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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of a large 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. Approximately 10.7% of the company’s stock are short sold. Based on an average trading volume of 2,660,000 shares, the short-interest ratio is currently 4.9 days.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the sale, the insider now owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC grew its holdings in shares of Allegro MicroSystems by 6.7% during the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after purchasing an additional 235,335 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after buying an additional 495,935 shares during the period. Russell Investments Group Ltd. lifted its stake in Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Allegro MicroSystems by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock worth $224,002,000 after acquiring an additional 38,187 shares during the last quarter. Finally, Qsemble Capital Management LP acquired a new stake in shares of Allegro MicroSystems in the 1st quarter worth about $583,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. 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 started coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $34.50.

Allegro MicroSystems Trading Up 1.6 %

Shares of NASDAQ ALGM opened at $21.59 on Tuesday. The stock has a market capitalization of $4.18 billion, a P/E ratio of 27.68 and a beta of 1.67. The stock’s 50 day moving average price is $22.90 and its two-hundred day moving average price is $26.45. 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 data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The firm’s revenue for the quarter was down 40.0% on a year-over-year basis. During the same period last year, the business posted $0.34 earnings per share. On average, analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

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.