CIBC Private Wealth Group LLC Increases Position in Analog Devices, Inc. (ADI)
CIBC Private Wealth Group LLC increased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,171 shares of the semiconductor company’s stock after acquiring an additional 2,512 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Analog Devices were worth $3,086,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Chevy Chase Trust Holdings Inc. bought a new stake in Analog Devices in the 2nd quarter valued at $29,924,000. Victory Capital Management Inc. increased its holdings in Analog Devices by 11.0% in the 2nd quarter. Victory Capital Management Inc. now owns 40,775 shares of the semiconductor company’s stock valued at $3,911,000 after buying an additional 4,025 shares during the period. Integrated Investment Consultants LLC bought a new stake in Analog Devices in the 2nd quarter valued at $130,000. Cooke & Bieler LP increased its holdings in Analog Devices by 3.0% in the 2nd quarter. Cooke & Bieler LP now owns 456,318 shares of the semiconductor company’s stock valued at $43,770,000 after buying an additional 13,453 shares during the period. Finally, NuWave Investment Management LLC bought a new stake in Analog Devices in the 2nd quarter valued at $201,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on ADI. Deutsche Bank boosted their price target on shares of Analog Devices from $87.00 to $93.00 and gave the company a “hold” rating in a report on Thursday, May 31st. Stifel Nicolaus boosted their price target on shares of Analog Devices from $105.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, May 31st. Zacks Investment Research lowered shares of Analog Devices from a “buy” rating to a “hold” rating in a report on Monday, May 21st. BidaskClub lowered shares of Analog Devices from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 30th. Finally, Nomura started coverage on shares of Analog Devices in a report on Wednesday, July 18th. They issued a “neutral” rating and a $100.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $104.63.
Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, May 30th. The semiconductor company reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.08. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. Analog Devices had a net margin of 17.72% and a return on equity of 20.34%. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. sell-side analysts forecast that Analog Devices, Inc. will post 5.8 EPS for the current year.
In related news, SVP Joseph Hassett sold 17,150 shares of the company’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $97.95, for a total transaction of $1,679,842.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Peter Real sold 4,595 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $93.07, for a total transaction of $427,656.65. Following the transaction, the senior vice president now owns 18,195 shares in the company, valued at approximately $1,693,408.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,050 shares of company stock worth $7,712,311. 0.70% of the stock is owned by corporate insiders.
Analog Devices Profile
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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