DAVENPORT & Co LLC Increases Position in Analog Devices, Inc. (NASDAQ:ADI)

DAVENPORT & Co LLC grew its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 2.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,061 shares of the semiconductor company’s stock after buying an additional 268 shares during the period. DAVENPORT & Co LLC’s holdings in Analog Devices were worth $1,234,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Elefante Mark B increased its stake in shares of Analog Devices by 11.2% during the second quarter. Elefante Mark B now owns 7,881 shares of the semiconductor company’s stock worth $967,000 after acquiring an additional 796 shares during the period. CIBC Asset Management Inc increased its stake in shares of Analog Devices by 6.8% during the second quarter. CIBC Asset Management Inc now owns 87,559 shares of the semiconductor company’s stock worth $10,738,000 after acquiring an additional 5,601 shares during the period. Hemenway Trust Co LLC increased its stake in shares of Analog Devices by 1.8% during the second quarter. Hemenway Trust Co LLC now owns 196,130 shares of the semiconductor company’s stock worth $24,053,000 after acquiring an additional 3,452 shares during the period. Vident Investment Advisory LLC increased its stake in shares of Analog Devices by 49.7% during the second quarter. Vident Investment Advisory LLC now owns 12,688 shares of the semiconductor company’s stock worth $1,556,000 after acquiring an additional 4,215 shares during the period. Finally, Cypress Asset Management Inc. TX increased its stake in shares of Analog Devices by 0.3% during the second quarter. Cypress Asset Management Inc. TX now owns 38,167 shares of the semiconductor company’s stock worth $4,681,000 after acquiring an additional 120 shares during the period. 85.36% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently issued reports on the stock. Raymond James boosted their price target on shares of Analog Devices from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Royal Bank of Canada dropped their price target on shares of Analog Devices from $136.00 to $122.00 in a research note on Tuesday, May 19th. JPMorgan Chase & Co. lowered their target price on shares of Analog Devices from $134.00 to $119.00 and set a “neutral” rating on the stock in a research report on Thursday, May 21st. BidaskClub lowered shares of Analog Devices from a “hold” rating to a “sell” rating in a research report on Friday, July 24th. Finally, Oppenheimer began coverage on shares of Analog Devices in a research report on Wednesday, June 10th. They set a “buy” rating and a $140.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $125.68.

In related news, SVP Steve Pietkiewicz sold 3,710 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $123.29, for a total transaction of $457,405.90. Also, Director Edward H. Frank sold 8,460 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $113.42, for a total transaction of $959,533.20. Following the sale, the director now directly owns 19,775 shares of the company’s stock, valued at $2,242,880.50. The disclosure for this sale can be found here. In the last three months, insiders sold 14,325 shares of company stock worth $1,661,769. Insiders own 0.42% of the company’s stock.

NASDAQ:ADI opened at $114.85 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 0.44. The company has a market cap of $42.85 billion, a P/E ratio of 38.54, a P/E/G ratio of 1.88 and a beta of 1.35. Analog Devices, Inc. has a fifty-two week low of $79.07 and a fifty-two week high of $127.39. The firm’s 50 day moving average is $119.00 and its two-hundred day moving average is $110.55.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, May 20th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.03. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Analog Devices had a net margin of 20.05% and a return on equity of 14.51%. Analog Devices’s revenue was down 13.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.36 earnings per share. Research analysts forecast that Analog Devices, Inc. will post 4.65 earnings per share for the current fiscal year.

Analog Devices Company Profile

Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.

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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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