Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Significant Decrease in Short Interest

Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 6,620,000 shares, a decline of 6.6% from the February 13th total of 7,090,000 shares. Approximately 9.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is currently 4.2 days.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $43.00 to $52.00 in a research note on Thursday, March 9th. Mizuho boosted their price objective on Allegro MicroSystems from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, February 1st. Cowen boosted their price objective on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Barclays boosted their price objective on Allegro MicroSystems from $44.00 to $50.00 in a research note on Tuesday. Finally, Cowen boosted their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $45.67.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Joanne Valente sold 1,123 shares of Allegro MicroSystems stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total value of $33,768.61. Following the transaction, the senior vice president now directly owns 97,153 shares of the company’s stock, valued at approximately $2,921,390.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Max R. Glover sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $32.06, for a total transaction of $480,900.00. Following the sale, the senior vice president now directly owns 259,689 shares in the company, valued at $8,325,629.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Joanne Valente sold 1,123 shares of the business’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $30.07, for a total value of $33,768.61. Following the sale, the senior vice president now owns 97,153 shares in the company, valued at $2,921,390.71. The disclosure for this sale can be found here. Insiders have sold a total of 5,068,500 shares of company stock valued at $191,316,709 in the last three months. Company insiders own 13.60% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC increased its holdings in Allegro MicroSystems by 21.8% in the fourth quarter. CWM LLC now owns 1,863 shares of the company’s stock valued at $56,000 after purchasing an additional 333 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Allegro MicroSystems by 1.3% in the fourth quarter. Treasurer of the State of North Carolina now owns 28,767 shares of the company’s stock valued at $864,000 after purchasing an additional 360 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Allegro MicroSystems by 4.4% in the third quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock worth $195,000 after acquiring an additional 376 shares in the last quarter. Summit Global Investments increased its holdings in shares of Allegro MicroSystems by 1.5% in the fourth quarter. Summit Global Investments now owns 27,611 shares of the company’s stock worth $829,000 after acquiring an additional 411 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Allegro MicroSystems by 6.6% in the second quarter. Advisors Asset Management Inc. now owns 7,888 shares of the company’s stock worth $163,000 after acquiring an additional 486 shares in the last quarter. Institutional investors own 46.89% of the company’s stock.

Allegro MicroSystems Trading Up 4.3 %

Shares of ALGM opened at $45.16 on Wednesday. The company has a quick ratio of 3.65, a current ratio of 4.52 and a debt-to-equity ratio of 0.03. Allegro MicroSystems has a 12-month low of $19.20 and a 12-month high of $47.67. The firm has a market capitalization of $8.65 billion, a PE ratio of 58.65 and a beta of 1.71. The stock’s fifty day simple moving average is $39.41 and its 200-day simple moving average is $30.80.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. The business had revenue of $248.79 million for the quarter, compared to analyst estimates of $245.20 million. As a group, research analysts predict that Allegro MicroSystems will post 0.99 earnings per share for the current year.

Allegro MicroSystems Company Profile

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Allegro MicroSystems, Inc 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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.