Thoroughbred Financial Services LLC Increases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Thoroughbred Financial Services LLC raised its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 62.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,673 shares of the semiconductor company’s stock after purchasing an additional 3,730 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Analog Devices were worth $2,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Analog Devices by 8.4% during the second quarter. Parallel Advisors LLC now owns 17,121 shares of the semiconductor company’s stock worth $3,908,000 after purchasing an additional 1,328 shares during the last quarter. Dai ichi Life Insurance Company Ltd raised its holdings in shares of Analog Devices by 5.2% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 22,884 shares of the semiconductor company’s stock valued at $5,224,000 after buying an additional 1,124 shares in the last quarter. Fiduciary Group LLC lifted its position in Analog Devices by 32.9% in the 2nd quarter. Fiduciary Group LLC now owns 2,829 shares of the semiconductor company’s stock worth $646,000 after buying an additional 701 shares during the last quarter. 1ST Source Bank boosted its stake in Analog Devices by 3.1% in the second quarter. 1ST Source Bank now owns 1,809 shares of the semiconductor company’s stock worth $413,000 after buying an additional 55 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in Analog Devices by 1.6% in the second quarter. Federated Hermes Inc. now owns 32,016 shares of the semiconductor company’s stock worth $7,308,000 after buying an additional 495 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of ADI opened at $225.42 on Friday. The company has a 50-day simple moving average of $224.69 and a two-hundred day simple moving average of $215.06. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. The firm has a market capitalization of $111.86 billion, a PE ratio of 52.67, a price-to-earnings-growth ratio of 3.74 and a beta of 1.07. Analog Devices, Inc. has a one year low of $154.99 and a one year high of $244.14.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The firm’s revenue for the quarter was down 24.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.49 EPS. On average, analysts anticipate that Analog Devices, Inc. will post 6.33 EPS for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Tuesday, September 3rd. Analog Devices’s dividend payout ratio is presently 85.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ADI shares. Truist Financial lowered their price objective on shares of Analog Devices from $275.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. UBS Group boosted their price target on shares of Analog Devices from $225.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Stifel Nicolaus raised their price objective on Analog Devices from $220.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, May 20th. Citigroup boosted their target price on Analog Devices from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Finally, TD Cowen increased their target price on Analog Devices from $210.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $251.45.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the sale, the chief executive officer now owns 51,039 shares of the company’s stock, valued at $11,570,541.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the completion of the transaction, the chief executive officer now directly owns 51,039 shares in the company, valued at $11,570,541.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total value of $233,138.45. Following the completion of the sale, the director now owns 3,753 shares in the company, valued at approximately $879,365.43. The disclosure for this sale can be found here. Insiders sold a total of 31,495 shares of company stock worth $7,181,458 in the last three months. 0.31% of the stock is owned by corporate insiders.

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.