Analog Devices, Inc. (NASDAQ:ADI) Sees Large Increase in Short Interest

Analog Devices, Inc. (NASDAQ:ADI) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 7,360,000 shares, a growth of 17.0% from the November 15th total of 6,290,000 shares. Based on an average daily volume of 2,850,000 shares, the short-interest ratio is presently 2.6 days.

Insider Activity at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $228.93, for a total value of $2,289,300.00. Following the sale, the chief executive officer now directly owns 45,326 shares in the company, valued at approximately $10,376,481.18. This trade represents a 18.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory M. Bryant sold 30,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total value of $6,867,900.00. Following the transaction, the executive vice president now directly owns 79,093 shares of the company’s stock, valued at approximately $18,106,760.49. This represents a 27.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,000 shares of company stock worth $24,754,600. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Analog Devices by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock worth $623,399,000 after buying an additional 39,186 shares in the last quarter. Swiss National Bank grew its stake in Analog Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after acquiring an additional 4,600 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Analog Devices by 47.7% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after acquiring an additional 7,386 shares during the last quarter. Summit Global Investments purchased a new position in shares of Analog Devices during the 3rd quarter worth $867,000. Finally, Versor Investments LP acquired a new stake in shares of Analog Devices during the third quarter worth $952,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADI. TD Cowen lowered their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Bank of America lowered their price target on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. 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. Truist Financial lowered their target price on Analog Devices from $233.00 to $227.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Finally, Oppenheimer restated an “outperform” rating and set a $245.00 price target on shares of Analog Devices in a research note on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $249.33.

Analog Devices Stock Performance

Shares of ADI stock opened at $216.61 on Monday. The stock has a fifty day moving average price of $222.16 and a 200 day moving average price of $225.46. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock has a market cap of $107.50 billion, a PE ratio of 65.84, a P/E/G ratio of 2.47 and a beta of 1.05. Analog Devices has a 1 year low of $181.80 and a 1 year high of $244.14.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter in the previous year, the company posted $2.01 EPS. The business’s revenue was down 10.1% on a year-over-year basis. Sell-side analysts forecast that Analog Devices will post 7.15 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Monday, December 9th will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Monday, December 9th. Analog Devices’s payout ratio is currently 111.85%.

Analog Devices Company 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.