Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Update

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 11,400,000 shares, a decrease of 12.0% from the November 30th total of 12,950,000 shares. Based on an average daily trading volume, of 1,970,000 shares, the days-to-cover ratio is currently 5.8 days. Currently, 9.3% of the company’s shares are sold short.

Allegro MicroSystems Stock Up 0.1 %

Shares of Allegro MicroSystems stock traded up $0.02 on Friday, reaching $22.29. The stock had a trading volume of 1,352,192 shares, compared to its average volume of 1,948,424. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $4.10 billion, a P/E ratio of -159.20 and a beta of 1.67. The company has a 50 day moving average price of $21.38 and a 200 day moving average price of $23.74. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business’s quarterly revenue was down 32.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction dated Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the purchase, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in Allegro MicroSystems by 5.5% in the 2nd quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock worth $2,388,000 after purchasing an additional 4,380 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Allegro MicroSystems by 18.7% during the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock valued at $22,735,000 after buying an additional 127,094 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Allegro MicroSystems by 62.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock valued at $557,000 after acquiring an additional 7,622 shares during the period. Natixis Advisors LLC raised its stake in Allegro MicroSystems by 46.7% in the 2nd quarter. Natixis Advisors LLC now owns 28,437 shares of the company’s stock worth $803,000 after acquiring an additional 9,059 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Allegro MicroSystems by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 58,600 shares of the company’s stock worth $1,655,000 after acquiring an additional 5,200 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ALGM. UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company assumed coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price for the company. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.09.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.