Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Update

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 13,080,000 shares, a growth of 27.2% from the September 15th total of 10,280,000 shares. Currently, 10.7% of the shares of the company are short sold. Based on an average daily volume of 2,660,000 shares, the short-interest ratio is presently 4.9 days.

Allegro MicroSystems Stock Up 3.5 %

ALGM opened at $21.25 on Friday. The company has a market capitalization of $4.12 billion, a PE ratio of 55.92 and a beta of 1.67. The firm has a 50-day simple moving average of $22.89 and a two-hundred day simple moving average of $26.49. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 52 week low of $19.82 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $165.04 million. During the same period in the prior year, the company earned $0.34 earnings per share. The firm’s revenue was down 40.0% on a year-over-year basis. Analysts forecast that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ALGM shares. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a research note on Friday, August 2nd. UBS Group initiated coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $34.50.

Insider Activity at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the completion of the transaction, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after purchasing an additional 999,939 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after buying an additional 235,335 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after acquiring an additional 11,230 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Allegro MicroSystems by 15.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock worth $60,673,000 after acquiring an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after acquiring an additional 397,681 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.