued its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the prior year, the business posted $2.01 EPS. Analog Devices’s revenue for the quarter was down 10.1% compared to the same quarter last year. Equities analysts anticipate that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.74%. Analog Devices’s dividend payout ratio is presently 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.