Miracle Mile Advisors LLC Decreases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Miracle Mile Advisors LLC decreased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 6.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,474 shares of the semiconductor company’s stock after selling 223 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Analog Devices were worth $701,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ADI. RDA Financial Network raised its holdings in shares of Analog Devices by 9.2% in the 1st quarter. RDA Financial Network now owns 8,266 shares of the semiconductor company’s stock valued at $1,667,000 after purchasing an additional 698 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in Analog Devices by 11.0% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 6,322 shares of the semiconductor company’s stock valued at $1,275,000 after buying an additional 627 shares during the last quarter. Clean Yield Group increased its holdings in Analog Devices by 86.7% in the first quarter. Clean Yield Group now owns 196 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 91 shares during the last quarter. Sivia Capital Partners LLC lifted its holdings in Analog Devices by 17.8% during the 1st quarter. Sivia Capital Partners LLC now owns 1,288 shares of the semiconductor company’s stock worth $260,000 after buying an additional 195 shares during the last quarter. Finally, Radnor Capital Management LLC boosted its position in shares of Analog Devices by 8.4% during the 1st quarter. Radnor Capital Management LLC now owns 1,420 shares of the semiconductor company’s stock worth $286,000 after acquiring an additional 110 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Stock Up 2.5%

ADI stock opened at $233.34 on Wednesday. The stock has a market capitalization of $115.79 billion, a PE ratio of 74.31, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a fifty day moving average of $201.19 and a 200-day moving average of $210.54. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.15. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.50 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.40 EPS. As a group, analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices announced that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analog Devices Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 1.70%. The ex-dividend date is Wednesday, June 4th. Analog Devices’s payout ratio is 107.90%.

Insider Buying and Selling at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total transaction of $612,000.00. Following the completion of the sale, the director now directly owns 180,071 shares in the company, valued at approximately $35,265,104.64. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,934 shares of company stock valued at $6,643,956. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Cfra Research lowered Analog Devices from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, May 22nd. Benchmark reissued a “buy” rating and set a $260.00 price objective (down previously from $275.00) on shares of Analog Devices in a report on Friday, May 23rd. Truist Financial upped their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Evercore ISI increased their target price on shares of Analog Devices from $231.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, May 23rd. Finally, Cantor Fitzgerald lifted their price target on shares of Analog Devices from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $248.63.

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.