Analog Devices, Inc. (NASDAQ:ADI) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its position in Analog Devices, Inc. (NASDAQ:ADI) by 19.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,948 shares of the semiconductor company’s stock after purchasing an additional 629 shares during the period. Pinnacle Financial Partners Inc’s holdings in Analog Devices were worth $909,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADI. Vanguard Group Inc. grew its holdings in shares of Analog Devices by 4.7% during the first quarter. Vanguard Group Inc. now owns 47,716,169 shares of the semiconductor company’s stock worth $9,437,781,000 after buying an additional 2,160,668 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Analog Devices by 19.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,163,882 shares of the semiconductor company’s stock worth $1,614,735,000 after purchasing an additional 1,330,242 shares during the period. Capital International Investors raised its holdings in Analog Devices by 14.3% in the first quarter. Capital International Investors now owns 5,155,597 shares of the semiconductor company’s stock valued at $1,019,726,000 after buying an additional 644,945 shares during the period. Van ECK Associates Corp raised its stake in shares of Analog Devices by 17.3% in the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after acquiring an additional 700,862 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Analog Devices by 21.4% during the second quarter. American Century Companies Inc. now owns 4,351,585 shares of the semiconductor company’s stock worth $993,293,000 after purchasing an additional 767,534 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADI. Barclays upped their target price on shares of Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Truist Financial lowered Analog Devices from a “buy” rating to a “hold” rating and dropped their price target for the company from $266.00 to $233.00 in a research report on Monday, September 23rd. Bank of America cut their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Finally, Morgan Stanley raised their target price on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $249.80.

Insider Transactions at Analog Devices

In related news, Director Edward H. Frank sold 500 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $227.24, for a total value of $113,620.00. Following the completion of the sale, the director now owns 4,748 shares in the company, valued at approximately $1,078,935.52. This represents a 9.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory M. Bryant sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the completion of the transaction, the executive vice president now directly owns 109,093 shares of the company’s stock, valued at $24,447,741.30. This represents a 21.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,495 shares of company stock valued at $25,229,958 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

Analog Devices Stock Down 0.3 %

ADI opened at $212.24 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. The company has a market capitalization of $105.38 billion, a PE ratio of 63.74, a P/E/G ratio of 3.08 and a beta of 1.08. The stock’s fifty day moving average is $226.16 and its 200-day moving average is $225.02. Analog Devices, Inc. has a one year low of $178.66 and a one year high of $244.14.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the company posted $2.49 EPS. The business’s revenue was down 24.8% compared to the same quarter last year. On average, equities analysts predict that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.92 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.73%. Analog Devices’s dividend payout ratio (DPR) is presently 110.51%.

About Analog Devices

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.