Kayne Anderson Rudnick Investment Management LLC Sells 2,239 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Kayne Anderson Rudnick Investment Management LLC trimmed its position in Analog Devices, Inc. (NASDAQ:ADI) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,246 shares of the semiconductor company’s stock after selling 2,239 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Analog Devices were worth $21,056,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Baader Bank Aktiengesellschaft grew its position in Analog Devices by 3.9% in the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock worth $259,000 after acquiring an additional 43 shares in the last quarter. CVA Family Office LLC grew 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 worth $36,000 after acquiring an additional 45 shares in the last quarter. Legacy Financial Advisors Inc. grew its position in Analog Devices by 1.4% in the second quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock worth $795,000 after acquiring an additional 48 shares in the last quarter. SouthState Corp grew its position in Analog Devices by 28.6% in the second quarter. SouthState Corp now owns 225 shares of the semiconductor company’s stock worth $51,000 after acquiring an additional 50 shares in the last quarter. Finally, Investment Partners LTD. grew its position in Analog Devices by 2.9% in the second quarter. Investment Partners LTD. now owns 1,746 shares of the semiconductor company’s stock worth $399,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Down 2.9 %

Analog Devices stock opened at $226.78 on Friday. The business has a fifty day moving average of $223.80 and a two-hundred day moving average of $216.26. 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 firm has a market cap of $112.53 billion, a P/E ratio of 52.99, a P/E/G ratio of 3.74 and a beta of 1.07. Analog Devices, Inc. has a twelve month low of $154.99 and a twelve month high of $244.14.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $2.49 earnings per share. On average, analysts forecast that Analog Devices, Inc. will post 6.33 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.92 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 1.62%. Analog Devices’s dividend payout ratio is currently 85.98%.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the completion of the sale, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,672,108.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the completion of the sale, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,672,108.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward H. Frank sold 995 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $234.31, for a total value of $233,138.45. Following the sale, the director now owns 3,753 shares of the company’s stock, valued at approximately $879,365.43. The disclosure for this sale can be found here. Insiders sold a total of 31,495 shares of company stock worth $7,181,458 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Truist Financial dropped their price target on Analog Devices from $275.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Barclays upped their target price on Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Bank of America cut their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 target price on shares of Analog Devices in a research note on Tuesday, July 16th. Finally, Morgan Stanley upped their target price on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $251.45.

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.