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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 11,690,000 shares, a drop of 10.6% from the September 30th total of 13,080,000 shares. Approximately 9.6% of the company’s stock are sold short. Based on an average daily trading volume, of 2,620,000 shares, the days-to-cover ratio is currently 4.5 days.

Insider Buying and Selling

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’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 owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

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

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $22.22 on Thursday. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 58.47 and a beta of 1.67. The stock’s 50 day moving average price is $22.39 and its two-hundred day moving average price is $26.00. 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 (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share 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 business had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. During the same quarter in the prior year, the business earned $0.34 EPS. The firm’s revenue for the quarter was down 40.0% on a year-over-year basis. On average, analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ALGM. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Allegro MicroSystems has a consensus rating of “Buy” and a consensus target price of $33.38.

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.