Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Down 8.9% in December

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ALGM shares. Needham & Company LLC cut their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Barclays lifted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.91.

Allegro MicroSystems Trading Up 4.8 %

Shares of NASDAQ ALGM opened at $24.84 on Friday. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $21.83 and a two-hundred day moving average of $23.28. The company has a market cap of $4.57 billion, a PE ratio of -177.42 and a beta of 1.65.

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

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the purchase, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Allegro MicroSystems by 9.9% during the 2nd quarter. Victory Capital Management Inc. now owns 16,536 shares of the company’s stock valued at $467,000 after purchasing an additional 1,484 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter worth approximately $211,000. Envestnet Asset Management Inc. lifted its stake in Allegro MicroSystems by 6.7% in the second quarter. Envestnet Asset Management Inc. now owns 101,459 shares of the company’s stock valued at $2,865,000 after buying an additional 6,391 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Allegro MicroSystems by 2.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 984,297 shares of the company’s stock valued at $27,797,000 after buying an additional 25,497 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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.