PNC Financial Services Group Inc. Increases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

PNC Financial Services Group Inc. boosted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,813 shares of the semiconductor company’s stock after purchasing an additional 5,562 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Analog Devices were worth $34,482,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ADI. Baader Bank Aktiengesellschaft boosted its stake in shares of Analog Devices by 3.9% during the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock worth $259,000 after buying an additional 43 shares during the period. Grove Bank & Trust raised its stake in Analog Devices by 3.1% during the 3rd quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock valued at $333,000 after acquiring an additional 43 shares during the last quarter. CVA Family Office LLC lifted its position in Analog Devices by 40.2% during the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 45 shares during the period. Legacy Financial Advisors Inc. grew its stake in shares of Analog Devices by 1.4% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock valued at $795,000 after purchasing an additional 48 shares during the last quarter. Finally, Quotient Wealth Partners LLC increased its holdings in shares of Analog Devices by 2.5% in the third quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock valued at $455,000 after purchasing an additional 48 shares during the period. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Stock Up 0.3 %

Shares of Analog Devices stock opened at $211.01 on Thursday. Analog Devices, Inc. has a 1-year low of $179.44 and a 1-year high of $244.14. The company has a market capitalization of $104.76 billion, a PE ratio of 63.37, a P/E/G ratio of 2.89 and a beta of 1.08. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. The business has a 50-day moving average of $225.25 and a 200-day moving average of $225.41.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $2.31 billion for 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%. Analog Devices’s revenue for the quarter was down 24.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.49 EPS. As a group, equities analysts forecast that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 51,039 shares in the company, valued at $11,672,108.91. This represents a 16.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Edward H. Frank sold 500 shares of Analog Devices stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $227.24, for a total value of $113,620.00. Following the completion of the transaction, the director now owns 4,748 shares of the company’s stock, valued at approximately $1,078,935.52. The trade was 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 valued at $25,229,958 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

ADI has been the subject of several recent research reports. Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and decreased their price target for the stock from $266.00 to $233.00 in a report on Monday, September 23rd. JPMorgan Chase & Co. raised their target price on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Cantor Fitzgerald reiterated a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a research note on Tuesday, October 8th. Oppenheimer restated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a research report on Thursday, August 22nd. Finally, Morgan Stanley boosted their target price on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Analog Devices has a consensus 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.