Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 8,880,000 shares, an increase of 5.7% from the July 31st total of 8,400,000 shares. Based on an average daily trading volume, of 2,010,000 shares, the short-interest ratio is currently 4.4 days. Currently, 6.7% of the shares of the company are short sold.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on ALGM shares. Jefferies Financial Group began coverage on Allegro MicroSystems in a research note on Monday, May 13th. They set a “buy” rating and a $37.00 target price on the stock. Mizuho lowered their price objective on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. TD Cowen raised their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Barclays decreased their price target on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Finally, 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. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average target price of $34.63.
Insider Activity
In other news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $23.16, for a total value of $665,850,000.00. Following the completion of the sale, the insider now directly owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in ALGM. Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Allegro MicroSystems in the 4th quarter valued at about $28,756,000. Bamco Inc. NY increased its position in Allegro MicroSystems by 477.6% in the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after buying an additional 553,016 shares in the last quarter. Norges Bank bought a new stake in Allegro MicroSystems in the 4th quarter valued at about $15,791,000. Finally, GW&K Investment Management LLC increased its position in Allegro MicroSystems by 90.9% in the 4th quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock valued at $31,790,000 after buying an additional 499,936 shares in the last quarter. 56.45% of the stock is owned by institutional investors.
Allegro MicroSystems Price Performance
Shares of NASDAQ ALGM traded up $0.11 during mid-day trading on Monday, hitting $24.53. 1,432,400 shares of the stock traded hands, compared to its average volume of 1,812,512. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. Allegro MicroSystems has a twelve month low of $20.42 and a twelve month high of $38.81. The company has a market cap of $4.76 billion, a PE ratio of 31.45 and a beta of 1.68. The firm has a 50 day simple moving average of $26.51 and a two-hundred day simple moving average of $28.05.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $0.03 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 the consensus estimate of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 EPS. As a group, equities research analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.