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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 12,960,000 shares, a growth of 5.3% from the October 31st total of 12,310,000 shares. Approximately 10.6% of the company’s shares are sold short. Based on an average trading volume of 2,320,000 shares, the days-to-cover ratio is presently 5.6 days.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ALGM shares. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Finally, Barclays reduced their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.09.

Insider Buying and Selling

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

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently modified their holdings of the stock. Virtu Financial LLC bought a new position in shares of Allegro MicroSystems in the third quarter valued at about $516,000. Barclays PLC increased its position in Allegro MicroSystems by 88.1% during the third quarter. Barclays PLC now owns 75,620 shares of the company’s stock worth $1,761,000 after acquiring an additional 35,417 shares during the period. Toronto Dominion Bank increased its position in Allegro MicroSystems by 49.4% during the third quarter. Toronto Dominion Bank now owns 15,832 shares of the company’s stock worth $369,000 after acquiring an additional 5,232 shares during the period. Geode Capital Management LLC increased its position in Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Allegro MicroSystems by 55.6% during the third quarter. Public Employees Retirement System of Ohio now owns 44,936 shares of the company’s stock worth $1,047,000 after acquiring an additional 16,064 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $21.88 on Wednesday. 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 firm’s fifty day moving average price is $21.37 and its two-hundred day moving average price is $24.77. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a market capitalization of $4.03 billion, a P/E ratio of -156.27 and a beta of 1.67.

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

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.