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

Jun 23, 2023

Analog Devices, Inc. (NASDAQ:ADI - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 5,180,000 shares, a decrease of 6.8% from the July 31st total of 5,560,000 shares. Based on an average trading volume of 3,780,000 shares, the short-interest ratio is presently 1.4 days.

NASDAQ:ADI opened at $182.56 on Wednesday. The stock's 50 day moving average price is $188.28 and its 200 day moving average price is $186.41. Analog Devices has a 52 week low of $133.48 and a 52 week high of $200.10. The company has a market capitalization of $90.97 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.81 and a beta of 1.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.10 and a current ratio of 1.71.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 23rd. The semiconductor company reported $2.49 earnings per share for the quarter, missing the consensus estimate of $2.52 by ($0.03). Analog Devices had a net margin of 29.23% and a return on equity of 15.20%. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the company posted $2.52 earnings per share. The firm's revenue was down 1.1% compared to the same quarter last year. On average, research analysts forecast that Analog Devices will post 10.18 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Tuesday, September 5th will be given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Friday, September 1st. Analog Devices's dividend payout ratio is presently 46.74%.

In other news, Director Kenton J. Sicchitano sold 8,460 shares of the company's stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $192.50, for a total transaction of $1,628,550.00. Following the transaction, the director now owns 28,335 shares of the company's stock, valued at $5,454,487.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Analog Devices news, Director Kenton J. Sicchitano sold 8,460 shares of the firm's stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $192.50, for a total value of $1,628,550.00. Following the completion of the transaction, the director now directly owns 28,335 shares in the company, valued at $5,454,487.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Prashanth Mahendra-Rajah sold 30,591 shares of Analog Devices stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $192.75, for a total value of $5,896,415.25. Following the transaction, the chief financial officer now owns 27,458 shares of the company's stock, valued at $5,292,529.50. The disclosure for this sale can be found here. Insiders have sold 84,051 shares of company stock worth $15,886,215 over the last three months. Company insiders own 0.46% of the company's stock.

Institutional investors have recently made changes to their positions in the stock. Strategy Asset Managers LLC increased its holdings in shares of Analog Devices by 9.8% during the 2nd quarter. Strategy Asset Managers LLC now owns 1,852 shares of the semiconductor company's stock worth $361,000 after acquiring an additional 166 shares during the last quarter. ProVise Management Group LLC lifted its position in shares of Analog Devices by 2.3% during the 2nd quarter. ProVise Management Group LLC now owns 55,916 shares of the semiconductor company's stock valued at $10,893,000 after acquiring an additional 1,277 shares during the period. Headinvest LLC lifted its position in shares of Analog Devices by 7.4% during the 2nd quarter. Headinvest LLC now owns 2,187 shares of the semiconductor company's stock valued at $401,000 after acquiring an additional 151 shares during the period. Comerica Bank bought a new stake in shares of Analog Devices during the 2nd quarter worth $33,550,000. Finally, Asset Dedication LLC grew its stake in shares of Analog Devices by 44.4% during the second quarter. Asset Dedication LLC now owns 849 shares of the semiconductor company's stock worth $166,000 after buying an additional 261 shares during the last quarter. Institutional investors and hedge funds own 85.55% of the company's stock.

ADI has been the topic of a number of research reports. BMO Capital Markets lowered their price target on shares of Analog Devices from $215.00 to $200.00 in a report on Thursday, May 25th. Piper Sandler lowered shares of Analog Devices from an "overweight" rating to a "neutral" rating and set a $190.00 price objective for the company. in a report on Thursday, August 24th. Morgan Stanley lowered their target price on shares of Analog Devices from $195.00 to $185.00 and set an "equal weight" rating for the company in a report on Thursday, August 24th. Sanford C. Bernstein lowered their target price on shares of Analog Devices from $220.00 to $210.00 in a report on Thursday, May 25th. Finally, KeyCorp lowered their target price on shares of Analog Devices from $230.00 to $220.00 and set an "overweight" rating for the company in a report on Thursday, May 25th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $204.21.

Check Out Our Latest Stock Analysis on Analog Devices

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies. 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 high-end consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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