Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Declines By 12.0%

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ALGM shares. Wells Fargo & Company assumed coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They set an “overweight” rating and a $23.00 price target on the stock. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. Loop Capital assumed coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Needham & Company LLC lowered their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM traded down $1.10 during mid-day trading on Monday, hitting $21.19. 430,347 shares of the stock traded hands, compared to its average volume of 1,942,071. The company has a market cap of $3.90 billion, a PE ratio of -151.35 and a beta of 1.67. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The firm has a 50 day simple moving average of $21.38 and a two-hundred day simple moving average of $23.70. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26.

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

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently bought and sold shares of ALGM. Westfield Capital Management Co. LP boosted its position in shares of Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after purchasing an additional 711,185 shares in the last quarter. Geode Capital Management LLC grew its position in Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Allegro MicroSystems in the second quarter valued at approximately $856,000. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems during the 3rd quarter valued at $71,289,000. Finally, Principal Financial Group Inc. boosted its position in shares of Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after acquiring an additional 308,943 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.