Bell Bank Sells 1,658 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Bell Bank cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 23.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,266 shares of the semiconductor company's stock after selling 1,658 shares during the period. Bell Bank's holdings in Analog Devices were worth $1,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. PKO Investment Management Joint Stock Co grew its holdings in Analog Devices by 170.0% during the first quarter. PKO Investment Management Joint Stock Co now owns 27,000 shares of the semiconductor company's stock valued at $5,445,000 after purchasing an additional 17,000 shares during the period. Insigneo Advisory Services LLC grew its holdings in Analog Devices by 8.4% during the first quarter. Insigneo Advisory Services LLC now owns 2,010 shares of the semiconductor company's stock valued at $405,000 after purchasing an additional 155 shares during the period. Robertson Stephens Wealth Management LLC grew its holdings in Analog Devices by 57.8% during the first quarter. Robertson Stephens Wealth Management LLC now owns 2,511 shares of the semiconductor company's stock valued at $506,000 after purchasing an additional 920 shares during the period. Sagespring Wealth Partners LLC grew its holdings in Analog Devices by 13.4% during the first quarter. Sagespring Wealth Partners LLC now owns 11,506 shares of the semiconductor company's stock valued at $2,320,000 after purchasing an additional 1,356 shares during the period. Finally, Sowell Financial Services LLC bought a new stake in shares of Analog Devices in the first quarter worth about $296,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Stock Performance

Shares of ADI traded up $2.21 during midday trading on Wednesday, reaching $229.65. The stock had a trading volume of 2,551,500 shares, compared to its average volume of 3,577,689. The firm has a 50 day simple moving average of $206.88 and a 200-day simple moving average of $210.92. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10. The firm has a market cap of $113.96 billion, a PE ratio of 62.58, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $2.64 billion during 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 business's revenue was up 22.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.40 earnings per share. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a $0.99 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.72%. Analog Devices's payout ratio is presently 107.90%.

Analog Devices declared that its board has approved a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADI. Piper Sandler lowered their price target on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. TD Cowen increased their price target on Analog Devices from $200.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Oppenheimer increased their price target on Analog Devices from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Cfra Research lowered shares of Analog Devices from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, May 22nd. Finally, Noble Financial upgraded shares of Analog Devices to an "outperform" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $251.75.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the 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 completion of the transaction, the chief executive officer now owns 142,996 shares of the company's stock, valued at approximately $28,147,332.64. This represents a 6.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares of the company's stock, valued at approximately $9,066,750. The trade was a 22.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,934 shares of company stock valued at $5,807,196. 0.33% of the stock is owned by company insiders.

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.