Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 11,690,000 shares, a decline of 10.6% from the September 30th total of 13,080,000 shares. Based on an average daily volume of 2,620,000 shares, the days-to-cover ratio is presently 4.5 days. Approximately 9.6% of the shares of the stock are sold short.
Allegro MicroSystems Trading Up 1.1 %
NASDAQ:ALGM traded up $0.27 during mid-day trading on Tuesday, hitting $23.82. 2,155,006 shares of the stock traded hands, compared to its average volume of 1,928,705. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 30.19 and a beta of 1.67. Allegro MicroSystems has a 52 week low of $19.71 and a 52 week high of $33.26. The firm's 50 day moving average is $22.47 and its two-hundred day moving average is $26.05. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. The business had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company's revenue for the quarter was down 40.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 EPS. On average, equities research analysts predict that Allegro MicroSystems will post 0.16 earnings per share for the current year.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $33.00 target price on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Buy" and an average target price of $33.38.
Check Out Our Latest Stock Analysis on Allegro MicroSystems
Insiders Place Their Bets
In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, the insider now owns 59,732,782 shares in the company, valued at $1,383,411,231.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company's stock.
Hedge Funds Weigh In On Allegro MicroSystems
A number of hedge funds have recently added to or reduced their stakes in ALGM. Vanguard Group Inc. boosted its stake in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company's stock valued at $226,466,000 after purchasing an additional 999,939 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Allegro MicroSystems by 6.7% during the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company's stock valued at $100,595,000 after purchasing an additional 235,335 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 0.5% during the second quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company's stock valued at $61,869,000 after purchasing an additional 11,230 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Allegro MicroSystems by 15.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company's stock valued at $60,673,000 after purchasing an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company's stock valued at $36,207,000 after purchasing an additional 397,681 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.
About Allegro MicroSystems
(
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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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