Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Large Decrease in Short Interest

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 11,690,000 shares, a drop of 10.6% from the September 30th total of 13,080,000 shares. Approximately 9.6% of the company’s stock are sold short. Based on an average daily trading volume, of 2,620,000 shares, the short-interest ratio is presently 4.5 days.

Analyst Ratings Changes

Several analysts recently issued reports on ALGM shares. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. Finally, UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $33.38.

Insider Transactions at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the sale, the insider now owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently made changes to their positions in the business. State of Michigan Retirement System increased its stake in shares of Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after purchasing an additional 400 shares during the period. Retirement Systems of Alabama increased its stake in shares of Allegro MicroSystems by 0.4% in the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock worth $3,525,000 after purchasing an additional 537 shares during the period. GAMMA Investing LLC increased its stake in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. CWM LLC increased its stake in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. Finally, Texas Permanent School Fund Corp increased its stake in shares of Allegro MicroSystems by 1.7% in the first quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock worth $1,686,000 after purchasing an additional 1,019 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $23.82 on Wednesday. Allegro MicroSystems has a fifty-two week low of $19.71 and a fifty-two week high of $33.26. The stock’s 50-day moving average is $22.45 and its two-hundred day moving average is $26.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. The firm has a market cap of $4.62 billion, a P/E ratio of 30.54 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The company had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. During the same period last year, the company earned $0.34 earnings per share. The business’s revenue was down 40.0% compared to the same quarter last year. On average, analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Allegro MicroSystems Company Profile

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.