Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Expands By 7.6%

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 8,650,000 shares, an increase of 7.6% from the March 31st total of 8,040,000 shares. Based on an average daily trading volume, of 1,750,000 shares, the days-to-cover ratio is currently 4.9 days. Currently, 11.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. TD Cowen increased their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM opened at $28.81 on Thursday. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a 12-month low of $24.66 and a 12-month high of $53.05. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of 25.27 and a beta of 1.82. The firm has a 50 day moving average of $28.45 and a 200 day moving average of $28.38.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The firm had revenue of $254.98 million during the quarter, compared to the consensus estimate of $255.00 million. On average, research analysts anticipate that Allegro MicroSystems will post 1.13 earnings per share for the current year.

Institutional Trading of Allegro MicroSystems

A number of large investors have recently added to or reduced their stakes in ALGM. FMR LLC lifted its position in Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company’s stock valued at $294,948,000 after purchasing an additional 1,121,651 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $28,756,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Allegro MicroSystems by 34.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company’s stock valued at $106,029,000 after acquiring an additional 855,811 shares during the last quarter. JPMorgan Chase & Co. grew its position in Allegro MicroSystems by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after acquiring an additional 727,535 shares in the last quarter. Finally, Norges Bank bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $15,791,000. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.