Analog Devices, Inc. (NASDAQ:ADI) Short Interest Down 21.3% in October

Analog Devices, Inc. (NASDAQ:ADI) saw a large drop in short interest in 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 volume of 2,840,000 shares, the short-interest ratio is presently 2.6 days.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $206.35 on Friday. The business has a 50-day simple moving average of $226.02 and a 200 day simple moving average of $224.94. Analog Devices has a one year low of $178.66 and a one year 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 firm 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.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $2.49 earnings per share. The company’s quarterly revenue was down 24.8% on a year-over-year basis. On average, research analysts anticipate that Analog Devices will post 6.34 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

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

Analyst Upgrades and Downgrades

ADI has been the topic of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Truist Financial lowered shares of Analog Devices from a “buy” rating to a “hold” rating and cut their price target for the stock from $266.00 to $233.00 in a report on Monday, September 23rd. Bank of America decreased their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Morgan Stanley lifted their target price on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $245.00 price target on shares of Analog Devices 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $249.80.

Insider Activity

In other Analog Devices news, EVP Gregory M. Bryant sold 30,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total value of $6,723,000.00. Following the completion of the transaction, the executive vice president now owns 109,093 shares of the company’s stock, valued at $24,447,741.30. This represents a 21.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $228.69, for a total value of $2,286,900.00. Following the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at $11,672,108.91. The trade was a 16.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,495 shares of company stock worth $25,229,958. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in Analog Devices in the 3rd quarter valued at about $28,000. New Millennium Group LLC purchased a new position in shares of Analog Devices during the second quarter valued at approximately $29,000. Archer Investment Corp grew its holdings in Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after buying an additional 73 shares in the last quarter. ORG Partners LLC grew its holdings in Analog Devices by 675.0% during the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after buying an additional 135 shares in the last quarter. Finally, CVA Family Office LLC raised its position in Analog Devices by 40.2% in the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 45 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.