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

Allegro MicroSystems logo with Computer and Technology background

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 11,400,000 shares, a decrease of 12.0% from the November 30th total of 12,950,000 shares. Approximately 9.3% of the company's stock are sold short. Based on an average daily trading volume, of 1,970,000 shares, the days-to-cover ratio is presently 5.8 days.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company's stock, valued at $4,675,634. This trade 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 this link. Company insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently bought and sold shares of the stock. Raymond James & Associates increased its holdings in shares of Allegro MicroSystems by 5.5% during the 2nd quarter. Raymond James & Associates now owns 84,554 shares of the company's stock worth $2,388,000 after purchasing an additional 4,380 shares during the period. Bank of New York Mellon Corp increased its stake in Allegro MicroSystems by 18.7% during the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company's stock valued at $22,735,000 after acquiring an additional 127,094 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Allegro MicroSystems by 62.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company's stock valued at $557,000 after acquiring an additional 7,622 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Allegro MicroSystems by 46.7% in the 2nd quarter. Natixis Advisors LLC now owns 28,437 shares of the company's stock worth $803,000 after acquiring an additional 9,059 shares during the period. Finally, TD Asset Management Inc grew its holdings in shares of Allegro MicroSystems by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 58,600 shares of the company's stock worth $1,655,000 after purchasing an additional 5,200 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock traded up $0.02 during trading on Friday, reaching $22.29. The company's stock had a trading volume of 1,352,192 shares, compared to its average volume of 1,948,424. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -159.20 and a beta of 1.67. The business's fifty day moving average price is $21.38 and its 200-day moving average price is $23.70.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same period in the previous year, the business posted $0.36 EPS. The company's revenue for the quarter was down 32.0% on a year-over-year basis.

Analysts Set New Price Targets

ALGM has been the subject of several recent research reports. Barclays lowered their price target on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Loop Capital began coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price target on the stock. UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective for the company. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.09.

Check Out Our Latest Stock Report on ALGM

Allegro MicroSystems Company Profile

(Get Free Report)

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.

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