Analog Devices Inc. (ADI) Sees Large Growth in Short Interest
Analog Devices Inc. (NASDAQ:ADI) saw a large growth in short interest in 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 short-interest ratio is currently 4.4 days. Approximately 3.6% of the company’s shares are short sold.
In other news, SVP Rick D. Hess sold 6,000 shares of the company’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $60.03, for a total value of $360,180.00. Following the completion of the sale, the senior vice president now owns 36,495 shares of the company’s stock, valued at approximately $2,190,794.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eileen Wynne sold 2,504 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $64.25, for a total transaction of $160,882.00. Following the completion of the sale, the vice president now directly owns 1,297 shares of the company’s stock, valued at approximately $83,332.25. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of ADI. Evercore Wealth Management LLC raised 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 in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Analog Devices during the first quarter worth about $105,000. Meeder Asset Management Inc. bought a new stake in shares of Analog Devices during the first quarter worth about $112,000. Quadrant Capital Group LLC raised 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 in the last quarter. Finally, SevenBridge Financial Group LLC bought a new stake in shares of Analog Devices during the second quarter worth about $146,000. 85.71% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages have recently issued reports on ADI. B. Riley reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Analog Devices in a research note on Wednesday, July 27th. Citigroup Inc. cut shares of Analog Devices from a “buy” rating to a “neutral” rating and upped their price objective for the company from $60.00 to $68.00 in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Barclays PLC upped their price objective on shares of Analog Devices from $55.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 27th. Pacific Crest upped their price objective on shares of Analog Devices from $60.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, July 27th. Finally, Morgan Stanley raised shares of Analog Devices from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $56.00 to $78.00 in a research note on Wednesday, July 27th. Eleven research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $70.64.
Shares of Analog Devices (NASDAQ:ADI) opened at 61.19 on Thursday. Analog Devices has a 52 week low of $47.24 and a 52 week high of $66.91. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 28.90 and a beta of 1.25. The stock 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 earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. The firm earned $870 million during 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 was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 earnings per share. On average, analysts anticipate that Analog Devices will post $2.92 EPS 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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