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

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

Allegro MicroSystems Price Performance

Shares of ALGM stock traded up $0.09 during trading on Friday, reaching $24.09. 4,541,036 shares of the company’s stock traded hands, compared to its average volume of 2,019,461. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The firm’s 50-day moving average is $22.67 and its 200 day moving average is $22.70.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ALGM shares. Morgan Stanley began coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Wells Fargo & Company raised their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays upped 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, January 17th. Finally, Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.91.

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently modified their holdings of the company. FMR LLC raised its position in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the period. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems in the third quarter worth about $71,289,000. JPMorgan Chase & Co. boosted its holdings in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. State Street Corp grew its position in Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after acquiring an additional 1,615,351 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.