Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Up 22.1% in February

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant growth in short interest in February. As of February 15th, there was short interest totalling 13,770,000 shares, a growth of 22.1% from the January 31st total of 11,280,000 shares. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is presently 5.7 days. Approximately 11.3% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ALGM. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at about $40,000. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth $47,000. Quarry LP acquired a new position in Allegro MicroSystems in the fourth quarter valued at about $79,000. KBC Group NV lifted its position in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. Finally, Sterling Capital Management LLC grew its stake in Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after buying an additional 2,758 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 6.9 %

ALGM stock opened at $26.78 on Thursday. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of -76.51 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The company has a fifty day moving average price of $24.11 and a two-hundred day moving average price of $22.73.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.