Jennison Associates LLC Trims Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Jennison Associates LLC trimmed its position in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 16.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,385,992 shares of the semiconductor company's stock after selling 676,212 shares during the quarter. Jennison Associates LLC owned about 0.68% of Analog Devices worth $779,354,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADI. West Family Investments Inc. raised its holdings in Analog Devices by 58.3% during the third quarter. West Family Investments Inc. now owns 1,757 shares of the semiconductor company's stock valued at $404,000 after acquiring an additional 647 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Analog Devices by 3.9% during the third quarter. PNC Financial Services Group Inc. now owns 149,813 shares of the semiconductor company's stock worth $34,482,000 after purchasing an additional 5,562 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Analog Devices during the 3rd quarter valued at approximately $16,441,000. Banque Cantonale Vaudoise lifted its holdings in Analog Devices by 259.7% in the 3rd quarter. Banque Cantonale Vaudoise now owns 20,131 shares of the semiconductor company's stock worth $4,634,000 after purchasing an additional 14,534 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its holdings in Analog Devices by 42.5% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 7,274 shares of the semiconductor company's stock valued at $1,674,000 after buying an additional 2,169 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Gregory M. Bryant sold 30,000 shares of the company's stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the completion of the sale, the executive vice president now owns 109,093 shares of the company's stock, valued at $24,447,741.30. This represents a 21.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward H. Frank sold 995 shares of the firm's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $234.31, for a total transaction of $233,138.45. Following the completion of the transaction, the director now directly owns 3,753 shares in the company, valued at approximately $879,365.43. This represents a 20.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,495 shares of company stock worth $25,229,958. Company insiders own 0.31% of the company's stock.

Analog Devices Price Performance

Shares of NASDAQ:ADI traded up $0.58 during trading on Wednesday, reaching $211.01. 2,987,793 shares of the company's stock traded hands, compared to its average volume of 3,214,432. The firm has a market cap of $104.76 billion, a PE ratio of 62.93, a P/E/G ratio of 2.89 and a beta of 1.08. Analog Devices, Inc. has a fifty-two week low of $179.44 and a fifty-two week high of $244.14. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $225.53 and a 200-day simple moving average of $225.51.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. The business 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%. The business's quarterly revenue was down 24.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.49 EPS. As a group, analysts predict that Analog Devices, Inc. will post 6.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial downgraded shares of Analog Devices from a "buy" rating to a "hold" rating and dropped their price objective for the company from $266.00 to $233.00 in a report on Monday, September 23rd. Morgan Stanley lifted their price target on shares of Analog Devices from $250.00 to $257.00 and gave the stock an "overweight" rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on Analog Devices from $260.00 to $280.00 and gave the company an "overweight" rating in a research report on Thursday, August 22nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Analog Devices in a research note on Thursday, August 22nd. Finally, Bank of America lowered their price objective on shares of Analog Devices from $260.00 to $255.00 and set a "buy" rating for the company in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $249.80.

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.