California Public Employees Retirement System decreased its position in Analog Devices, Inc. (NASDAQ:ADI) by 10.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 672,380 shares of the semiconductor company’s stock after selling 80,821 shares during the quarter. California Public Employees Retirement System owned approximately 0.18% of Analog Devices worth $64,495,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in ADI. Washington Trust Bank boosted its stake in Analog Devices by 127.7% during the second quarter. Washington Trust Bank now owns 1,070 shares of the semiconductor company’s stock worth $103,000 after buying an additional 600 shares in the last quarter. Fort L.P. acquired a new stake in Analog Devices during the second quarter worth $117,000. Integrated Investment Consultants LLC acquired a new stake in Analog Devices during the second quarter worth $130,000. Clarus Wealth Advisors acquired a new stake in Analog Devices during the second quarter worth $139,000. Finally, Summit Trail Advisors LLC boosted its stake in Analog Devices by 401.2% during the first quarter. Summit Trail Advisors LLC now owns 10,455 shares of the semiconductor company’s stock worth $147,000 after buying an additional 8,369 shares in the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Analog Devices from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a research note on Thursday, August 23rd. Stifel Nicolaus boosted their target price on shares of Analog Devices from $108.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 23rd. Nomura started coverage on shares of Analog Devices in a research note on Wednesday, July 18th. They issued a “neutral” rating and a $100.00 target price on the stock. BidaskClub downgraded shares of Analog Devices from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 30th. Finally, Loop Capital started coverage on shares of Analog Devices in a research note on Thursday, June 21st. They issued a “buy” rating and a $117.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have given 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 $106.77.
Shares of Analog Devices stock traded up $0.50 during trading on Friday, reaching $84.17. The company’s stock had a trading volume of 3,573,665 shares, compared to its average volume of 2,777,109. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.60. Analog Devices, Inc. has a one year low of $80.95 and a one year high of $103.59. The stock has a market capitalization of $34.36 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.27 and a beta of 1.20.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.07. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the business posted $1.26 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 5.89 EPS for the current year.
Analog Devices announced that its Board of Directors has authorized a stock buyback program on Tuesday, August 21st that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
Analog Devices Company Profile
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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