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

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

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $24.09 on Friday. The stock has a 50-day simple moving average of $22.67 and a 200 day simple moving average of $22.77. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly 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 company 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 posted $0.36 EPS. The company’s revenue for the quarter was down 32.0% on a year-over-year basis.

Analysts Set New Price Targets

A number of research firms have issued reports on ALGM. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. Barclays increased their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Friday. Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.91.

Insider Activity

In related news, SVP Michael Doogue purchased 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after acquiring an additional 8,534,089 shares during the period. JPMorgan Chase & Co. boosted its stake in Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. State Street Corp grew its position in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems during the third quarter valued at $71,289,000. Finally, Geode Capital Management LLC boosted its stake in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

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.