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

Jennison Associates LLC decreased its position in Analog Devices, Inc. (NASDAQ:ADI) by 16.6% during the third quarter, Holdings Channel reports. The firm owned 3,385,992 shares of the semiconductor company’s stock after selling 676,212 shares during the quarter. Jennison Associates LLC’s holdings in Analog Devices were worth $779,354,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADI. Capital Performance Advisors LLP purchased a new stake in Analog Devices in the third quarter valued at approximately $28,000. New Millennium Group LLC purchased a new stake in Analog Devices in the second quarter valued at approximately $29,000. Archer Investment Corp raised its position in Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares during the period. ORG Partners LLC raised its position in Analog Devices by 675.0% in the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 135 shares during the period. Finally, CVA Family Office LLC raised its position in Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $210.43 on Wednesday. The company has a 50-day simple moving average of $225.53 and a 200-day simple moving average of $225.51. Analog Devices, Inc. has a one year low of $179.44 and a one year high of $244.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. The stock 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.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the company posted $2.49 earnings per share. The firm’s quarterly revenue was down 24.8% compared to the same quarter last year. On average, analysts predict that Analog Devices, Inc. will post 6.34 EPS for the current year.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $228.69, for a total value of $2,286,900.00. Following the transaction, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. This trade represents a 16.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 completion of the transaction, the director now directly owns 4,748 shares in the company, valued at approximately $1,078,935.52. This represents a 9.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,495 shares of company stock worth $25,229,958 over the last ninety days. 0.31% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADI. Truist Financial lowered Analog Devices from a “buy” rating to a “hold” rating and cut their target price for the company from $266.00 to $233.00 in a research report on Monday, September 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Morgan Stanley upped their price objective on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. 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. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $245.00 price objective on shares of Analog Devices in a research report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.