Allspring Global Investments Holdings LLC Decreases Stake in Analog Devices, Inc. (NASDAQ:ADI)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 50.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 170,649 shares of the semiconductor company's stock after selling 172,235 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Analog Devices were worth $33,990,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Midwest Professional Planners LTD. increased its position in shares of Analog Devices by 0.6% in the fourth quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company's stock worth $1,975,000 after purchasing an additional 53 shares during the period. Portland Global Advisors LLC grew its stake in Analog Devices by 1.3% during the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company's stock worth $853,000 after buying an additional 53 shares in the last quarter. Cassady Schiller Wealth Management LLC increased its holdings in Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company's stock valued at $30,000 after buying an additional 55 shares during the period. Continuum Advisory LLC raised its position in shares of Analog Devices by 14.8% in the 1st quarter. Continuum Advisory LLC now owns 443 shares of the semiconductor company's stock valued at $89,000 after buying an additional 57 shares in the last quarter. Finally, Keystone Financial Services lifted its holdings in shares of Analog Devices by 1.6% during the 1st quarter. Keystone Financial Services now owns 3,791 shares of the semiconductor company's stock worth $765,000 after acquiring an additional 61 shares during the period. Institutional investors and hedge funds own 86.81% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ADI shares. Piper Sandler cut their target price on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Cowen reissued a "buy" rating on shares of Analog Devices in a report on Friday, May 23rd. Benchmark reaffirmed a "buy" rating and issued a $260.00 price objective (down from $275.00) on shares of Analog Devices in a research note on Friday, May 23rd. Citigroup boosted their target price on Analog Devices from $235.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Raymond James Financial raised shares of Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Analog Devices currently has a consensus rating of "Moderate Buy" and an average target price of $251.75.

Analog Devices Trading Up 0.8%

ADI stock traded up $1.85 during midday trading on Thursday, hitting $247.00. The stock had a trading volume of 1,837,345 shares, compared to its average volume of 3,585,342. Analog Devices, Inc. has a 1-year low of $158.65 and a 1-year high of $247.10. The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average price of $219.06 and a two-hundred day moving average price of $212.25. The firm has a market cap of $122.57 billion, a P/E ratio of 67.30, a price-to-earnings-growth ratio of 2.22 and a beta of 1.02.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.15. The firm had revenue of $2.64 billion for the quarter, compared to analysts' expectations of $2.50 billion. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. The company's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.40 EPS. On average, sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

Insider Buying and Selling

In related news, Director Ray Stata sold 3,125 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total value of $612,000.00. Following the transaction, the director owned 180,071 shares of the company's stock, valued at approximately $35,265,104.64. This trade represents a 1.71% 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, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $196.84, for a total value of $1,968,400.00. Following the transaction, the chief executive officer owned 142,996 shares of the company's stock, valued at $28,147,332.64. This trade represents a 6.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,250 shares of company stock valued at $3,143,556 in the last three months. Insiders own 0.33% of the company's stock.

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.