Short Interest in Analog Devices, Inc. (NASDAQ:ADI) Drops By 21.3%

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

Analog Devices Stock Down 2.8 %

ADI stock opened at $206.35 on Friday. Analog Devices has a fifty-two week low of $178.66 and a fifty-two week high of $244.14. 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 stock has a market capitalization of $102.45 billion, a price-to-earnings ratio of 61.97, a PEG ratio of 2.98 and a beta of 1.08. The business’s fifty day moving average price is $226.02 and its two-hundred day moving average price is $224.94.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.27 billion. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. Analog Devices’s revenue for the quarter was down 24.8% compared to the same quarter last year. During the same period last year, the firm earned $2.49 earnings per share. On average, equities analysts anticipate that Analog Devices will post 6.34 earnings per share for the current year.

Analog Devices Announces Dividend

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

Wall Street Analyst Weigh In

ADI has been the subject of a number of recent analyst reports. 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. JPMorgan Chase & Co. raised their price target on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Truist Financial cut Analog Devices from a “buy” rating to a “hold” rating and cut their price objective for the company from $266.00 to $233.00 in a report on Monday, September 23rd. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Finally, Bank of America cut their price target on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Analog Devices has an average rating of “Moderate Buy” and a consensus price target of $249.80.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $2,238,700.00. Following the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,921,334.21. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Gregory M. Bryant sold 30,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president now 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. Insiders sold a total of 111,495 shares of company stock worth $25,229,958 over the last 90 days. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Analog Devices

Hedge funds have recently added to or reduced their stakes in the stock. Summit Global Investments acquired a new position in shares of Analog Devices in the 3rd quarter valued at approximately $867,000. Versor Investments LP acquired a new position in Analog Devices during the third quarter valued at approximately $952,000. Tidal Investments LLC lifted its stake in Analog Devices by 24.9% during the first quarter. Tidal Investments LLC now owns 31,715 shares of the semiconductor company’s stock worth $6,268,000 after purchasing an additional 6,314 shares during the last quarter. BDF Gestion acquired a new stake in shares of Analog Devices in the 2nd quarter valued at $4,491,000. Finally, Envestnet Portfolio Solutions Inc. increased its stake in shares of 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 purchasing an additional 2,280 shares during the last quarter. Institutional investors own 86.81% of the company’s stock.

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.