Analog Devices, Inc. (NASDAQ:ADI) Short Interest Update

Analog Devices, Inc. (NASDAQ:ADI) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,430,000 shares, a decrease of 21.3% from the October 15th total of 9,440,000 shares. Based on an average trading volume of 2,840,000 shares, the days-to-cover ratio is presently 2.6 days.

Wall Street Analyst Weigh In

ADI has been the subject of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Bank of America decreased their price objective on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Truist Financial downgraded shares of Analog Devices from a “buy” rating to a “hold” rating and cut their target price for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Finally, Morgan Stanley boosted their price objective on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.80.

Insider Activity

In other Analog Devices news, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the transaction, the director now directly owns 4,748 shares in the company, valued at approximately $1,078,935.52. This trade represents a 9.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gregory M. Bryant sold 30,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the completion of the transaction, the executive vice president now directly owns 109,093 shares of the company’s stock, valued at $24,447,741.30. The trade was a 21.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,495 shares of company stock valued at $25,229,958. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of Analog Devices

A number of institutional investors have recently modified their holdings of ADI. Summit Global Investments acquired a new stake in Analog Devices in the third quarter valued at $867,000. Versor Investments LP bought a new stake in Analog Devices in the third quarter valued at approximately $952,000. Tidal Investments LLC boosted its stake in shares of Analog Devices by 24.9% during the 1st quarter. Tidal Investments LLC now owns 31,715 shares of the semiconductor company’s stock worth $6,268,000 after acquiring an additional 6,314 shares during the period. BDF Gestion bought a new position in shares of Analog Devices during the 2nd quarter worth approximately $4,491,000. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Analog Devices by 3.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,092 shares of the semiconductor company’s stock valued at $16,912,000 after acquiring an additional 2,280 shares during the period. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Trading Down 2.8 %

Shares of ADI opened at $206.35 on Friday. Analog Devices has a 1 year low of $178.66 and a 1 year high of $244.14. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $225.88 and a 200-day simple moving average of $224.95. The stock has a market cap of $102.45 billion, a PE ratio of 61.97, a PEG ratio of 2.98 and a beta of 1.08.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating 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%. The firm’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same period last year, the company posted $2.49 earnings per share. On average, sell-side analysts predict that Analog Devices will post 6.34 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Tuesday, September 3rd. Analog Devices’s dividend payout ratio is 110.51%.

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.