Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by California State Teachers Retirement System

Posted by on Mar 16th, 2023

California State Teachers Retirement System trimmed its stake in shares of Analog Devices, Inc. (NASDAQ:ADI – Get Rating) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 876,879 shares of the semiconductor company’s stock after selling 13,611 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Analog Devices worth $122,184,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ADI. Coston McIsaac & Partners acquired a new position in Analog Devices during the second quarter worth $27,000. Worth Asset Management LLC purchased a new stake in Analog Devices during the first quarter valued at about $33,000. Eagle Bay Advisors LLC purchased a new stake in Analog Devices during the second quarter valued at about $41,000. Old North State Trust LLC acquired a new position in shares of Analog Devices during the third quarter worth about $43,000. Finally, Pinnacle Financial Partners Inc. acquired a new position in shares of Analog Devices during the third quarter worth about $45,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analog Devices Trading Down 2.0 %

Shares of NASDAQ ADI opened at $182.93 on Thursday. The company’s fifty day moving average is $177.76 and its 200-day moving average is $162.62. The stock has a market cap of $92.54 billion, a price-to-earnings ratio of 27.59, a P/E/G ratio of 1.40 and a beta of 1.14. Analog Devices, Inc. has a twelve month low of $133.48 and a twelve month high of $196.41. The company has a quick ratio of 1.50, a current ratio of 2.12 and a debt-to-equity ratio of 0.18.

Analog Devices (NASDAQ:ADI – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The semiconductor company reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.60 by $0.15. Analog Devices had a net margin of 27.27% and a return on equity of 14.69%. The company had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the firm posted $1.94 earnings per share. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. Equities research analysts predict that Analog Devices, Inc. will post 10.6 EPS for the current year.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 8th. Investors of record on Monday, February 27th were paid a $0.86 dividend. The ex-dividend date was Friday, February 24th. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.76. Analog Devices’s dividend payout ratio is 51.89%.

Insider Buying and Selling at Analog Devices

In other news, Director Tunc Doluca sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $194.34, for a total transaction of $1,166,040.00. Following the completion of the sale, the director now owns 61,157 shares of the company’s stock, valued at approximately $11,885,251.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Tunc Doluca sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $194.34, for a total value of $1,166,040.00. Following the completion of the transaction, the director now owns 61,157 shares of the company’s stock, valued at approximately $11,885,251.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James Champy sold 1,495 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total transaction of $277,232.80. Following the completion of the transaction, the director now owns 6,371 shares of the company’s stock, valued at $1,181,438.24. The disclosure for this sale can be found here. Insiders sold 14,195 shares of company stock valued at $2,697,723 in the last quarter. Company insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on ADI shares. Cowen boosted their price target on Analog Devices from $200.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Barclays boosted their price target on Analog Devices from $145.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Monday, January 23rd. Credit Suisse Group boosted their price target on Analog Devices from $185.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, February 16th. Citigroup boosted their price objective on Analog Devices from $195.00 to $225.00 and gave the company a “buy” rating in a report on Friday, February 17th. Finally, Stifel Nicolaus boosted their price objective on Analog Devices from $195.00 to $225.00 in a report on Thursday, February 16th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $213.68.

Analog Devices Profile

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.

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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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