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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 10,380,000 shares, a decrease of 8.9% from the December 15th total of 11,400,000 shares. Currently, 8.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,960,000 shares, the short-interest ratio is presently 5.3 days.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Avior Wealth Management LLC grew its position in shares of Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares during the last quarter. Prosperity Financial Group Inc. boosted its stake in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the period. KBC Group NV grew its holdings in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares in the last quarter. ProShare Advisors LLC increased its position in Allegro MicroSystems by 9.2% during the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock worth $375,000 after buying an additional 1,123 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Allegro MicroSystems by 9.9% during the second quarter. Victory Capital Management Inc. now owns 16,536 shares of the company’s stock worth $467,000 after buying an additional 1,484 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ALGM. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Loop Capital began 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. Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley initiated coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.91.

Allegro MicroSystems Stock Up 4.8 %

ALGM stock opened at $24.84 on Friday. The business’s 50 day simple moving average is $21.83 and its 200 day simple moving average is $23.28. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The firm has a market capitalization of $4.57 billion, a PE ratio of -177.42 and a beta of 1.65. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

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

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.