Portfolio Design Labs LLC Sells 7,667 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Portfolio Design Labs LLC trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 48.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,301 shares of the semiconductor company’s stock after selling 7,667 shares during the period. Portfolio Design Labs LLC’s holdings in Analog Devices were worth $1,911,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of ADI. Swiss National Bank increased its stake in Analog Devices by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after purchasing an additional 4,600 shares in the last quarter. Summit Global Investments acquired a new stake in shares of Analog Devices during the third quarter worth $867,000. Versor Investments LP bought a new stake in Analog Devices in the 3rd quarter valued at $952,000. Tidal Investments LLC boosted its stake in Analog Devices by 24.9% in the 1st quarter. Tidal Investments LLC now owns 31,715 shares of the semiconductor company’s stock worth $6,268,000 after purchasing an additional 6,314 shares during the period. Finally, BDF Gestion bought a new position in Analog Devices during the 2nd quarter worth about $4,491,000. 86.81% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $227.24, for a total transaction of $113,620.00. Following the sale, the director now owns 4,748 shares in the company, valued at approximately $1,078,935.52. This trade represents a 9.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $223.87, for a total value of $2,238,700.00. Following the completion of the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,921,334.21. This represents a 31.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,495 shares of company stock valued at $25,229,958 in the last 90 days. Insiders own 0.31% of the company’s stock.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $210.43 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a twelve month low of $179.44 and a twelve month high of $244.14. The firm has a market capitalization of $104.48 billion, a price-to-earnings ratio of 63.19, a PEG ratio of 2.89 and a beta of 1.08. The stock’s 50 day moving average is $225.53 and its 200-day moving average is $225.51.

Analog Devices (NASDAQ:ADI) last issued its quarterly 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 the consensus estimate of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. Analog Devices’s revenue was down 24.8% on a year-over-year basis. During the same period last year, the business posted $2.49 earnings per share. Sell-side analysts forecast that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and reduced their price target for the stock from $266.00 to $233.00 in a research report on Monday, September 23rd. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $250.00 price objective on shares of Analog Devices in a research note on Tuesday, October 8th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average target price of $249.80.

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.