Analog Devices Inc. (ADI) Sees Large Growth in Short Interest
Analog Devices Inc. (NASDAQ:ADI) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 11,124,975 shares, a growth of 31.0% from the September 15th total of 8,492,720 shares. Based on an average daily volume of 2,541,553 shares, the days-to-cover ratio is currently 4.4 days. Approximately 3.6% of the shares of the company are sold short.
A number of research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Analog Devices from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Wednesday, October 5th. B. Riley reissued a “buy” rating and issued a $73.00 price objective on shares of Analog Devices in a research note on Wednesday, July 27th. MKM Partners lifted their price objective on shares of Analog Devices from $56.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Wells Fargo & Co. reissued a “buy” rating on shares of Analog Devices in a research note on Thursday, August 18th. Finally, Oppenheimer Holdings Inc. raised shares of Analog Devices from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Wednesday, July 27th. Eleven analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $70.64.
In related news, Director Ray Stata sold 50,000 shares of Analog Devices stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $64.06, for a total value of $3,203,000.00. Following the transaction, the director now directly owns 257,631 shares of the company’s stock, valued at $16,503,841.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rick D. Hess sold 6,000 shares of Analog Devices stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $60.03, for a total transaction of $360,180.00. Following the completion of the transaction, the senior vice president now directly owns 36,495 shares in the company, valued at $2,190,794.85. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Evercore Wealth Management LLC boosted its stake in shares of Analog Devices by 7.5% in the second quarter. Evercore Wealth Management LLC now owns 1,773 shares of the company’s stock worth $100,000 after buying an additional 123 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in shares of Analog Devices during the first quarter worth about $105,000. Meeder Asset Management Inc. acquired a new stake in shares of Analog Devices during the first quarter worth about $112,000. Quadrant Capital Group LLC boosted its stake in shares of Analog Devices by 18.9% in the second quarter. Quadrant Capital Group LLC now owns 2,421 shares of the company’s stock worth $131,000 after buying an additional 384 shares during the period. Finally, SevenBridge Financial Group LLC acquired a new stake in shares of Analog Devices during the second quarter worth about $146,000. 85.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Analog Devices (NASDAQ:ADI) opened at 61.19 on Thursday. The company has a market capitalization of $18.81 billion, a P/E ratio of 28.90 and a beta of 1.25. Analog Devices has a 1-year low of $47.24 and a 1-year high of $66.91. The firm has a 50-day moving average of $62.78 and a 200 day moving average of $59.85.
Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 17th. The company reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. The firm had revenue of $870 million for the quarter, compared to analyst estimates of $847.43 million. Analog Devices had a net margin of 19.49% and a return on equity of 19.40%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 EPS. On average, equities research analysts expect that Analog Devices will post $2.92 earnings per share for the current year.
Analog Devices Company Profile
Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.
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