Analog Devices, Inc. (NASDAQ:ADI) Short Interest Up 17.0% in November

Analog Devices, Inc. (NASDAQ:ADI) was the target 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 days-to-cover ratio is currently 2.6 days.

Insider Activity at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $223.87, for a total transaction of $2,238,700.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,921,334.21. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Gregory M. Bryant sold 30,000 shares of Analog Devices stock in a transaction on Wednesday, September 25th. The stock was 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 in the company, valued at approximately $24,447,741.30. The trade was a 21.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $24,754,600 over the last three months. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Analog Devices

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in shares of Analog Devices during the 3rd quarter valued at about $28,000. New Millennium Group LLC purchased a new stake in Analog Devices during the second quarter valued at approximately $29,000. Archer Investment Corp lifted its stake in shares of Analog Devices by 101.4% in the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares during the last quarter. ORG Partners LLC boosted its holdings in shares of Analog Devices by 675.0% in the 2nd quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 135 shares during the period. Finally, Hobbs Group Advisors LLC bought a new position in Analog Devices during the second quarter valued at $37,000. Institutional investors own 86.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADI. Bank of America lowered 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. Wells Fargo & Company started coverage on Analog Devices in a research report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target for the company. Truist Financial dropped their price target on Analog Devices from $233.00 to $227.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Oppenheimer reiterated an “outperform” rating and set a $245.00 price target on shares of Analog Devices in a research report on Thursday, August 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a research report on Tuesday, October 8th. Seven analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $249.33.

Analog Devices Price Performance

ADI opened at $216.61 on Friday. The company’s 50-day simple moving average is $222.16 and its two-hundred day simple moving average is $225.48. 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 capitalization of $107.50 billion, a P/E ratio of 65.84, a P/E/G ratio of 2.47 and a beta of 1.05. Analog Devices has a 52-week low of $181.80 and a 52-week 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 for the quarter, beating 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 firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the firm earned $2.01 EPS. The company’s revenue was down 10.1% compared to the same quarter last year. As a group, analysts predict that Analog Devices will post 7.15 EPS for the current year.

Analog Devices Dividend Announcement

The firm 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 dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 1.70%. The ex-dividend date is Monday, December 9th. Analog Devices’s dividend payout ratio (DPR) is presently 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.