Fred Alger Management LLC Invests $198,000 in Analog Devices, Inc. (NASDAQ:ADI)

Fred Alger Management LLC acquired a new stake in shares of Analog Devices, Inc. (NASDAQ:ADI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 862 shares of the semiconductor company’s stock, valued at approximately $198,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Analog Devices in the 3rd quarter worth approximately $28,000. New Millennium Group LLC bought a new stake in Analog Devices in the second quarter worth $29,000. Archer Investment Corp boosted its position in Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the period. ORG Partners LLC grew its stake in shares of Analog Devices by 675.0% during the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 135 shares during the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of 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 buying an additional 45 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Wall Street Analysts Forecast Growth

ADI has been the subject of several analyst reports. TD Cowen dropped their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. 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 report on Thursday, August 22nd. Oppenheimer reiterated an “outperform” rating and set a $245.00 price target on shares of Analog Devices in a report on Thursday, August 22nd. Morgan Stanley cut their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Analog Devices in a research note on Tuesday, October 8th. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average target price of $249.33.

Insider Transactions at Analog Devices

In related news, EVP Gregory M. Bryant sold 30,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total value of $6,723,000.00. Following the transaction, the executive vice president now owns 109,093 shares in the company, valued at $24,447,741.30. The trade was a 21.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $223.87, for a total transaction of $2,238,700.00. Following the sale, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,921,334.21. This trade represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $24,883,200 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.

Analog Devices Stock Up 0.4 %

Shares of Analog Devices stock opened at $218.05 on Monday. Analog Devices, Inc. has a 1 year low of $179.63 and a 1 year high of $244.14. The firm has a market cap of $108.22 billion, a price-to-earnings ratio of 66.28, a PEG ratio of 3.36 and a beta of 1.08. The company has a 50-day moving average of $224.14 and a 200 day moving average of $226.03. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.24.

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.92 per share. The ex-dividend date is Monday, December 9th. This represents a $3.68 annualized dividend and a dividend yield of 1.69%. Analog Devices’s payout ratio is 111.85%.

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.