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

Analog Devices, Inc. (NASDAQ:ADI) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 9,570,000 shares, an increase of 27.4% from the December 15th total of 7,510,000 shares. Based on an average daily volume of 2,950,000 shares, the short-interest ratio is currently 3.2 days.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ADI shares. Truist Financial boosted their price target on shares of Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Piper Sandler dropped their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Wells Fargo & Company assumed coverage on Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective for the company. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $250.00 target price on shares of Analog Devices in a research report on Tuesday, October 8th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and a consensus target price of $249.48.

Insider Transactions at Analog Devices

In related news, EVP Gregory M. Bryant sold 20,000 shares of the business’s 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 $4,477,400.00. Following the completion of the sale, the executive vice president now owns 59,093 shares in the company, valued at $13,229,149.91. The trade was a 25.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total value of $2,158,300.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,744,590.89. This trade represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 50,000 shares of company stock valued at $11,029,300. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Analog Devices

Several institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new position in shares of Analog Devices in the 3rd quarter valued at about $28,000. Archer Investment Corp increased its holdings in Analog Devices by 101.4% in 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 in the last quarter. Peterson Financial Group Inc. acquired a new stake in shares of Analog Devices during the 3rd quarter valued at approximately $43,000. Reston Wealth Management LLC purchased a new stake in shares of Analog Devices during the 3rd quarter worth approximately $48,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Analog Devices in the 3rd quarter worth approximately $80,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Stock Up 1.7 %

Shares of NASDAQ:ADI opened at $218.22 on Thursday. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week high of $244.14. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19. The firm’s 50-day simple moving average is $216.19 and its 200-day simple moving average is $222.69. The company has a market cap of $108.30 billion, a price-to-earnings ratio of 66.33, a PEG ratio of 2.47 and a beta of 1.05.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.01 EPS. As a group, equities research analysts predict that Analog Devices will post 7.15 earnings per share for the current year.

Analog Devices Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Monday, December 9th were given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, December 9th. 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.