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

Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 6,620,000 shares, a drop of 6.6% from the February 13th total of 7,090,000 shares. Approximately 9.5% of the shares of the stock are sold short. Based on an average daily volume of 1,580,000 shares, the short-interest ratio is presently 4.2 days.

Allegro MicroSystems Stock Up 4.3 %

Shares of NASDAQ:ALGM opened at $45.16 on Wednesday. Allegro MicroSystems has a 1 year low of $19.20 and a 1 year high of $47.67. The company has a market capitalization of $8.65 billion, a price-to-earnings ratio of 58.65 and a beta of 1.71. The business’s 50-day moving average is $39.41 and its 200-day moving average is $30.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.52 and a quick ratio of 3.65.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its earnings results on Tuesday, January 31st. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. The business had revenue of $248.79 million during the quarter, compared to analyst estimates of $245.20 million. Equities research analysts predict that Allegro MicroSystems will post 0.99 earnings per share for the current year.

Insider Activity

In related news, SVP Joanne Valente sold 1,123 shares of the firm’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total transaction of $33,768.61. Following the sale, the senior vice president now owns 97,153 shares of the company’s stock, valued at approximately $2,921,390.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Joanne Valente sold 1,123 shares of the firm’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total transaction of $33,768.61. Following the sale, the senior vice president now owns 97,153 shares of the company’s stock, valued at approximately $2,921,390.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Max R. Glover sold 25,000 shares of the firm’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $34.21, for a total value of $855,250.00. Following the sale, the senior vice president now directly owns 234,689 shares in the company, valued at approximately $8,028,710.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,068,500 shares of company stock worth $191,316,709. Insiders own 13.60% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Allegro MicroSystems by 4.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,633,415 shares of the company’s stock valued at $144,940,000 after buying an additional 263,189 shares in the last quarter. Invesco Ltd. increased its holdings in Allegro MicroSystems by 4.3% during the 1st quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock worth $117,924,000 after purchasing an additional 170,171 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Allegro MicroSystems by 0.3% during the 2nd quarter. Clearbridge Investments LLC now owns 4,041,136 shares of the company’s stock worth $83,611,000 after purchasing an additional 11,190 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Allegro MicroSystems by 1.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,968,824 shares of the company’s stock worth $82,116,000 after purchasing an additional 75,022 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Allegro MicroSystems by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 3,104,475 shares of the company’s stock worth $67,833,000 after purchasing an additional 44,623 shares in the last quarter. 46.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ALGM shares. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $43.00 to $52.00 in a report on Thursday, March 9th. Needham & Company LLC lifted their target price on Allegro MicroSystems from $30.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, February 1st. Cowen lifted their target price on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, February 1st. Mizuho lifted their target price on Allegro MicroSystems from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, February 1st. Finally, TheStreet raised Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $45.67.

Allegro MicroSystems Company Profile

(Get Rating)

Allegro MicroSystems, Inc 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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.